RNC Capital Management LLC Sells 300 Shares of Alphabet Inc. $GOOG

RNC Capital Management LLC lowered its position in Alphabet Inc. (NASDAQ:GOOG) by 0.4% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 83,725 shares of the information services provider’s stock after selling 300 shares during the quarter. RNC Capital Management LLC’s holdings in Alphabet were worth $14,852,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. IFS Advisors LLC grew its position in shares of Alphabet by 400.0% during the second quarter. IFS Advisors LLC now owns 150 shares of the information services provider’s stock valued at $27,000 after purchasing an additional 120 shares in the last quarter. Robbins Farley grew its position in shares of Alphabet by 60.0% during the second quarter. Robbins Farley now owns 160 shares of the information services provider’s stock valued at $28,000 after purchasing an additional 60 shares in the last quarter. WestEnd Advisors LLC grew its position 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 valued at $29,000 after purchasing an additional 61 shares in the last quarter. MorganRosel Wealth Management LLC purchased a new position in shares of Alphabet during the first quarter valued at about $26,000. Finally, Fairman Group LLC grew its position 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 valued at $31,000 after purchasing an additional 97 shares in the last quarter. Institutional investors own 27.26% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on GOOG. Roth Capital restated a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. KeyCorp set a $265.00 price objective on Alphabet in a research report on Wednesday, September 3rd. Cowen restated a “buy” rating on shares of Alphabet in a research report on Wednesday, October 8th. Scotiabank restated an “outperform” rating and set a $310.00 target price on shares of Alphabet in a research report on Thursday, October 16th. Finally, TD Cowen upped their target price on shares of Alphabet from $270.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Six analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $249.68.

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $249.50, for a total transaction of $8,108,750.00. Following the transaction, the chief executive officer directly owned 2,397,392 shares in the company, valued at approximately $598,149,304. This represents a 1.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Amie Thuener O’toole sold 2,778 shares of the company’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $245.00, for a total transaction of $680,610.00. Following the transaction, the chief accounting officer owned 17,293 shares in the company, valued at $4,236,785. The trade was a 13.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 246,150 shares of company stock worth $55,805,379. Insiders own 12.99% of the company’s stock.

Alphabet Stock Up 2.7%

Shares of NASDAQ GOOG opened at $260.51 on Friday. The stock has a market capitalization of $3.15 trillion, a price-to-earnings ratio of 27.74, a P/E/G ratio of 1.76 and a beta of 1.00. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $262.51. The firm’s 50-day moving average price is $237.33 and its 200-day moving average price is $196.66. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating the consensus estimate of $2.12 by $0.19. The company had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm’s revenue was up 13.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.89 EPS. On average, equities research analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

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