Parcion Private Wealth LLC Has $3.26 Million Stake in Alphabet Inc. $GOOG

Key Points

• Parcion Private Wealth LLC increased its stake in Alphabet Inc. (NASDAQ:GOOG) by 8.0%, acquiring a total of 18,352 shares valued at approximately $3.26 million.
• Insider sales at Alphabet included John Kent Walker selling 17,816 shares for about $4.4 million, representing a 29.30% decrease in his position.
• Alphabet recently reported earnings surpassing analysts' expectations, with $2.31 EPS for the quarter, leveraging a revenue of $96.43 billion.

Parcion Private Wealth LLC boosted its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 8.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 18,352 shares of the information services provider's stock after buying an additional 1,363 shares during the period. Parcion Private Wealth LLC's holdings in Alphabet were worth $3,255,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in GOOG. Brighton Jones LLC raised its holdings 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 purchasing an additional 6,410 shares during the period. Revisor Wealth Management LLC raised its holdings 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 purchasing an additional 1,899 shares during the period. GAMMA Investing LLC raised its holdings 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 purchasing an additional 14,931 shares during the period. TigerOak Management L.L.C. raised its holdings in shares of Alphabet by 0.8% during the first quarter. TigerOak Management L.L.C. now owns 20,068 shares of the information services provider's stock valued at $3,135,000 after purchasing an additional 150 shares during the period. Finally, SOL Capital Management CO raised its holdings in shares of Alphabet by 1.8% during the first quarter. SOL Capital Management CO now owns 15,349 shares of the information services provider's stock valued at $2,398,000 after purchasing an additional 270 shares during the period. Institutional investors and hedge funds own 27.26% of the company's stock.

Insiders Place Their Bets

In other Alphabet news, insider John Kent Walker sold 17,816 shares of the company's stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $247.42, for a total value of $4,408,034.72. Following the completion of the sale, the insider directly owned 42,985 shares of the company's stock, valued at approximately $10,635,348.70. This represents a 29.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Frances Arnold sold 103 shares of the company's stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $243.13, for a total transaction of $25,042.39. Following the completion of the sale, the director directly owned 17,284 shares of the company's stock, valued at $4,202,258.92. The trade was a 0.59% decrease in their ownership of the stock. 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 ninety days. 12.99% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GOOG. Wells Fargo & Company reiterated an "equal weight" rating on shares of Alphabet in a report on Wednesday, July 9th. Hsbc Global Res upgraded shares of Alphabet to a "strong-buy" rating in a report on Tuesday, October 7th. Lake Street Capital restated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. TD Cowen upped their target price on shares of Alphabet from $270.00 to $280.00 and gave the stock a "buy" rating in a report on Wednesday, October 8th. Finally, Morgan Stanley upped their target price on shares of Alphabet from $210.00 to $270.00 and gave the stock an "overweight" rating in a report on Thursday, October 2nd. Six investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $249.68.

Alphabet Trading Up 2.7%

Shares of GOOG stock opened at $260.51 on Friday. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $262.51. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The company has a 50-day simple moving average of $237.33 and a two-hundred day simple moving average of $196.32. 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.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.12 by $0.19. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The business had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. During the same period in the prior year, the firm posted $1.89 EPS. The firm's quarterly revenue was up 13.8% compared to the same quarter last year. Research analysts anticipate that Alphabet Inc. will post 8.89 EPS 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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