Balboa Wealth Partners cut its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 2.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 45,427 shares of the information services provider's stock after selling 1,217 shares during the period. Alphabet accounts for 1.6% of Balboa Wealth Partners' portfolio, making the stock its 10th largest holding. Balboa Wealth Partners' holdings in Alphabet were worth $8,058,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of GOOG. Brighton Jones LLC raised its position in shares of Alphabet by 5.6% during the 4th quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider's stock valued at $22,901,000 after purchasing an additional 6,410 shares during the period. Revisor Wealth Management LLC raised its position in shares of Alphabet by 107.9% during the 1st quarter. Revisor Wealth Management LLC now owns 3,659 shares of the information services provider's stock valued at $572,000 after purchasing an additional 1,899 shares during the period. GAMMA Investing LLC raised its position in shares of Alphabet by 19.5% during the 1st quarter. GAMMA Investing LLC now owns 91,681 shares of the information services provider's stock valued at $14,323,000 after purchasing an additional 14,931 shares during the period. Spinnaker Investment Group LLC raised its position in shares of Alphabet by 14.6% during the 1st quarter. Spinnaker Investment Group LLC now owns 2,588 shares of the information services provider's stock valued at $404,000 after purchasing an additional 329 shares during the period. Finally, Brown Lisle Cummings Inc. grew its stake in Alphabet by 14.7% during the first quarter. Brown Lisle Cummings Inc. now owns 31,634 shares of the information services provider's stock valued at $4,942,000 after acquiring an additional 4,062 shares in the last quarter. 27.26% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several equities analysts recently weighed in on GOOG shares. Scotiabank reaffirmed an "outperform" rating and set a $310.00 target price on shares of Alphabet in a research note on Thursday, October 16th. Roth Capital reaffirmed a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Robert W. Baird lifted their price objective on shares of Alphabet from $215.00 to $275.00 and gave the stock an "outperform" rating in a research note on Monday, September 22nd. Wells Fargo & Company reissued an "equal weight" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, Jefferies Financial Group lifted their price objective on shares of Alphabet from $230.00 to $285.00 and gave the stock a "buy" rating in a research note on Thursday, October 2nd. Six equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Alphabet presently has an average rating of "Moderate Buy" and an average price target of $246.26.
Get Our Latest Research Report on Alphabet
Alphabet Stock Down 2.2%
Shares of NASDAQ:GOOG opened at $251.34 on Wednesday. The business's 50 day moving average is $234.23 and its 200 day moving average is $194.41. The stock has a market cap of $3.04 trillion, a P/E ratio of 26.77, a price-to-earnings-growth ratio of 1.74 and a beta of 1.00. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $257.88. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.
Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating 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 firm had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. During the same period in the previous year, the company posted $1.89 earnings per share. The firm's quarterly revenue was up 13.8% on a year-over-year basis. Sell-side analysts predict that Alphabet Inc. will post 8.89 EPS for the current year.
Insider Buying and Selling at Alphabet
In other news, insider John Kent Walker sold 23,820 shares of the company's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the sale, the insider owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Amie Thuener O'toole sold 2,778 shares of Alphabet stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $245.00, for a total transaction of $680,610.00. Following the transaction, the chief accounting officer directly owned 17,293 shares in the company, valued at approximately $4,236,785. The trade was a 13.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 246,150 shares of company stock valued at $55,805,379. Company insiders own 12.99% of the company's stock.
About Alphabet
(
Free Report)
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.
Further Reading
Want to see what other hedge funds are holding GOOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOG - Free Report).
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