AssuredPartners Investment Advisors LLC Sells 6,180 Shares of Alphabet Inc. $GOOG

Key Points

• AssuredPartners Investment Advisors LLC reduced its holdings in Alphabet Inc. by 55.1%, selling 6,180 shares, leaving them with a total of 5,042 shares worth $894,000 at the end of the last quarter.
• Several analysts have raised their price targets for Alphabet, with Robert W. Baird and Morgan Stanley increasing theirs to $275.00 and $270.00 respectively, reflecting a positive outlook on the stock.
• Alphabet reported a net revenue of $96.43 billion in its last earnings report, surpassing analyst expectations, and exhibiting a year-over-year revenue increase of 13.8%.

AssuredPartners Investment Advisors LLC cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 55.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,042 shares of the information services provider's stock after selling 6,180 shares during the period. AssuredPartners Investment Advisors LLC's holdings in Alphabet were worth $894,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. RDA Financial Network boosted its stake in shares of Alphabet by 5.3% in the 2nd quarter. RDA Financial Network now owns 11,094 shares of the information services provider's stock valued at $1,968,000 after purchasing an additional 554 shares in the last quarter. Tower View Wealth Management LLC lifted its stake in Alphabet by 6.9% in the 2nd quarter. Tower View Wealth Management LLC now owns 27,644 shares of the information services provider's stock valued at $4,904,000 after purchasing an additional 1,776 shares during the last quarter. Oldfather Financial Services LLC bought a new position in Alphabet in the 2nd quarter valued at approximately $213,000. Truist Financial Corp boosted its position in Alphabet by 0.4% in the second quarter. Truist Financial Corp now owns 3,626,927 shares of the information services provider's stock valued at $643,381,000 after buying an additional 15,065 shares in the last quarter. Finally, GC Wealth Management RIA LLC grew its stake in shares of Alphabet by 115.7% during the second quarter. GC Wealth Management RIA LLC now owns 214,392 shares of the information services provider's stock worth $38,031,000 after buying an additional 115,003 shares during the last quarter. Institutional investors and hedge funds own 27.26% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on GOOG shares. Robert W. Baird upped their price target on shares of Alphabet from $215.00 to $275.00 and gave the stock an "outperform" rating in a report on Monday, September 22nd. Phillip Securities cut Alphabet from a "strong-buy" rating to a "moderate buy" rating in a report on Monday, September 8th. Lake Street Capital reiterated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Morgan Stanley boosted their price target on Alphabet from $210.00 to $270.00 and gave the stock an "overweight" rating in a report on Thursday, October 2nd. Finally, Pivotal Research raised their price objective on shares of Alphabet from $245.00 to $300.00 and gave the company 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 issued a Sell rating to the company. According to data from MarketBeat.com, Alphabet presently has an average rating of "Moderate Buy" and a consensus target price of $244.68.

Alphabet Trading Up 0.8%

NASDAQ GOOG opened at $253.79 on Monday. The firm has a market capitalization of $3.07 trillion, a PE ratio of 27.03, a price-to-earnings-growth ratio of 1.72 and a beta of 1.00. The business's 50-day moving average price is $232.18 and its two-hundred day moving average price is $193.25. 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 Inc. has a 12 month low of $142.66 and a 12 month high of $257.58.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping analysts' consensus estimates of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The company had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. During the same period in the previous year, the firm earned $1.89 earnings per share. The firm's quarterly revenue was up 13.8% on a year-over-year basis. On average, analysts expect that Alphabet Inc. will post 8.89 EPS for the current year.

Insider Activity

In other news, Director John L. Hennessy sold 1,000 shares of the company's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $200.00, for a total value of $200,000.00. Following the sale, the director directly owned 6,916 shares of the company's stock, valued at approximately $1,383,200. This represents a 12.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, September 17th. The stock was 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 of the company's stock, valued at $598,149,304. This represents a 1.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 243,372 shares of company stock worth $55,110,740 over the last quarter. Company insiders own 12.99% of the company's stock.

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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