Moors & Cabot Inc. Sells 2,218 Shares of Alphabet Inc. $GOOG

Moors & Cabot Inc. lowered its stake in Alphabet Inc. (NASDAQ:GOOG) by 3.2% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 66,304 shares of the information services provider’s stock after selling 2,218 shares during the quarter. Moors & Cabot Inc.’s holdings in Alphabet were worth $11,762,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. 360 Financial Inc. increased its stake in shares of Alphabet by 6.9% in the 2nd quarter. 360 Financial Inc. now owns 3,817 shares of the information services provider’s stock valued at $677,000 after acquiring an additional 246 shares in the last quarter. Arrowroot Family Office LLC acquired a new stake in Alphabet in the 2nd quarter valued at $847,000. Blue Barn Wealth LLC grew its position in Alphabet by 5.1% in the 2nd quarter. Blue Barn Wealth LLC now owns 5,511 shares of the information services provider’s stock valued at $978,000 after purchasing an additional 265 shares during the period. Ellevest Inc. grew its position in Alphabet by 31.3% in the 2nd quarter. Ellevest Inc. now owns 18,530 shares of the information services provider’s stock valued at $3,287,000 after purchasing an additional 4,413 shares during the period. Finally, Artemis Wealth Advisors LLC lifted its stake in Alphabet by 13.2% during the 2nd quarter. Artemis Wealth Advisors LLC now owns 13,283 shares of the information services provider’s stock valued at $2,356,000 after acquiring an additional 1,552 shares in the last quarter. Institutional investors own 27.26% of the company’s stock.

Alphabet Trading Up 2.4%

Shares of Alphabet stock opened at $284.75 on Thursday. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $291.93. The stock’s 50-day simple moving average is $249.02 and its 200 day simple moving average is $203.67. The stock has a market capitalization of $3.44 trillion, a P/E ratio of 28.08, a P/E/G ratio of 1.86 and a beta of 1.05. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90.

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

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on GOOG. Weiss Ratings restated a “buy (b)” rating on shares of Alphabet in a research note on Wednesday, October 8th. HSBC reiterated a “buy” rating and set a $335.00 target price on shares of Alphabet in a research note on Thursday, October 30th. Piper Sandler lifted their target price on Alphabet from $285.00 to $330.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. Pivotal Research lifted their target price on Alphabet from $300.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Finally, Cowen reiterated a “buy” rating on shares of Alphabet in a research note on Thursday, October 30th. Five analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $324.81.

Insiders Place Their Bets

In other Alphabet news, CAO Amie Thuener O’toole sold 954 shares of Alphabet stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $282.33, for a total transaction of $269,342.82. Following the completion of the transaction, the chief accounting officer owned 14,517 shares of the company’s stock, valued at $4,098,584.61. The trade was a 6.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider John Kent Walker sold 17,816 shares of Alphabet stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $247.42, for a total value of $4,408,034.72. Following the transaction, the insider directly owned 42,985 shares of the company’s stock, valued at $10,635,348.70. The trade was a 29.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 190,896 shares of company stock worth $45,092,175 in the last ninety days. 12.99% of the stock is owned by corporate insiders.

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.