Dale Q Rice Investment Management Ltd lowered its position in Alphabet Inc. (NASDAQ:GOOG – Free Report) by 50.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,378 shares of the information services provider’s stock after selling 3,478 shares during the period. Dale Q Rice Investment Management Ltd’s holdings in Alphabet were worth $621,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of the company. Stordahl Capital Management Inc. acquired a new position in shares of Alphabet in the second quarter worth about $222,000. Carmel Capital Partners LLC raised its position in shares of Alphabet by 178.2% in the second quarter. Carmel Capital Partners LLC now owns 13,973 shares of the information services provider’s stock worth $2,479,000 after acquiring an additional 8,951 shares during the period. Easterly Investment Partners LLC acquired a new position in shares of Alphabet in the second quarter worth about $727,000. Arista Wealth Management LLC raised its position in shares of Alphabet by 110.9% in the second quarter. Arista Wealth Management LLC now owns 4,586 shares of the information services provider’s stock worth $813,000 after acquiring an additional 2,412 shares during the period. Finally, Stratos Wealth Partners LTD. increased its stake in shares of Alphabet by 2.5% during the second quarter. Stratos Wealth Partners LTD. now owns 198,786 shares of the information services provider’s stock worth $35,263,000 after purchasing an additional 4,787 shares in the last quarter. Institutional investors and hedge funds own 27.26% of the company’s stock.
Alphabet Stock Up 1.3%
Shares of NASDAQ GOOG opened at $257.02 on Tuesday. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $257.88. The stock has a market cap of $3.11 trillion, a PE ratio of 27.37, a P/E/G ratio of 1.72 and a beta of 1.00. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a 50-day moving average of $233.29 and a 200 day moving average of $194.01.
Analysts Set New Price Targets
A number of analysts have recently commented on GOOG shares. Pivotal Research boosted their target price on shares of Alphabet from $245.00 to $300.00 and gave the stock a “buy” rating in a research note on Wednesday, September 3rd. Barclays reissued a “buy” rating on shares of Alphabet in a research note on Wednesday, July 9th. Morgan Stanley boosted their target price on shares of Alphabet from $210.00 to $270.00 and gave the stock an “overweight” rating in a research note on Thursday, October 2nd. Piper Sandler reissued a “neutral” rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, TD Cowen boosted their target price on shares of Alphabet from $270.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Six analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $246.26.
Read Our Latest Analysis on Alphabet
Insider Activity at Alphabet
In related news, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $250.15, for a total transaction of $8,129,875.00. Following the completion of the sale, the chief executive officer owned 2,369,619 shares of the company’s stock, valued at approximately $592,760,192.85. This represents a 1.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Kent Walker sold 17,816 shares of the business’s stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the completion of the transaction, the insider owned 42,985 shares in the company, valued at $10,635,348.70. The trade was a 29.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 246,150 shares of company stock worth $55,805,379 in the last 90 days. 12.99% of the stock is owned by insiders.
Alphabet 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, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.
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