Alphabet Inc. $GOOG Position Reduced by Primoris Wealth Advisors LLC

Key Points

• Primoris Wealth Advisors LLC reduced its position in Alphabet Inc. by 11.7% in Q2, now holding 14,830 shares valued at approximately $2.63 million.
• CEO Sundar Pichai recently sold 32,500 shares of Alphabet stock for about $8.13 million, reflecting a 1.35% decrease in his ownership.
• Alphabet reported a 13.8% revenue increase year-over-year, with a quarterly revenue of $96.43 billion and an EPS of $2.31, exceeding analyst expectations.

Primoris Wealth Advisors LLC trimmed its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 11.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,830 shares of the information services provider's stock after selling 1,970 shares during the period. Alphabet makes up about 1.8% of Primoris Wealth Advisors LLC's portfolio, making the stock its 21st largest holding. Primoris Wealth Advisors LLC's holdings in Alphabet were worth $2,631,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of GOOG. Angeles Wealth Management LLC raised its stake in shares of Alphabet by 2.5% in the 2nd quarter. Angeles Wealth Management LLC now owns 40,892 shares of the information services provider's stock worth $7,254,000 after buying an additional 1,008 shares in the last quarter. Riverbend Wealth Management LLC grew its holdings in Alphabet by 4.7% during the second quarter. Riverbend Wealth Management LLC now owns 4,157 shares of the information services provider's stock worth $737,000 after acquiring an additional 185 shares during the period. Oriental Harbor Investment Master Fund raised its position in Alphabet by 40.8% in the second quarter. Oriental Harbor Investment Master Fund now owns 921,482 shares of the information services provider's stock worth $163,462,000 after acquiring an additional 267,164 shares in the last quarter. Sage Private Wealth Group LLC raised its position in Alphabet by 8.4% in the second quarter. Sage Private Wealth Group LLC now owns 5,340 shares of the information services provider's stock worth $947,000 after acquiring an additional 415 shares in the last quarter. Finally, Roof Eidam Maycock Peralta LLC lifted its holdings in Alphabet by 1.9% in the 2nd quarter. Roof Eidam Maycock Peralta LLC now owns 27,473 shares of the information services provider's stock valued at $4,873,000 after acquiring an additional 505 shares during the last quarter. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Trading Up 0.8%

NASDAQ GOOG opened at $253.79 on Monday. The firm's 50 day moving average price is $232.18 and its two-hundred day moving average price is $193.25. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $257.58. The stock has a market cap of $3.07 trillion, a price-to-earnings ratio of 27.03, a PEG ratio of 1.72 and a beta of 1.00.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 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 during the quarter, compared to analysts' expectations of $93.67 billion. During the same quarter last year, the firm posted $1.89 earnings per share. Alphabet's revenue was up 13.8% compared to the same quarter last year. Equities analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current year.

Insider Activity

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $250.15, for a total transaction of $8,129,875.00. Following the transaction, the chief executive officer owned 2,369,619 shares of the company's stock, valued at $592,760,192.85. The trade was a 1.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider John Kent Walker sold 17,816 shares of the stock in a transaction that occurred on Monday, September 29th. The stock was sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the completion of the sale, the insider directly owned 42,985 shares of the company's stock, valued at $10,635,348.70. This trade represents a 29.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 243,372 shares of company stock worth $55,110,740. Corporate insiders own 12.99% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently commented on GOOG. 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 report on Wednesday, October 8th. Cowen restated a "buy" rating on shares of Alphabet in a research report on Wednesday, October 8th. Raymond James Financial reaffirmed an "outperform" rating and issued a $210.00 price target (up previously from $185.00) on shares of Alphabet in a report on Thursday, July 24th. Barclays reissued a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, KeyCorp set a $265.00 target price on Alphabet in a research report on Wednesday, September 3rd. Six investment 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. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $244.68.

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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