Riggs Asset Managment Co. Inc. cut its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 30.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,100 shares of the information services provider’s stock after selling 900 shares during the quarter. Riggs Asset Managment Co. Inc.’s holdings in Alphabet were worth $218,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the stock. Live Oak Investment Partners purchased a new stake in shares of Alphabet in the fourth quarter valued at $26,000. Sanctuary Wealth Management L.L.C. purchased a new stake in shares of Alphabet in the fourth quarter valued at $34,000. Turim 21 Investimentos Ltda. purchased a new stake in shares of Alphabet in the third quarter valued at $38,000. IAG Wealth Partners LLC lifted its holdings in shares of Alphabet by 100.0% in the first quarter. IAG Wealth Partners LLC now owns 400 shares of the information services provider’s stock valued at $41,000 after purchasing an additional 200 shares in the last quarter. Finally, AM Squared Ltd purchased a new stake in shares of Alphabet in the fourth quarter valued at $44,000. 35.38% of the stock is owned by institutional investors.
Insider Buying and Selling at Alphabet
In other Alphabet news, major shareholder 2019 Gp L.L.C. Gv sold 37,405 shares of Alphabet stock in a transaction that occurred on Tuesday, June 20th. The stock was sold at an average price of $15.06, for a total transaction of $563,319.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, SVP Prabhakar Raghavan sold 16,083 shares of Alphabet stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $120.31, for a total value of $1,934,945.73. Following the completion of the transaction, the senior vice president now owns 127,028 shares in the company, valued at $15,282,738.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder 2019 Gp L.L.C. Gv sold 37,405 shares of Alphabet stock in a transaction that occurred on Tuesday, June 20th. The shares were sold at an average price of $15.06, for a total transaction of $563,319.30. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 180,956 shares of company stock valued at $8,923,120. 0.88% of the stock is currently owned by corporate insiders.
Alphabet Stock Up 0.6 %
Alphabet (NASDAQ:GOOGL – Get Free Report) last released its quarterly earnings data on Tuesday, July 25th. The information services provider reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.12. The company had revenue of $74.60 billion for the quarter, compared to the consensus estimate of $60.24 billion. Alphabet had a return on equity of 23.49% and a net margin of 21.05%. During the same period in the previous year, the business earned $1.21 earnings per share. On average, research analysts anticipate that Alphabet Inc. will post 5.67 earnings per share for the current year.
Analysts Set New Price Targets
A number of analysts have recently issued reports on GOOGL shares. Needham & Company LLC restated a “buy” rating and issued a $140.00 target price on shares of Alphabet in a report on Friday, August 11th. Barclays increased their price objective on Alphabet from $160.00 to $200.00 in a report on Wednesday, July 26th. Jefferies Financial Group increased their price objective on Alphabet from $150.00 to $165.00 in a report on Wednesday, July 26th. The Goldman Sachs Group increased their price objective on Alphabet from $132.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, July 17th. Finally, Citigroup increased their price objective on Alphabet from $130.00 to $153.00 in a report on Wednesday, July 26th. Four analysts have rated the stock with a hold rating, thirty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Alphabet has an average rating of “Moderate Buy” and a consensus target price of $143.08.
View Our Latest Stock Report on Alphabet
About Alphabet
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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