Hartline Investment Corp Trims Holdings in Alphabet Inc. $GOOG

Hartline Investment Corp lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 9.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,148 shares of the information services provider’s stock after selling 890 shares during the period. Hartline Investment Corp’s holdings in Alphabet were worth $1,445,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of GOOG. Vanguard Group Inc. grew its holdings in shares of Alphabet by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider’s stock worth $64,299,725,000 after acquiring an additional 9,687,855 shares during the period. Kingstone Capital Partners Texas LLC grew its holdings in shares of Alphabet by 580,897.4% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider’s stock worth $23,963,208,000 after acquiring an additional 135,064,454 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Alphabet by 9.9% during the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider’s stock worth $15,971,861,000 after acquiring an additional 9,243,959 shares during the period. Deutsche Bank AG grew its holdings in shares of Alphabet by 5.4% during the 1st quarter. Deutsche Bank AG now owns 21,345,784 shares of the information services provider’s stock worth $3,334,852,000 after acquiring an additional 1,098,996 shares during the period. Finally, Invesco Ltd. grew its holdings in shares of Alphabet by 2.2% during the 1st quarter. Invesco Ltd. now owns 20,380,073 shares of the information services provider’s stock worth $3,183,979,000 after acquiring an additional 440,526 shares during the period. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on GOOG shares. Mizuho upgraded Alphabet to a “strong-buy” rating in a report on Monday, September 29th. Jefferies Financial Group upped their target price on Alphabet from $230.00 to $285.00 and gave the stock a “buy” rating in a report on Thursday, October 2nd. Barclays reiterated a “buy” rating on shares of Alphabet in a report on Wednesday, July 9th. Cowen reiterated a “buy” rating on shares of Alphabet in a report on Wednesday, October 8th. Finally, UBS Group set a $255.00 target price on Alphabet and gave the stock a “neutral” rating in a report on Thursday, October 9th. Six analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $246.26.

Insider Activity at Alphabet

In related news, insider John Kent Walker sold 23,820 shares of the company’s stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the transaction, the insider directly owned 42,999 shares of the company’s stock, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $249.50, for a total value of $8,108,750.00. Following the completion of the transaction, the chief executive officer directly owned 2,397,392 shares in the company, valued at $598,149,304. This trade represents a 1.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 246,150 shares of company stock valued at $55,805,379. 12.99% of the stock is owned by corporate insiders.

Alphabet Stock Performance

Alphabet stock opened at $257.02 on Tuesday. 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 capitalization of $3.11 trillion, a P/E ratio of 27.37, a PEG ratio of 1.72 and a beta of 1.00. The stock’s 50 day moving average is $233.29 and its 200 day moving average is $194.01. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $257.88.

Alphabet (NASDAQ:GOOG) last posted 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. The company had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The firm’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.89 EPS. On average, equities research analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

About Alphabet

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.