LB Partners LLC Sells 9,200 Shares of Alphabet Inc. $GOOG

LB Partners LLC decreased its holdings in Alphabet Inc. (NASDAQ:GOOG) by 53.5% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,000 shares of the information services provider’s stock after selling 9,200 shares during the quarter. Alphabet makes up about 0.9% of LB Partners LLC’s investment portfolio, making the stock its 17th largest position. LB Partners LLC’s holdings in Alphabet were worth $1,419,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. IFS Advisors LLC increased its stake in shares of Alphabet by 400.0% in the 2nd quarter. IFS Advisors LLC now owns 150 shares of the information services provider’s stock valued at $27,000 after buying an additional 120 shares during the period. Robbins Farley grew its stake in shares of Alphabet by 60.0% during the second quarter. Robbins Farley now owns 160 shares of the information services provider’s stock worth $28,000 after purchasing an additional 60 shares during the period. WestEnd Advisors LLC grew its stake in shares of Alphabet by 58.7% during the second quarter. WestEnd Advisors LLC now owns 165 shares of the information services provider’s stock worth $29,000 after purchasing an additional 61 shares during the period. MorganRosel Wealth Management LLC acquired a new stake in shares of Alphabet during the first quarter worth $26,000. Finally, Fairman Group LLC grew its stake in shares of Alphabet by 121.3% during the second quarter. Fairman Group LLC now owns 177 shares of the information services provider’s stock worth $31,000 after purchasing an additional 97 shares during the period. 27.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Alphabet

In other Alphabet news, Director Frances Arnold sold 103 shares of the company’s stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $243.13, for a total value of $25,042.39. Following the sale, the director owned 17,284 shares in the company, valued at $4,202,258.92. This represents a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $250.15, for a total value of $8,129,875.00. Following the completion of the sale, the chief executive officer owned 2,369,619 shares in the company, valued at $592,760,192.85. This represents a 1.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 246,150 shares of company stock valued at $55,805,379 in the last ninety days. Insiders own 12.99% of the company’s stock.

Alphabet Stock Performance

Shares of Alphabet stock opened at $251.34 on Wednesday. The firm has a market cap of $3.04 trillion, a price-to-earnings ratio of 26.77, a price-to-earnings-growth ratio of 1.74 and a beta of 1.00. The stock’s 50-day moving average is $234.23 and its 200-day moving average is $194.41. Alphabet Inc. has a one year low of $142.66 and a one year high of $257.88. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

Alphabet (NASDAQ:GOOG) last released its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The business had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. During the same quarter in the prior year, the company posted $1.89 earnings per share. Alphabet’s revenue was up 13.8% on a year-over-year basis. Equities analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. UBS Group set a $255.00 price objective on Alphabet and gave the stock a “neutral” rating in a research note on Thursday, October 9th. Scotiabank reaffirmed an “outperform” rating and set a $310.00 price objective on shares of Alphabet in a research note on Thursday, October 16th. Raymond James Financial reaffirmed an “outperform” rating and set a $210.00 price objective (up from $185.00) on shares of Alphabet in a research note on Thursday, July 24th. Piper Sandler reissued a “neutral” rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, Cowen reissued a “buy” rating on shares of Alphabet in a research note on Wednesday, October 8th. Six analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $246.26.

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, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.