Palo Alto Wealth Advisors LLC cut its holdings in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 7.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 98,640 shares of the information services provider’s stock after selling 8,468 shares during the quarter. Alphabet comprises 8.2% of Palo Alto Wealth Advisors LLC’s holdings, making the stock its 3rd largest position. Palo Alto Wealth Advisors LLC’s holdings in Alphabet were worth $10,232,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the business. Spreng Capital Management Inc. grew its stake in Alphabet by 4.0% in the first quarter. Spreng Capital Management Inc. now owns 131 shares of the information services provider’s stock worth $364,000 after purchasing an additional 5 shares in the last quarter. West Family Investments Inc. raised its position in shares of Alphabet by 0.3% during the 1st quarter. West Family Investments Inc. now owns 1,754 shares of the information services provider’s stock valued at $4,878,000 after acquiring an additional 6 shares in the last quarter. Maple Capital Management Inc. raised its position in shares of Alphabet by 2.1% during the 1st quarter. Maple Capital Management Inc. now owns 296 shares of the information services provider’s stock valued at $823,000 after acquiring an additional 6 shares in the last quarter. Private Advisory Group LLC boosted its holdings in Alphabet by 1.8% in the first quarter. Private Advisory Group LLC now owns 401 shares of the information services provider’s stock worth $1,115,000 after purchasing an additional 7 shares during the period. Finally, Weik Capital Management boosted its holdings in Alphabet by 0.5% in the first quarter. Weik Capital Management now owns 1,533 shares of the information services provider’s stock worth $4,264,000 after purchasing an additional 8 shares during the period. Institutional investors and hedge funds own 35.38% of the company’s stock.
Alphabet Price Performance
NASDAQ GOOGL opened at $119.90 on Tuesday. The company has a current ratio of 2.35, a quick ratio of 2.32 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a 1 year low of $83.34 and a 1 year high of $129.04. The company has a market cap of $1.52 trillion, a PE ratio of 26.70, a PEG ratio of 1.53 and a beta of 1.09. The stock’s 50-day moving average price is $118.37 and its two-hundred day moving average price is $104.29.
Analyst Upgrades and Downgrades
A number of equities research analysts recently weighed in on the stock. Wolfe Research boosted their price objective on shares of Alphabet from $120.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, April 26th. JMP Securities reaffirmed a “market outperform” rating and issued a $132.00 target price on shares of Alphabet in a research report on Thursday, March 16th. 1-800-FLOWERS.COM reiterated a “downgrade” rating on shares of Alphabet in a research note on Monday, May 15th. Credit Suisse Group lowered their price target on shares of Alphabet from $136.00 to $135.00 and set an “outperform” rating for the company in a research report on Wednesday, April 26th. Finally, UBS Group lowered shares of Alphabet from a “buy” rating to a “neutral” rating and boosted their target price for the company from $123.00 to $132.00 in a research note on Monday, June 26th. Seven analysts have rated the stock with a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Alphabet presently has a consensus rating of “Moderate Buy” and an average target price of $129.63.
Insider Transactions at Alphabet
In other news, CAO Amie Thuener O’toole sold 637 shares of the company’s stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $107.51, for a total value of $68,483.87. Following the transaction, the chief accounting officer now owns 25,937 shares in the company, valued at approximately $2,788,486.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Alphabet news, Director Kavitark Ram Shriram sold 37,500 shares of the business’s stock in a transaction dated Friday, May 5th. The stock was sold at an average price of $105.04, for a total value of $3,939,000.00. Following the transaction, the director now owns 107,240 shares in the company, valued at $11,264,489.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Amie Thuener O’toole sold 637 shares of the company’s stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $107.51, for a total value of $68,483.87. Following the completion of the transaction, the chief accounting officer now directly owns 25,937 shares in the company, valued at $2,788,486.87. The disclosure for this sale can be found here. Insiders sold a total of 794,165 shares of company stock valued at $23,767,530 over the last quarter. Company insiders own 0.88% of the company’s stock.
Alphabet Company Profile
Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.
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