Meridiem Investment Management Ltd. Trims Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

Meridiem Investment Management Ltd. lowered its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 3.5% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 503,883 shares of the information services provider’s stock after selling 18,263 shares during the period. Alphabet comprises about 1.5% of Meridiem Investment Management Ltd.’s investment portfolio, making the stock its 23rd largest position. Meridiem Investment Management Ltd.’s holdings in Alphabet were worth $84,242,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of GOOG. Clarity Wealth Advisors LLC increased its position in Alphabet by 5.0% during the 3rd quarter. Clarity Wealth Advisors LLC now owns 34,121 shares of the information services provider’s stock valued at $5,705,000 after buying an additional 1,627 shares in the last quarter. Legacy Financial Strategies LLC grew its stake in shares of Alphabet by 90.1% in the third quarter. Legacy Financial Strategies LLC now owns 2,237 shares of the information services provider’s stock worth $374,000 after acquiring an additional 1,060 shares during the last quarter. Bartlett & CO. Wealth Management LLC increased its holdings in shares of Alphabet by 0.3% during the third quarter. Bartlett & CO. Wealth Management LLC now owns 1,427,160 shares of the information services provider’s stock valued at $238,607,000 after acquiring an additional 4,405 shares in the last quarter. Chronos Wealth Management LLC raised its position in shares of Alphabet by 2.1% in the 3rd quarter. Chronos Wealth Management LLC now owns 69,868 shares of the information services provider’s stock worth $11,681,000 after purchasing an additional 1,461 shares during the last quarter. Finally, Capital Investment Advisors LLC boosted its stake in Alphabet by 3.4% in the 3rd quarter. Capital Investment Advisors LLC now owns 30,883 shares of the information services provider’s stock worth $5,163,000 after purchasing an additional 1,013 shares in the last quarter. Institutional investors own 27.26% of the company’s stock.

Alphabet Price Performance

NASDAQ GOOG opened at $165.05 on Friday. The company has a 50-day moving average price of $163.18 and a 200-day moving average price of $169.67. Alphabet Inc. has a 52 week low of $121.46 and a 52 week high of $193.31. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $2.04 trillion, a P/E ratio of 25.31, a PEG ratio of 1.21 and a beta of 1.04.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. The business had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $84.22 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The firm’s revenue was up 13.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.44 earnings per share. Equities research analysts anticipate that Alphabet Inc. will post 7.64 earnings per share for the current year.

Insider Activity at Alphabet

In other news, CAO Amie Thuener O’toole sold 1,367 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $168.84, for a total value of $230,804.28. Following the transaction, the chief accounting officer now owns 29,183 shares of the company’s stock, valued at $4,927,257.72. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $162.35, for a total value of $3,652,875.00. Following the completion of the sale, the chief executive officer now owns 2,182,385 shares in the company, valued at approximately $354,310,204.75. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Amie Thuener O’toole sold 1,367 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $168.84, for a total value of $230,804.28. Following the completion of the transaction, the chief accounting officer now owns 29,183 shares in the company, valued at $4,927,257.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 220,426 shares of company stock worth $35,993,340. Corporate insiders own 12.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on GOOG. UBS Group decreased their target price on shares of Alphabet from $204.00 to $187.00 and set a “neutral” rating for the company in a report on Monday, October 7th. DA Davidson raised Alphabet to a “hold” rating in a research report on Tuesday, September 10th. Oppenheimer cut their target price on Alphabet from $210.00 to $185.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 25th. Rosenblatt Securities cut Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price target for the company. in a research note on Friday, June 28th. Finally, TD Cowen increased their price objective on Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Alphabet has an average rating of “Moderate Buy” and an average price target of $186.90.

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.