Progressive Investment Management Corp Has $19.24 Million Position in Alphabet Inc. $GOOG

Key Points

• Progressive Investment Management Corp reduced its stake in Alphabet Inc. by 1.0%, holding 108,481 shares valued at approximately $19.24 million, making it the firm's 5th largest holding.
• Alphabet Inc. reported $2.31 EPS for the last quarter, surpassing analysts' estimates along with a revenue of $96.43 billion, which is up by 13.8% year-over-year.
• As of the latest updates, Alphabet shares have an average rating of "Moderate Buy", with a target price set at $246.26 by analysts.

Progressive Investment Management Corp decreased its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 1.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 108,481 shares of the information services provider's stock after selling 1,060 shares during the period. Alphabet makes up about 4.9% of Progressive Investment Management Corp's investment portfolio, making the stock its 5th largest holding. Progressive Investment Management Corp's holdings in Alphabet were worth $19,243,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently made changes to their positions in the company. RDA Financial Network increased its position in shares of Alphabet by 5.3% during the second quarter. RDA Financial Network now owns 11,094 shares of the information services provider's stock worth $1,968,000 after acquiring an additional 554 shares in the last quarter. Tower View Wealth Management LLC grew its position in Alphabet by 6.9% in 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 purchasing an additional 1,776 shares in the last quarter. Oldfather Financial Services LLC bought a new position in Alphabet in the second quarter valued at $213,000. Truist Financial Corp grew its position in Alphabet by 0.4% in 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. Finally, Dock Street Asset Management Inc. grew its position in Alphabet by 0.8% in 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 purchasing an additional 1,970 shares in the last quarter. Institutional investors own 27.26% of the company's stock.

Alphabet Stock Performance

Shares of GOOG stock opened at $257.02 on Tuesday. The stock has a market cap of $3.11 trillion, a P/E ratio of 27.37, a P/E/G ratio of 1.72 and a beta of 1.00. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The company has a fifty day moving average price of $233.29 and a two-hundred day moving average price of $194.01. Alphabet Inc. has a one year low of $142.66 and a one year high of $257.88.

Alphabet (NASDAQ:GOOG - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating analysts' consensus estimates of $2.12 by $0.19. The firm had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.89 earnings per share. As a group, equities analysts predict that Alphabet Inc. will post 8.89 EPS for the current year.

Analyst Ratings Changes

GOOG has been the subject of a number of analyst reports. Oppenheimer set a $300.00 target price on shares of Alphabet and gave the company an "outperform" rating in a research report on Monday. Phillip Securities downgraded shares of Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday, September 8th. Wells Fargo & Company reaffirmed an "equal weight" rating on shares of Alphabet in a research report on Wednesday, July 9th. BNP Paribas downgraded shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research report on Thursday, June 26th. Finally, Lake Street Capital reaffirmed a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. 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 given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $246.26.

Insider Activity at Alphabet

In other news, Director John L. Hennessy sold 600 shares of the firm's stock in a transaction dated Monday, October 13th. The shares were sold at an average price of $242.92, for a total transaction of $145,752.00. Following the completion of the sale, the director owned 5,116 shares in the company, valued at approximately $1,242,778.72. This trade represents a 10.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Amie Thuener O'toole sold 2,778 shares of the firm's stock in a transaction dated Wednesday, October 15th. The stock was 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 246,150 shares of company stock worth $55,805,379 in the last quarter. 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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