Private Wealth Asset Management LLC Sells 1,783 Shares of Alphabet Inc. $GOOGL

Key Points

• Private Wealth Asset Management LLC reduced its stake in Alphabet Inc. by 6.8%, selling 1,783 shares to hold a total of 24,290 shares valued at approximately $4.28 million.
• Several institutional investors have increased their holdings in Alphabet, with Vanguard Group boosting its stake by 2.9% and now owning over 509 million shares worth nearly $79 billion.
• Alphabet's stock recently showed a 2.7% increase in value, sitting at around $259.92, and reported better-than-expected earnings with a net revenue of $96.43 billion for the last quarter.

Private Wealth Asset Management LLC lowered its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 6.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 24,290 shares of the information services provider's stock after selling 1,783 shares during the quarter. Private Wealth Asset Management LLC's holdings in Alphabet were worth $4,281,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Alphabet by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock valued at $78,839,544,000 after buying an additional 14,307,345 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Alphabet by 11.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider's stock valued at $6,783,364,000 after buying an additional 4,473,901 shares in the last quarter. Invesco Ltd. boosted its stake in Alphabet by 1.4% in the 1st quarter. Invesco Ltd. now owns 43,648,514 shares of the information services provider's stock valued at $6,749,806,000 after buying an additional 593,345 shares in the last quarter. Deutsche Bank AG boosted its stake in Alphabet by 1.9% in the 1st quarter. Deutsche Bank AG now owns 39,792,300 shares of the information services provider's stock valued at $6,153,481,000 after buying an additional 727,335 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Alphabet by 0.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 38,556,577 shares of the information services provider's stock valued at $5,962,389,000 after buying an additional 104,859 shares in the last quarter. Institutional investors own 40.03% of the company's stock.

Alphabet Stock Up 2.7%

Shares of Alphabet stock opened at $259.92 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. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $261.68. The business has a fifty day simple moving average of $236.72 and a 200 day simple moving average of $195.60. The stock has a market cap of $3.14 trillion, a PE ratio of 27.68, a price-to-earnings-growth ratio of 1.75 and a beta of 1.00.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping analysts' consensus estimates of $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The business had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.60 billion. Research analysts predict that Alphabet Inc. will post 8.9 EPS for the current year.

Insider Buying and Selling at Alphabet

In related news, Director Frances Arnold sold 103 shares of Alphabet stock in a transaction on 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $250.15, for a total value of $8,129,875.00. Following the sale, the chief executive officer directly owned 2,369,619 shares of the company's stock, valued at approximately $592,760,192.85. This trade represents a 1.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 246,150 shares of company stock valued at $55,805,379 over the last quarter. 11.64% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently commented on the company. JPMorgan Chase & Co. reaffirmed a "buy" rating on shares of Alphabet in a research note on Tuesday, October 14th. Piper Sandler boosted their price target on Alphabet from $220.00 to $285.00 and gave the company an "overweight" rating in a research note on Thursday, September 18th. Jefferies Financial Group lifted their price objective on Alphabet from $230.00 to $285.00 and gave the company a "buy" rating in a research report on Thursday, October 2nd. Needham & Company LLC lifted their price objective on Alphabet from $220.00 to $260.00 and gave the company a "buy" rating in a research report on Wednesday, September 3rd. Finally, Mizuho set a $295.00 price objective on Alphabet and gave the company an "outperform" rating in a research report on Monday, September 29th. Four investment analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $263.55.

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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