Rehmann Capital Advisory Group Reduces Position in Alphabet Inc. $GOOG

Key Points

• Rehmann Capital Advisory Group has reduced its stake in Alphabet Inc. by 2.5%, owning 56,569 shares valued at $10,035,000 after selling 1,462 shares in Q2.
• Alphabet reported $96.43 billion in revenue for its latest quarter, exceeding expectations and achieving a 13.8% year-over-year growth.
• Several investment firms have recently upgraded their ratings on Alphabet, with a consensus rating of "Moderate Buy" and an average price target of $249.68.

Rehmann Capital Advisory Group cut its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 2.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 56,569 shares of the information services provider's stock after selling 1,462 shares during the period. Rehmann Capital Advisory Group's holdings in Alphabet were worth $10,035,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in GOOG. Brighton Jones LLC boosted its stake in shares of Alphabet by 5.6% during the 4th quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider's stock worth $22,901,000 after purchasing an additional 6,410 shares during the period. Revisor Wealth Management LLC boosted its position in Alphabet by 107.9% in the 1st quarter. Revisor Wealth Management LLC now owns 3,659 shares of the information services provider's stock valued at $572,000 after buying an additional 1,899 shares during the period. GAMMA Investing LLC boosted its position in Alphabet by 19.5% in the 1st quarter. GAMMA Investing LLC now owns 91,681 shares of the information services provider's stock valued at $14,323,000 after buying an additional 14,931 shares during the period. TigerOak Management L.L.C. boosted its position in Alphabet by 0.8% in the 1st quarter. TigerOak Management L.L.C. now owns 20,068 shares of the information services provider's stock valued at $3,135,000 after buying an additional 150 shares during the period. Finally, SOL Capital Management CO boosted its position in Alphabet by 1.8% in the 1st quarter. SOL Capital Management CO now owns 15,349 shares of the information services provider's stock valued at $2,398,000 after buying an additional 270 shares during the period. 27.26% of the stock is owned by hedge funds and other institutional investors.

Alphabet Price Performance

Shares of GOOG opened at $260.51 on Friday. The company has a 50 day moving average price of $237.33 and a 200-day moving average price of $196.32. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $262.51. The stock has a market capitalization of $3.15 trillion, a PE ratio of 27.74, a PEG ratio of 1.71 and a beta of 1.00. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90.

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

Analyst Upgrades and Downgrades

GOOG has been the subject of several research reports. Hsbc Global Res raised shares of Alphabet to a "strong-buy" rating in a research report on Tuesday, October 7th. Jefferies Financial Group boosted their price objective on shares of Alphabet from $230.00 to $285.00 and gave the company a "buy" rating in a research report on Thursday, October 2nd. Oppenheimer set a $300.00 price objective on shares of Alphabet and gave the company an "outperform" rating in a research report on Monday. Phillip Securities cut shares of Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday, September 8th. Finally, KeyCorp set a $265.00 price objective on shares of Alphabet in a research report on Wednesday, September 3rd. Six investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $249.68.

Insider Transactions at Alphabet

In related news, Director John L. Hennessy sold 600 shares of the business's stock in a transaction that occurred on 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 transaction, the director owned 5,116 shares in the company, valued at $1,242,778.72. The trade was a 10.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John Kent Walker sold 17,816 shares of the business's stock in a transaction that occurred on Monday, September 29th. The stock was sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the transaction, the insider owned 42,985 shares of the company's stock, valued at approximately $10,635,348.70. This trade represents a 29.30% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 246,150 shares of company stock worth $55,805,379. Insiders own 12.99% of the company's stock.

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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