Patten Group Inc. Sells 2,185 Shares of Alphabet Inc. $GOOG

Key Points

• Patten Group Inc. reduced its holdings in Alphabet Inc. by 12.3%, selling 2,185 shares and now owns 15,582 shares worth approximately $2.76 million.
• Analysts' ratings for Alphabet have been mixed, with Morgan Stanley raising their price target to $270.00, while others, like Phillip Securities, downgraded the stock from a "strong-buy" to a "moderate buy" rating.
• Alphabet reported a 13.8% year-over-year increase in revenue for its latest quarter, totaling $96.43 billion, significantly surpassing analysts' expectations.

Patten Group Inc. decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 12.3% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 15,582 shares of the information services provider's stock after selling 2,185 shares during the period. Patten Group Inc.'s holdings in Alphabet were worth $2,764,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. RDA Financial Network boosted its stake in Alphabet by 5.3% during the second quarter. RDA Financial Network now owns 11,094 shares of the information services provider's stock valued at $1,968,000 after buying an additional 554 shares during the period. Oldfather Financial Services LLC bought a new stake in Alphabet during the second quarter valued at $213,000. Tower View Wealth Management LLC boosted its stake in Alphabet by 6.9% during the second quarter. Tower View Wealth Management LLC now owns 27,644 shares of the information services provider's stock valued at $4,904,000 after buying an additional 1,776 shares during the period. Dock Street Asset Management Inc. boosted its stake in Alphabet by 0.8% during the second quarter. Dock Street Asset Management Inc. now owns 234,306 shares of the information services provider's stock valued at $41,563,000 after buying an additional 1,970 shares during the period. Finally, Truist Financial Corp raised its position in Alphabet by 0.4% during the second quarter. Truist Financial Corp now owns 3,626,927 shares of the information services provider's stock valued at $643,381,000 after purchasing an additional 15,065 shares in the last quarter. Institutional investors own 27.26% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on GOOG. Morgan Stanley raised their price target on Alphabet from $210.00 to $270.00 and gave the company an "overweight" rating in a research report on Thursday, October 2nd. Oppenheimer set a $300.00 price target on Alphabet and gave the company an "outperform" rating in a research report on Monday. Phillip Securities downgraded Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday, September 8th. Wells Fargo & Company restated an "equal weight" rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, KeyCorp set a $265.00 price objective on Alphabet in a report on Wednesday, September 3rd. Six analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $249.68.

Alphabet Stock Performance

Shares of GOOG opened at $260.51 on Friday. 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 business's 50 day moving average price is $237.33 and its 200-day moving average price is $196.32. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $262.51. The stock has a market cap of $3.15 trillion, a P/E ratio of 27.74, a P/E/G ratio of 1.71 and a beta of 1.00.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $93.67 billion. During the same period in the previous year, the firm posted $1.89 EPS. The business's revenue for the quarter was up 13.8% compared to the same quarter last year. Equities research analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Insider Buying and Selling at Alphabet

In other Alphabet news, insider John Kent Walker sold 17,816 shares of the business's stock in a transaction on Monday, September 29th. The shares were sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the completion of the sale, the insider directly owned 42,985 shares in the company, valued at approximately $10,635,348.70. The trade was a 29.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Amie Thuener O'toole sold 2,778 shares of the business's stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $250.05, for a total transaction of $694,638.90. Following the sale, the chief accounting officer owned 14,516 shares of the company's stock, valued at approximately $3,629,725.80. This represents a 16.06% 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. 12.99% of the stock is owned by corporate insiders.

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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