MainStreet Investment Advisors LLC trimmed its stake in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 4.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 149,288 shares of the information services provider’s stock after selling 7,028 shares during the quarter. Alphabet comprises 1.9% of MainStreet Investment Advisors LLC’s portfolio, making the stock its 12th largest position. MainStreet Investment Advisors LLC’s holdings in Alphabet were worth $17,870,000 as of its most recent filing with the SEC.
Other institutional investors have also recently bought and sold shares of the company. Modera Wealth Management LLC grew its holdings in Alphabet by 11.4% in the first quarter. Modera Wealth Management LLC now owns 43,230 shares of the information services provider’s stock valued at $4,484,000 after purchasing an additional 4,420 shares during the period. Atria Investments Inc grew its stake in Alphabet by 7.4% during the first quarter. Atria Investments Inc now owns 316,800 shares of the information services provider’s stock worth $32,918,000 after buying an additional 21,907 shares during the period. Cadent Capital Advisors LLC grew its stake in Alphabet by 3.4% during the second quarter. Cadent Capital Advisors LLC now owns 4,158 shares of the information services provider’s stock worth $498,000 after buying an additional 136 shares during the period. Hallmark Capital Management Inc. grew its stake in Alphabet by 8.9% during the first quarter. Hallmark Capital Management Inc. now owns 167,148 shares of the information services provider’s stock worth $17,338,000 after buying an additional 13,605 shares during the period. Finally, Marcum Wealth LLC grew its stake in Alphabet by 4.8% during the first quarter. Marcum Wealth LLC now owns 20,372 shares of the information services provider’s stock worth $2,113,000 after buying an additional 927 shares during the period. 35.08% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several equities research analysts have issued reports on GOOGL shares. Truist Financial boosted their price objective on shares of Alphabet from $122.00 to $160.00 in a research note on Wednesday, July 26th. Rosenblatt Securities boosted their price objective on shares of Alphabet from $132.00 to $163.00 and gave the stock a “buy” rating in a research note on Wednesday, July 26th. Bank of America boosted their target price on shares of Alphabet from $142.00 to $146.00 and gave the stock a “buy” rating in a research report on Wednesday, October 4th. Morgan Stanley boosted their target price on shares of Alphabet from $150.00 to $155.00 in a research report on Wednesday, July 26th. Finally, UBS Group cut shares of Alphabet from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $123.00 to $132.00 in a research report on Monday, June 26th. Four investment analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and an average target price of $144.00.
Alphabet Stock Down 0.3 %
Shares of NASDAQ:GOOGL opened at $138.06 on Wednesday. The stock has a market capitalization of $1.74 trillion, a price-to-earnings ratio of 29.25, a price-to-earnings-growth ratio of 1.58 and a beta of 1.06. Alphabet Inc. has a 1-year low of $83.34 and a 1-year high of $139.72. The company’s fifty day moving average is $132.88 and its two-hundred day moving average is $122.24. 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 earnings results on Tuesday, July 25th. The information services provider reported $1.44 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.12. The company had revenue of $74.60 billion for the quarter, compared to analysts’ expectations of $60.24 billion. Alphabet had a net margin of 21.05% and a return on equity of 23.49%. During the same period in the prior year, the company earned $1.21 earnings per share. Equities analysts anticipate that Alphabet Inc. will post 5.68 EPS for the current year.
Insider Transactions at Alphabet
In other news, Director John L. Hennessy sold 200 shares of the company’s stock in a transaction dated Tuesday, October 10th. The shares were sold at an average price of $139.93, for a total transaction of $27,986.00. Following the completion of the transaction, the director now owns 7,384 shares in the company, valued at $1,033,243.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director John L. Hennessy sold 200 shares of the company’s stock in a transaction dated Tuesday, October 10th. The shares were sold at an average price of $139.93, for a total transaction of $27,986.00. Following the completion of the transaction, the director now owns 7,384 shares in the company, valued at $1,033,243.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ann Mather sold 220 shares of the company’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $121.75, for a total transaction of $26,785.00. Following the transaction, the director now owns 4,759 shares of the company’s stock, valued at approximately $579,408.25. The disclosure for this sale can be found here. Over the last quarter, insiders sold 101,291 shares of company stock worth $13,555,462. 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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