Alphabet Inc. $GOOGL is Mitchell Sinkler & Starr PA's 8th Largest Position

Key Points

• Mitchell Sinkler & Starr PA significantly reduced its holdings in Alphabet Inc. by 62.3% in the second quarter, now owning 25,130 shares which constitutes 2.1% of its portfolio.
• Insider selling was noted, with Director John L. Hennessy selling 600 shares worth approximately $145,752, resulting in a 10.50% decrease in his ownership of Alphabet stock.
• Several analysts have raised their price targets for Alphabet, with UBS Group increasing it from $237 to $255 and HSBC issuing a target of $285, reflecting strong confidence in the stock.

Mitchell Sinkler & Starr PA lowered its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 62.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,130 shares of the information services provider's stock after selling 41,469 shares during the period. Alphabet makes up 2.1% of Mitchell Sinkler & Starr PA's portfolio, making the stock its 8th biggest position. Mitchell Sinkler & Starr PA's holdings in Alphabet were worth $4,429,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of GOOGL. Brighton Jones LLC lifted its holdings in shares of Alphabet by 3.9% in the fourth quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider's stock valued at $20,886,000 after purchasing an additional 4,110 shares in the last quarter. Revolve Wealth Partners LLC increased its stake in shares of Alphabet by 3.5% in the fourth quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider's stock worth $2,826,000 after acquiring an additional 506 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Alphabet by 10.5% in the first quarter. GAMMA Investing LLC now owns 103,870 shares of the information services provider's stock worth $16,062,000 after acquiring an additional 9,900 shares during the last quarter. CCG Wealth Management LLC increased its stake in shares of Alphabet by 3.9% in the first quarter. CCG Wealth Management LLC now owns 4,175 shares of the information services provider's stock worth $646,000 after acquiring an additional 155 shares during the last quarter. Finally, Monte Financial Group LLC increased its stake in shares of Alphabet by 3.9% in the first quarter. Monte Financial Group LLC now owns 6,672 shares of the information services provider's stock worth $1,009,000 after acquiring an additional 251 shares during the last quarter. Hedge funds and other institutional investors own 40.03% of the company's stock.

Insider Buying and Selling

In related news, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction dated Monday, October 13th. The stock was sold at an average price of $242.92, for a total transaction of $145,752.00. Following the sale, the director directly owned 5,116 shares of the company's stock, valued at $1,242,778.72. This trade represents a 10.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Frances Arnold sold 103 shares of Alphabet stock in a transaction dated 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 directly owned 17,284 shares in the company, valued at approximately $4,202,258.92. This trade represents a 0.59% 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 valued at $55,805,379 in the last quarter. Insiders own 11.64% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on GOOGL shares. UBS Group upped their price target on shares of Alphabet from $237.00 to $255.00 and gave the stock a "neutral" rating in a research note on Thursday, October 9th. JPMorgan Chase & Co. reaffirmed a "buy" rating on shares of Alphabet in a research note on Tuesday, October 14th. Wolfe Research upped their price target on shares of Alphabet from $220.00 to $290.00 in a research note on Tuesday, September 30th. HSBC started coverage on shares of Alphabet in a research note on Tuesday, October 7th. They issued a "buy" rating and a $285.00 price target on the stock. Finally, Oppenheimer upped their price target on shares of Alphabet from $270.00 to $300.00 and gave the stock an "outperform" rating in a research note on Monday. Four analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat.com, Alphabet has a consensus rating of "Moderate Buy" and a consensus target price of $259.12.

Alphabet Trading Up 0.5%

Shares of NASDAQ:GOOGL opened at $251.69 on Thursday. The company has a market cap of $3.04 trillion, a P/E ratio of 26.80, a P/E/G ratio of 1.69 and a beta of 1.00. The stock's 50-day moving average is $234.60 and its 200-day moving average is $193.72. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $257.33. 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 (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.16. The company had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. Equities research analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current year.

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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