Pinnacle West Asset Management Inc. Reduces Stake in Alphabet Inc. (NASDAQ:GOOG)

Pinnacle West Asset Management Inc. trimmed its stake in Alphabet Inc. (NASDAQ:GOOG) by 1.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,600 shares of the information services provider’s stock after selling 75 shares during the quarter. Pinnacle West Asset Management Inc.’s holdings in Alphabet were worth $936,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Mowery & Schoenfeld Wealth Management LLC boosted its stake in Alphabet by 14.1% in the third quarter. Mowery & Schoenfeld Wealth Management LLC now owns 5,446 shares of the information services provider’s stock valued at $911,000 after acquiring an additional 675 shares during the last quarter. Mason & Associates Inc lifted its stake in shares of Alphabet by 121.2% during the 3rd quarter. Mason & Associates Inc now owns 15,425 shares of the information services provider’s stock valued at $2,579,000 after buying an additional 8,452 shares in the last quarter. Yoder Wealth Management Inc. lifted its stake in shares of Alphabet by 6.2% during the 3rd quarter. Yoder Wealth Management Inc. now owns 5,664 shares of the information services provider’s stock valued at $947,000 after buying an additional 330 shares in the last quarter. Jackson Wealth Management LLC lifted its stake in shares of Alphabet by 69.5% during the 3rd quarter. Jackson Wealth Management LLC now owns 40,937 shares of the information services provider’s stock valued at $6,844,000 after buying an additional 16,790 shares in the last quarter. Finally, DORCHESTER WEALTH MANAGEMENT Co lifted its stake in shares of Alphabet by 2.0% during the 3rd quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 95,857 shares of the information services provider’s stock valued at $16,026,000 after buying an additional 1,842 shares in the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $168.00, for a total transaction of $114,576.00. Following the transaction, the chief accounting officer now directly owns 31,334 shares in the company, valued at $5,264,112. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Alphabet news, SVP Prabhakar Raghavan sold 34,257 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the transaction, the senior vice president now directly owns 312,210 shares in the company, valued at $50,765,346. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $168.00, for a total transaction of $114,576.00. Following the transaction, the chief accounting officer now owns 31,334 shares in the company, valued at $5,264,112. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 220,426 shares of company stock valued at $35,993,340. Corporate insiders own 12.99% of the company’s stock.

Alphabet Stock Performance

Alphabet stock opened at $166.99 on Friday. Alphabet Inc. has a fifty-two week low of $121.46 and a fifty-two week high of $193.31. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. The stock has a market cap of $2.06 trillion, a P/E ratio of 25.61, a price-to-earnings-growth ratio of 1.21 and a beta of 1.04. The firm’s fifty day moving average price is $163.31 and its 200-day moving average price is $169.88.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.04. The firm had revenue of $84.74 billion during the quarter, compared to analyst estimates of $84.22 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The company’s revenue was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.44 earnings per share. On average, equities research analysts expect that Alphabet Inc. will post 7.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

GOOG has been the topic of a number of recent research reports. Wolfe Research upgraded shares of Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. Scotiabank initiated coverage on shares of Alphabet in a research note on Friday, October 11th. They set a “sector outperform” rating and a $212.00 price target on the stock. Oppenheimer dropped their price target on shares of Alphabet from $210.00 to $185.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 25th. Pivotal Research began coverage on shares of Alphabet in a research note on Tuesday, October 1st. They set a “buy” rating and a $215.00 price target on the stock. Finally, UBS Group lowered their target price on shares of Alphabet from $204.00 to $187.00 and set a “neutral” rating on the stock in a research note on Monday, October 7th. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $186.90.

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.