Wallace Advisory Group LLC Sells 1,987 Shares of Alphabet Inc. $GOOG

Key Points

• Wallace Advisory Group LLC decreased its holdings in Alphabet Inc. by 23.8%, selling 1,987 shares in the second quarter, leaving them with 6,350 shares valued at approximately $1.13 million.
• Insiders including CEO Sundar Pichai and John Kent Walker have sold significant portions of their shares, reflecting a combined sale of 246,150 shares worth nearly $55.8 million in the past 90 days.
• Alphabet's recent quarterly earnings showed an EPS of $2.31, exceeding expectations, and revenue growth of 13.8% year-over-year, indicating strong financial health.

Wallace Advisory Group LLC reduced its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 23.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,350 shares of the information services provider's stock after selling 1,987 shares during the quarter. Wallace Advisory Group LLC's holdings in Alphabet were worth $1,126,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. IFS Advisors LLC raised its holdings in shares of Alphabet by 400.0% in the second quarter. IFS Advisors LLC now owns 150 shares of the information services provider's stock valued at $27,000 after acquiring an additional 120 shares in the last quarter. Robbins Farley raised its holdings in shares of Alphabet by 60.0% in the second quarter. Robbins Farley now owns 160 shares of the information services provider's stock valued at $28,000 after acquiring an additional 60 shares in the last quarter. WestEnd Advisors LLC raised its holdings in shares of Alphabet by 58.7% in the second quarter. WestEnd Advisors LLC now owns 165 shares of the information services provider's stock valued at $29,000 after acquiring an additional 61 shares in the last quarter. MorganRosel Wealth Management LLC bought a new stake in shares of Alphabet in the first quarter valued at about $26,000. Finally, Fairman Group LLC raised its holdings in shares of Alphabet by 121.3% in the second quarter. Fairman Group LLC now owns 177 shares of the information services provider's stock valued at $31,000 after acquiring an additional 97 shares in the last quarter. 27.26% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider John Kent Walker sold 23,820 shares of the company's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the transaction, the insider owned 42,999 shares in the company, valued at $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $249.50, for a total transaction of $8,108,750.00. Following the transaction, the chief executive officer owned 2,397,392 shares in the company, valued at approximately $598,149,304. This trade represents a 1.34% 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 over the last 90 days. 12.99% of the stock is currently owned by corporate insiders.

Alphabet Stock Performance

GOOG opened at $253.73 on Friday. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $257.88. 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 company has a market cap of $3.07 trillion, a P/E ratio of 27.02, a price-to-earnings-growth ratio of 1.70 and a beta of 1.00. The firm's 50-day moving average price is $236.22 and its 200-day moving average price is $195.53.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $93.67 billion. During the same quarter in the prior year, the company posted $1.89 earnings per share. The company's revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, equities analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Analysts Set New Price Targets

GOOG has been the subject of several recent research reports. KeyCorp set a $265.00 price objective on Alphabet in a report on Wednesday, September 3rd. Barclays reiterated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Jefferies Financial Group boosted their target price on shares of Alphabet from $230.00 to $285.00 and gave the stock a "buy" rating in a report on Thursday, October 2nd. Mizuho upgraded shares of Alphabet to a "strong-buy" rating in a report on Monday, September 29th. Finally, Lake Street Capital reiterated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $246.26.

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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