Absher Wealth Management LLC lowered its stake in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 21.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 155,062 shares of the information services provider’s stock after selling 42,625 shares during the quarter. Alphabet comprises 3.1% of Absher Wealth Management LLC’s portfolio, making the stock its 21st largest position. Absher Wealth Management LLC’s holdings in Alphabet were worth $18,561,000 as of its most recent filing with the SEC.
Other large investors have also modified their holdings of the company. Rothschild Investment Corp IL grew its stake in Alphabet by 3.0% during the 2nd quarter. Rothschild Investment Corp IL now owns 168,302 shares of the information services provider’s stock valued at $20,146,000 after purchasing an additional 4,949 shares in the last quarter. Cadent Capital Advisors LLC grew its stake in Alphabet by 3.4% during the 2nd quarter. Cadent Capital Advisors LLC now owns 4,158 shares of the information services provider’s stock valued at $498,000 after purchasing an additional 136 shares in the last quarter. Hengehold Capital Management LLC grew its stake in Alphabet by 6.2% during the 2nd quarter. Hengehold Capital Management LLC now owns 7,554 shares of the information services provider’s stock valued at $904,000 after purchasing an additional 443 shares in the last quarter. Cohen Investment Advisors LLC grew its stake in Alphabet by 1.1% during the 2nd quarter. Cohen Investment Advisors LLC now owns 30,284 shares of the information services provider’s stock valued at $3,625,000 after purchasing an additional 340 shares in the last quarter. Finally, StrategIQ Financial Group LLC grew its stake in Alphabet by 5.1% during the 2nd quarter. StrategIQ Financial Group LLC now owns 7,238 shares of the information services provider’s stock valued at $866,000 after purchasing an additional 348 shares in the last quarter. Institutional investors and hedge funds own 35.08% of the company’s stock.
Analysts Set New Price Targets
GOOGL has been the topic of a number of research analyst reports. Bank of America increased their target price on Alphabet from $142.00 to $146.00 and gave the stock a “buy” rating in a report on Wednesday, August 30th. Jefferies Financial Group increased their target price on Alphabet from $150.00 to $165.00 in a report on Wednesday, July 26th. KeyCorp increased their target price on Alphabet from $140.00 to $145.00 and gave the stock an “overweight” rating in a report on Wednesday, July 26th. Sanford C. Bernstein increased their target price on Alphabet from $130.00 to $135.00 in a report on Wednesday, July 26th. Finally, Tigress Financial increased their target price on Alphabet from $160.00 to $172.00 and gave the stock a “strong-buy” rating in a report on Friday, July 14th. Four research analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $143.89.
Alphabet Stock Down 1.1 %
Shares of GOOGL stock opened at $130.86 on Friday. Alphabet Inc. has a 1 year low of $83.34 and a 1 year high of $139.16. The stock has a market cap of $1.65 trillion, a PE ratio of 27.72, a price-to-earnings-growth ratio of 1.52 and a beta of 1.06. The business’s fifty day moving average is $131.84 and its 200-day moving average is $120.46. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.14 and a current ratio of 2.17.
Alphabet (NASDAQ:GOOGL – Get Free Report) last issued its quarterly earnings results on Tuesday, July 25th. The information services provider reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.12. Alphabet had a return on equity of 23.49% and a net margin of 21.05%. The company had revenue of $74.60 billion for the quarter, compared to analysts’ expectations of $60.24 billion. During the same period last year, the firm earned $1.21 EPS. Equities analysts expect that Alphabet Inc. will post 5.68 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, Director Kavitark Ram Shriram sold 31,240 shares of Alphabet stock in a transaction on Monday, July 10th. The stock was sold at an average price of $116.82, for a total value of $3,649,456.80. Following the transaction, the director now directly owns 5,364 shares in the company, valued at approximately $626,622.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, SVP Prabhakar Raghavan sold 16,083 shares of Alphabet stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $120.31, for a total value of $1,934,945.73. Following the transaction, the senior vice president now directly owns 127,028 shares in the company, valued at approximately $15,282,738.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kavitark Ram Shriram sold 31,240 shares of Alphabet stock in a transaction on Monday, July 10th. The stock was sold at an average price of $116.82, for a total value of $3,649,456.80. Following the completion of the transaction, the director now owns 5,364 shares in the company, valued at $626,622.48. The disclosure for this sale can be found here. Insiders have sold 131,731 shares of company stock worth $16,880,398 in the last three months. 0.88% of the stock is currently owned by insiders.
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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