Letko Brosseau & Associates Inc. Reduces Position in Alphabet Inc. (NASDAQ:GOOG)

Letko Brosseau & Associates Inc. trimmed its holdings in Alphabet Inc. (NASDAQ:GOOG) by 3.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 912,491 shares of the information services provider’s stock after selling 29,855 shares during the quarter. Alphabet accounts for approximately 2.1% of Letko Brosseau & Associates Inc.’s investment portfolio, making the stock its 16th biggest holding. Letko Brosseau & Associates Inc.’s holdings in Alphabet were worth $110,384,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Mark Sheptoff Financial Planning LLC raised its holdings in Alphabet by 142.9% in the 1st quarter. Mark Sheptoff Financial Planning LLC now owns 340 shares of the information services provider’s stock valued at $35,000 after acquiring an additional 200 shares during the last quarter. Milestone Wealth LLC raised its holdings in Alphabet by 1,900.0% in the 3rd quarter. Milestone Wealth LLC now owns 380 shares of the information services provider’s stock valued at $37,000 after acquiring an additional 361 shares during the last quarter. Sanctuary Wealth Management L.L.C. acquired a new stake in Alphabet in the 2nd quarter valued at about $46,000. GW&K Investment Management LLC acquired a new stake in Alphabet in the 1st quarter valued at about $50,000. Finally, Impact Partnership Wealth LLC acquired a new stake in Alphabet in the 2nd quarter valued at about $50,000. 27.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director John L. Hennessy sold 200 shares of the firm’s stock in a transaction on Monday, September 11th. The shares were sold at an average price of $137.30, for a total value of $27,460.00. Following the sale, the director now directly owns 7,584 shares in the company, valued at approximately $1,041,283.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director John L. Hennessy sold 200 shares of Alphabet stock in a transaction on Monday, September 11th. The shares were sold at an average price of $137.30, for a total transaction of $27,460.00. Following the sale, the director now directly owns 7,584 shares in the company, valued at approximately $1,041,283.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kavitark Ram Shriram sold 75,000 shares of Alphabet stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $131.09, for a total transaction of $9,831,750.00. Following the sale, the director now owns 104,364 shares in the company, valued at $13,681,076.76. The disclosure for this sale can be found here. In the last three months, insiders have sold 176,576 shares of company stock worth $23,425,367. 12.99% of the stock is currently owned by corporate insiders.

Alphabet Stock Up 0.5 %

GOOG stock traded up $0.73 during midday trading on Monday, hitting $137.67. The company’s stock had a trading volume of 7,940,240 shares, compared to its average volume of 25,861,334. The company has a quick ratio of 2.01, a current ratio of 2.04 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a 52-week low of $85.57 and a 52-week high of $142.38. The firm has a market capitalization of $1.72 trillion, a P/E ratio of 26.07, a PEG ratio of 1.53 and a beta of 1.05. The firm has a 50-day simple moving average of $134.60 and a 200-day simple moving average of $128.47.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Tuesday, October 24th. The information services provider reported $1.55 EPS for the quarter, beating the consensus estimate of $1.45 by $0.10. Alphabet had a net margin of 22.46% and a return on equity of 25.24%. The company had revenue of $64.05 billion during the quarter, compared to analysts’ expectations of $63.13 billion. As a group, equities analysts forecast that Alphabet Inc. will post 5.74 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently weighed in on GOOG shares. Susquehanna increased their price target on shares of Alphabet from $120.00 to $150.00 in a research note on Wednesday, July 26th. Wedbush started coverage on shares of Alphabet in a research note on Monday, August 21st. They issued an “outperform” rating for the company. Robert W. Baird increased their price target on shares of Alphabet from $123.00 to $140.00 in a research note on Wednesday, July 26th. Finally, Oppenheimer reissued an “outperform” rating and issued a $160.00 price target on shares of Alphabet in a research note on Wednesday, October 25th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $130.69.

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, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.