Alphabet Inc. $GOOG Position Cut by Carret Asset Management LLC

Carret Asset Management LLC decreased its position in Alphabet Inc. (NASDAQ:GOOG) by 1.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 170,762 shares of the information services provider’s stock after selling 2,135 shares during the quarter. Alphabet accounts for approximately 3.2% of Carret Asset Management LLC’s portfolio, making the stock its 5th largest position. Carret Asset Management LLC’s holdings in Alphabet were worth $30,292,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GOOG. RDA Financial Network grew its stake in shares of Alphabet by 5.3% during the second quarter. RDA Financial Network now owns 11,094 shares of the information services provider’s stock worth $1,968,000 after purchasing an additional 554 shares in the last quarter. Bleakley Financial Group LLC grew its stake in shares of Alphabet by 1.4% during the second quarter. Bleakley Financial Group LLC now owns 170,020 shares of the information services provider’s stock worth $30,160,000 after purchasing an additional 2,304 shares in the last quarter. Oldfather Financial Services LLC acquired a new position in shares of Alphabet during the second quarter worth $213,000. Tower View Wealth Management LLC grew its stake in shares of Alphabet by 6.9% during the second quarter. Tower View Wealth Management LLC now owns 27,644 shares of the information services provider’s stock worth $4,904,000 after purchasing an additional 1,776 shares in the last quarter. Finally, Dock Street Asset Management Inc. grew its stake in shares of Alphabet by 0.8% during the second quarter. Dock Street Asset Management Inc. now owns 234,306 shares of the information services provider’s stock worth $41,563,000 after purchasing an additional 1,970 shares in the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Insiders Place Their Bets

In other news, insider John Kent Walker sold 17,816 shares of the company’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 completion of the sale, the insider owned 42,985 shares in the company, valued at $10,635,348.70. This represents a 29.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Frances Arnold sold 103 shares of the company’s stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $243.13, for a total value of $25,042.39. Following the sale, the director owned 17,284 shares of the company’s stock, valued at $4,202,258.92. This trade represents a 0.59% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 246,150 shares of company stock valued at $55,805,379. 12.99% of the stock is owned by insiders.

Alphabet Price Performance

GOOG stock opened at $281.82 on Friday. The company has a market capitalization of $3.41 trillion, a P/E ratio of 27.79, a PEG ratio of 1.86 and a beta of 1.00. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $291.93. The business has a 50 day simple moving average of $244.59 and a 200-day simple moving average of $200.68. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Wednesday, October 29th. The information services provider reported $2.87 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.58. The business had revenue of $102.35 billion during the quarter, compared to the consensus estimate of $99.90 billion. Alphabet had a return on equity of 36.08% and a net margin of 32.23%.The company’s revenue was up 15.9% compared to the same quarter last year. During the same period in the prior year, the company earned $2.12 earnings per share. As a group, equities analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current year.

Wall Street Analysts Forecast Growth

GOOG has been the subject of a number of analyst reports. UBS Group reiterated a “neutral” rating on shares of Alphabet in a research note on Thursday. HSBC restated a “buy” rating and issued a $335.00 price objective on shares of Alphabet in a research note on Thursday. DA Davidson set a $825.00 target price on Alphabet in a research report on Monday. Morgan Stanley upped their target price on Alphabet from $210.00 to $270.00 and gave the company an “overweight” rating in a research report on Thursday, October 2nd. Finally, Wolfe Research raised their price target on Alphabet from $290.00 to $350.00 and gave the stock an “outperform” rating in a research note on Thursday. Five equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, Alphabet has an average rating of “Moderate Buy” and a consensus target price of $324.81.

Alphabet 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.