Denali Advisors LLC Has $18.82 Million Position in Alphabet Inc. $GOOG

Key Points

• Denali Advisors LLC reduced its position in Alphabet Inc. (NASDAQ:GOOG) by 8.9%, holding 106,066 shares valued at approximately $18.82 million as of the end of the second quarter.
• Institutional investors account for 27.26% of Alphabet's stock, with significant increases in holdings noted from firms like Vanguard Group and Kingstone Capital Partners.
• Alphabet's most recent earnings report showed a 13.8% year-over-year revenue increase to $96.43 billion, with an EPS of $2.31, surpassing estimates.

Denali Advisors LLC lowered its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 8.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 106,066 shares of the information services provider's stock after selling 10,397 shares during the period. Alphabet comprises about 2.0% of Denali Advisors LLC's investment portfolio, making the stock its 6th biggest holding. Denali Advisors LLC's holdings in Alphabet were worth $18,815,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Alphabet by 2.4% in the first quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider's stock worth $64,299,725,000 after acquiring an additional 9,687,855 shares during the period. Kingstone Capital Partners Texas LLC grew its holdings in shares of Alphabet by 580,897.4% in the second quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider's stock worth $23,963,208,000 after acquiring an additional 135,064,454 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Alphabet by 9.9% in the first quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider's stock worth $15,971,861,000 after acquiring an additional 9,243,959 shares during the period. Deutsche Bank AG grew its holdings in shares of Alphabet by 5.4% in the first quarter. Deutsche Bank AG now owns 21,345,784 shares of the information services provider's stock worth $3,334,852,000 after acquiring an additional 1,098,996 shares during the period. Finally, Invesco Ltd. grew its holdings in shares of Alphabet by 2.2% in the first quarter. Invesco Ltd. now owns 20,380,073 shares of the information services provider's stock worth $3,183,979,000 after acquiring an additional 440,526 shares during the period. Institutional investors own 27.26% of the company's stock.

Insider Activity

In other news, CAO Amie Thuener O'toole sold 2,778 shares of the business's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $245.00, for a total value of $680,610.00. Following the transaction, the chief accounting officer directly owned 17,293 shares in the company, valued at $4,236,785. The trade was a 13.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $249.50, for a total value of $8,108,750.00. Following the completion of the transaction, the chief executive officer owned 2,397,392 shares in the company, valued at $598,149,304. The trade was a 1.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 246,150 shares of company stock worth $55,805,379 over the last ninety days. Corporate insiders own 12.99% of the company's stock.

Analysts Set New Price Targets

GOOG has been the subject of several research analyst reports. Roth Capital reaffirmed a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Alphabet in a report on Friday. KeyCorp set a $265.00 target price on Alphabet in a research report on Wednesday, September 3rd. Mizuho upgraded Alphabet to a "strong-buy" rating in a research report on Monday, September 29th. Finally, Hsbc Global Res upgraded Alphabet to a "strong-buy" rating in a research report on Tuesday, October 7th. Six analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $249.68.

Alphabet Price Performance

Shares of Alphabet stock opened at $260.51 on Friday. The stock's 50-day simple moving average is $237.33 and its 200-day simple moving average is $196.32. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $262.51. The company has a market capitalization of $3.15 trillion, a price-to-earnings ratio of 27.74, a PEG ratio of 1.71 and a beta of 1.00. 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 announced its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 EPS 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 business had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.67 billion. During the same period in the previous year, the business earned $1.89 earnings per share. The business's revenue was up 13.8% on a year-over-year basis. As a group, analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

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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