Chicago Partners Investment Group LLC Cuts Stake in Alphabet Inc. $GOOG

Key Points

• Chicago Partners Investment Group LLC reduced its stake in Alphabet Inc. by 7.6%, now holding 76,065 shares valued at approximately $14.57 million.
• Several institutional investors have increased their stakes in Alphabet, with Brighton Jones LLC boosting its position by 5.6%, while Revisor Wealth Management LLC saw a 107.9% increase.
• Alphabet's stock received mixed ratings from analysts, with a consensus rating of "Moderate Buy" and an average target price of $246.26.

Chicago Partners Investment Group LLC cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 7.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 76,065 shares of the information services provider's stock after selling 6,271 shares during the period. Chicago Partners Investment Group LLC's holdings in Alphabet were worth $14,567,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of GOOG. Brighton Jones LLC boosted its position in shares of Alphabet by 5.6% during the fourth quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider's stock valued at $22,901,000 after buying an additional 6,410 shares during the last quarter. Revisor Wealth Management LLC boosted its position in shares of Alphabet by 107.9% during the first quarter. Revisor Wealth Management LLC now owns 3,659 shares of the information services provider's stock valued at $572,000 after buying an additional 1,899 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Alphabet by 19.5% during the first quarter. GAMMA Investing LLC now owns 91,681 shares of the information services provider's stock valued at $14,323,000 after buying an additional 14,931 shares during the last quarter. Spinnaker Investment Group LLC boosted its position in shares of Alphabet by 14.6% during the first quarter. Spinnaker Investment Group LLC now owns 2,588 shares of the information services provider's stock valued at $404,000 after buying an additional 329 shares during the last quarter. Finally, Brown Lisle Cummings Inc. boosted its position in shares of 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 buying an additional 4,062 shares during the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GOOG has been the topic of a number of recent research reports. KeyCorp set a $265.00 target price on Alphabet in a report on Wednesday, September 3rd. Raymond James Financial reissued an "outperform" rating and issued a $210.00 target price (up previously from $185.00) on shares of Alphabet in a report on Thursday, July 24th. Roth Capital reissued a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Pivotal Research increased their target price on Alphabet from $245.00 to $300.00 and gave the company a "buy" rating in a report on Wednesday, September 3rd. Finally, Phillip Securities downgraded Alphabet from a "strong-buy" rating to a "moderate buy" rating in a report on Monday, September 8th. Six analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $246.26.

Insider Transactions at Alphabet

In other news, insider John Kent Walker sold 23,820 shares of the firm's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the transaction, the insider owned 42,999 shares of the company's stock, valued at $8,371,905.30. This trade represents a 35.65% 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, 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 value of $680,610.00. Following the sale, the chief accounting officer directly owned 17,293 shares in the company, valued at $4,236,785. This trade represents a 13.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 246,150 shares of company stock valued at $55,805,379 over the last quarter. 12.99% of the stock is currently owned by company insiders.

Alphabet Stock Down 2.2%

NASDAQ GOOG opened at $251.34 on Wednesday. The stock's 50-day moving average price is $234.23 and its 200-day moving average price is $194.41. 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 Inc. has a 52 week low of $142.66 and a 52 week high of $257.88. The company has a market capitalization 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 (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 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 for the quarter, compared to the consensus estimate of $93.67 billion. During the same quarter last year, the company earned $1.89 earnings per share. The business's revenue for the quarter was up 13.8% compared to the same quarter last year. On average, equities research analysts predict that Alphabet Inc. will post 8.89 earnings per share 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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