Alphabet Inc. $GOOGL Shares Sold by Robertson Stephens Wealth Management LLC

Key Points

• Robertson Stephens Wealth Management LLC reduced its stake in Alphabet Inc. by 4.9% during the 2nd quarter, now holding 68,672 shares valued at approximately $12.1 million.
• Alphabet's latest quarterly earnings exceeded expectations, reporting $2.31 earnings per share, surpassing the consensus estimate of $2.15, along with revenues of $96.43 billion.
• Several analysts have given Alphabet a "Moderate Buy" rating, with an average price target of $252.24, while UBS recently raised its target from $237.00 to $255.00.

Robertson Stephens Wealth Management LLC decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 4.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 68,672 shares of the information services provider's stock after selling 3,514 shares during the quarter. Robertson Stephens Wealth Management LLC's holdings in Alphabet were worth $12,102,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in GOOGL. Mystic Asset Management Inc. boosted its stake in Alphabet by 6.7% in the first quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider's stock valued at $4,400,000 after acquiring an additional 1,791 shares in the last quarter. Harbour Trust & Investment Management Co increased its position in shares of Alphabet by 0.3% during the first quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider's stock worth $4,187,000 after purchasing an additional 80 shares in the last quarter. Cypress Capital LLC lifted its holdings in shares of Alphabet by 4.1% in the 1st quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock valued at $2,213,000 after purchasing an additional 563 shares during the last quarter. Bridgeway Capital Management LLC boosted its position in shares of Alphabet by 17.9% in the 1st quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider's stock valued at $13,637,000 after purchasing an additional 13,371 shares during the period. Finally, Alaethes Wealth LLC boosted its position in shares of Alphabet by 1.1% in the 1st quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider's stock valued at $1,182,000 after purchasing an additional 84 shares during the period. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Up 0.7%

Shares of NASDAQ:GOOGL opened at $253.30 on Monday. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $256.96. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The firm's 50-day simple moving average is $231.55 and its 200-day simple moving average is $192.14. The company has a market cap of $3.06 trillion, a price-to-earnings ratio of 26.98, a PEG ratio of 1.71 and a beta of 1.00.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.16. The firm had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. As a group, equities research analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current year.

Insiders Place Their Bets

In other Alphabet news, 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 transaction, the insider owned 42,985 shares in the company, valued at approximately $10,635,348.70. This represents a 29.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction on 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 sale, the chief executive officer owned 2,369,619 shares in the company, valued at $592,760,192.85. The trade was a 1.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 246,150 shares of company stock worth $55,805,379. Corporate insiders own 11.55% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on the company. JPMorgan Chase & Co. reaffirmed a "buy" rating on shares of Alphabet in a research report on Tuesday, October 14th. Rosenblatt Securities upped their price target on shares of Alphabet from $191.00 to $224.00 and gave the company a "neutral" rating in a research report on Wednesday, September 3rd. Loop Capital reiterated a "hold" rating and set a $190.00 price target (up previously from $165.00) on shares of Alphabet in a research note on Tuesday, August 5th. Weiss Ratings reissued a "buy (b)" rating on shares of Alphabet in a research report on Wednesday, October 8th. Finally, UBS Group upped their target price on shares of Alphabet from $237.00 to $255.00 and gave the company a "neutral" rating in a report on Thursday, October 9th. Four research analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $252.24.

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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