Alapocas Investment Partners Inc. Cuts Holdings in Alphabet Inc. $GOOG

Key Points

• Alapocas Investment Partners Inc. reduced its stake in Alphabet Inc. by 3.3% during the second quarter, now holding 80,909 shares worth approximately $14.35 million.
• Alphabet's stock price opened at $253.73, with a twelve-month low of $142.66 and high of $257.88, while also reporting a revenue of $96.43 billion in its latest quarterly earnings.
• Several analysts have upgraded their price targets for Alphabet, with Oppenheimer setting a target of $300.00 and JPMorgan raising theirs from $232.00 to $260.00.

Alapocas Investment Partners Inc. lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 3.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 80,909 shares of the information services provider's stock after selling 2,748 shares during the quarter. Alphabet accounts for 9.2% of Alapocas Investment Partners Inc.'s holdings, making the stock its 2nd biggest holding. Alapocas Investment Partners Inc.'s holdings in Alphabet were worth $14,352,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of the stock. 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 acquiring 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 acquiring an additional 1,899 shares during the last quarter. GAMMA Investing LLC grew its position in Alphabet by 19.5% in the 1st quarter. GAMMA Investing LLC now owns 91,681 shares of the information services provider's stock valued at $14,323,000 after acquiring an additional 14,931 shares during the last quarter. Global Assets Advisory LLC grew its position in Alphabet by 338.5% in the 1st quarter. Global Assets Advisory LLC now owns 4,775 shares of the information services provider's stock valued at $742,000 after acquiring an additional 3,686 shares during the last quarter. Finally, Balance Wealth LLC bought a new position in Alphabet in the 1st quarter valued at $536,000. Institutional investors own 27.26% of the company's stock.

Alphabet Price Performance

Shares of GOOG stock opened at $253.73 on Friday. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $257.88. The stock has a market capitalization of $3.07 trillion, a price-to-earnings ratio of 27.02, a P/E/G ratio of 1.70 and a beta of 1.00. The stock has a fifty day simple moving average of $236.22 and a two-hundred day simple moving average of $195.53. 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 - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping analysts' consensus estimates of $2.12 by $0.19. The firm had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The firm's quarterly revenue was up 13.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.89 EPS. On average, analysts predict that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Analyst Ratings Changes

GOOG has been the topic of several research analyst reports. Oppenheimer set a $300.00 price objective on Alphabet and gave the company an "outperform" rating in a research report on Monday. JPMorgan Chase & Co. upped their price objective on Alphabet from $232.00 to $260.00 and gave the company an "overweight" rating in a research report on Wednesday, September 3rd. Scotiabank reaffirmed an "outperform" rating and issued a $310.00 price objective on shares of Alphabet in a research report on Thursday, October 16th. Citizens Jmp upgraded Alphabet from a "hold" rating to a "strong-buy" rating in a report on Thursday, June 26th. Finally, Pivotal Research upped their target price on Alphabet from $245.00 to $300.00 and gave the stock a "buy" rating in a report on Wednesday, September 3rd. Six research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Alphabet has an average rating of "Moderate Buy" and a consensus price target of $246.26.

Insider Activity

In related news, Director Frances Arnold sold 103 shares of the company's stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $243.13, for a total transaction of $25,042.39. Following the completion of the sale, the director directly owned 17,284 shares in the company, valued at $4,202,258.92. This represents a 0.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Amie Thuener O'toole sold 2,778 shares of the company's stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $250.05, for a total value of $694,638.90. Following the sale, the chief accounting officer owned 14,516 shares of the company's stock, valued at $3,629,725.80. This trade represents a 16.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 246,150 shares of company stock worth $55,805,379 over the last ninety days. 12.99% of the stock is currently owned by corporate 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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