Brookstone Capital Management Sells 3,518 Shares of Alphabet Inc. $GOOG

Key Points

• Brookstone Capital Management reduced its stake in Alphabet Inc. by 7.2%, selling 3,518 shares in the 2nd quarter, leaving them with 45,350 shares valued at approximately $8.04 million.
• CEO Sundar Pichai sold 32,500 shares of Alphabet on October 15, 2023, for around $8.13 million, resulting in a 1.35% decrease in his ownership.
• Analysts have varying outlooks on Alphabet's stock, with a consensus rating of "Moderate Buy" and an average price target set at $249.68.

Brookstone Capital Management lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 7.2% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 45,350 shares of the information services provider's stock after selling 3,518 shares during the quarter. Brookstone Capital Management's holdings in Alphabet were worth $8,045,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. MorganRosel Wealth Management LLC acquired a new position in shares of Alphabet during the 1st quarter worth about $26,000. IFS Advisors LLC lifted its position in shares of Alphabet by 400.0% during the 2nd quarter. IFS Advisors LLC now owns 150 shares of the information services provider's stock worth $27,000 after purchasing an additional 120 shares during the last quarter. Robbins Farley lifted its position in shares of Alphabet by 60.0% during the 2nd quarter. Robbins Farley now owns 160 shares of the information services provider's stock worth $28,000 after purchasing an additional 60 shares during the last quarter. WestEnd Advisors LLC lifted its position in shares of Alphabet by 58.7% during the 2nd quarter. WestEnd Advisors LLC now owns 165 shares of the information services provider's stock worth $29,000 after purchasing an additional 61 shares during the last quarter. Finally, Fairman Group LLC lifted its position in shares of Alphabet by 121.3% during the 2nd quarter. Fairman Group LLC now owns 177 shares of the information services provider's stock worth $31,000 after purchasing an additional 97 shares during the last quarter. Institutional investors own 27.26% of the company's stock.

Insider Buying and Selling

In other news, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $250.15, for a total value of $8,129,875.00. Following the sale, the chief executive officer directly owned 2,369,619 shares in the company, valued at approximately $592,760,192.85. This represents a 1.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Frances Arnold sold 103 shares of the company's stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $243.13, for a total value of $25,042.39. Following the completion of the sale, the director owned 17,284 shares in the company, valued at approximately $4,202,258.92. This represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 246,150 shares of company stock worth $55,805,379. Insiders own 12.99% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Piper Sandler reissued a "neutral" rating on shares of Alphabet in a research report on Wednesday, July 9th. TD Cowen boosted their price objective on Alphabet from $270.00 to $280.00 and gave the stock a "buy" rating in a research report on Wednesday, October 8th. Phillip Securities cut Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday, September 8th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Alphabet in a report on Friday. Finally, Cowen reaffirmed a "buy" rating on shares of Alphabet in a report on Wednesday, October 8th. Six 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 company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $249.68.

Alphabet Trading Up 2.7%

Alphabet stock opened at $260.51 on Friday. The business has a 50 day moving average price of $237.33 and a two-hundred day moving average price of $196.32. 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 stock has a market cap of $3.15 trillion, a price-to-earnings ratio of 27.74, a price-to-earnings-growth ratio of 1.71 and a beta of 1.00. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $262.51.

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 company had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. During the same period in the prior year, the company posted $1.89 EPS. The company's revenue was up 13.8% compared to the same quarter last year. As a group, equities analysts forecast that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Company 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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