Whalen Wealth Management Inc. Reduces Stock Holdings in Alphabet Inc. $GOOG

Whalen Wealth Management Inc. cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 67.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,197 shares of the information services provider’s stock after selling 10,635 shares during the period. Whalen Wealth Management Inc.’s holdings in Alphabet were worth $922,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of GOOG. Brighton Jones LLC grew its position in Alphabet by 5.6% in the 4th quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider’s stock valued at $22,901,000 after buying an additional 6,410 shares during the last quarter. Revisor Wealth Management LLC grew its position in Alphabet by 107.9% in the 1st quarter. Revisor Wealth Management LLC now owns 3,659 shares of the information services provider’s stock valued at $572,000 after buying an additional 1,899 shares during the last quarter. Golden State Wealth Management LLC grew its position in Alphabet by 6.2% in the 1st quarter. Golden State Wealth Management LLC now owns 10,160 shares of the information services provider’s stock valued at $1,587,000 after buying an additional 594 shares during the last quarter. Arbor Capital Management Inc. ADV purchased a new stake in shares of Alphabet during the 1st quarter worth $239,000. Finally, CarsonAllaria Wealth Management Ltd. boosted its position in shares of Alphabet by 14.3% during the 1st quarter. CarsonAllaria Wealth Management Ltd. now owns 1,031 shares of the information services provider’s stock worth $161,000 after purchasing an additional 129 shares in the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Up 2.4%

GOOG stock opened at $281.90 on Friday. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $291.93. 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 market capitalization of $3.41 trillion, a P/E ratio of 27.80, a PEG ratio of 1.86 and a beta of 1.00. The firm has a 50 day simple moving average of $243.09 and a 200-day simple moving average of $199.85.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The business had revenue of $102.35 billion during the quarter, compared to the consensus estimate of $99.90 billion. During the same quarter last year, the company earned $2.12 earnings per share. The business’s quarterly revenue was up 15.9% compared to the same quarter last year. On average, equities research analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Insider Transactions at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $250.15, for a total value of $8,129,875.00. Following the sale, the chief executive officer directly owned 2,369,619 shares of the company’s stock, valued at $592,760,192.85. This trade represents a 1.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider John Kent Walker sold 17,816 shares of the stock in a transaction on Monday, September 29th. The stock was sold at an average price of $247.42, for a total value of $4,408,034.72. Following the completion of the sale, the insider directly owned 42,985 shares in the company, valued at $10,635,348.70. This represents a 29.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 246,150 shares of company stock valued at $55,805,379 over the last three months. 12.99% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on GOOG. Jefferies Financial Group boosted their target price on shares of Alphabet from $285.00 to $320.00 and gave the stock a “buy” rating in a research report on Thursday. Wells Fargo & Company reiterated an “equal weight” rating on shares of Alphabet in a research report on Wednesday, July 9th. DA Davidson set a $825.00 price objective on shares of Alphabet in a research report on Monday. Cowen reissued a “buy” rating on shares of Alphabet in a research note on Thursday. Finally, Piper Sandler boosted their target price on shares of Alphabet from $285.00 to $330.00 and gave the company an “overweight” rating in a research note on Thursday. Five equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Alphabet has an average rating of “Moderate Buy” and an average price target of $324.81.

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.