Jag Capital Management LLC Cuts Holdings in Alphabet Inc. $GOOGL

Key Points

• Jag Capital Management LLC reduced its holdings in Alphabet Inc. by 1.8% in Q2, now owning 119,483 shares valued at approximately $21 million.
• Multiple institutional investors, including Guardian Wealth Management and NBZ Investment Advisors, have recently increased their stakes in Alphabet, showcasing growing interest in the company.
• Alphabet's stock price has seen a 2.7% increase, with recent earnings surpassing estimates and analysts giving a consensus rating of "Moderate Buy" with an average target price of $263.20.

Jag Capital Management LLC decreased its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 1.8% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 119,483 shares of the information services provider's stock after selling 2,224 shares during the period. Alphabet accounts for 2.4% of Jag Capital Management LLC's investment portfolio, making the stock its 14th biggest holding. Jag Capital Management LLC's holdings in Alphabet were worth $21,056,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Guardian Wealth Management Inc. lifted its holdings in Alphabet by 242.9% during the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock worth $26,000 after acquiring an additional 119 shares during the period. IMA Advisory Services Inc. bought a new position in Alphabet in the 1st quarter valued at $28,000. von Borstel & Associates Inc. purchased a new stake in shares of Alphabet during the 1st quarter valued at $28,000. NBZ Investment Advisors LLC raised its stake in shares of Alphabet by 85.7% during the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock worth $30,000 after purchasing an additional 90 shares during the period. Finally, CarsonAllaria Wealth Management Ltd. raised its stake in shares of Alphabet by 36.4% during the 2nd quarter. CarsonAllaria Wealth Management Ltd. now owns 251 shares of the information services provider's stock worth $44,000 after purchasing an additional 67 shares during the period. Hedge funds and other institutional investors own 40.03% of the company's stock.

Alphabet Stock Up 2.7%

GOOGL opened at $259.92 on Friday. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $261.68. The company has a market cap of $3.14 trillion, a PE ratio of 27.68, a price-to-earnings-growth ratio of 1.71 and a beta of 1.00. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a 50 day moving average of $236.72 and a 200 day moving average of $195.25.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.16. 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 $93.60 billion. On average, sell-side analysts expect that Alphabet Inc. will post 8.9 EPS for the current year.

Wall Street Analysts Forecast Growth

GOOGL has been the subject of several research reports. Oppenheimer increased their price target on shares of Alphabet from $270.00 to $300.00 and gave the company an "outperform" rating in a research report on Monday, October 20th. Westpark Capital boosted their target price on shares of Alphabet from $210.00 to $220.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Canaccord Genuity Group raised their price target on shares of Alphabet from $230.00 to $270.00 and gave the stock a "buy" rating in a research note on Thursday, September 4th. Melius Research lifted their price target on shares of Alphabet from $220.00 to $255.00 in a report on Thursday, September 25th. Finally, Morgan Stanley set a $270.00 price objective on Alphabet and gave the company an "overweight" rating in a research note on Thursday, October 2nd. Four research analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $263.20.

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $250.15, for a total transaction of $8,129,875.00. Following the sale, the chief executive officer owned 2,369,619 shares of the company's stock, valued at approximately $592,760,192.85. This represents a 1.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Frances Arnold sold 103 shares of the firm's stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $243.13, for a total value of $25,042.39. Following the completion of the transaction, the director owned 17,284 shares of the company's stock, valued at approximately $4,202,258.92. This represents a 0.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 246,150 shares of company stock worth $55,805,379 in the last 90 days. 11.64% of the stock is owned by company insiders.

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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