WealthPLAN Partners LLC Trims Holdings in Alphabet Inc. $GOOG

WealthPLAN Partners LLC reduced its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 22.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 29,795 shares of the information services provider’s stock after selling 8,615 shares during the quarter. Alphabet accounts for about 0.9% of WealthPLAN Partners LLC’s investment portfolio, making the stock its 29th largest holding. WealthPLAN Partners LLC’s holdings in Alphabet were worth $5,285,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Evernest Financial Advisors LLC raised its position in shares of Alphabet by 3.6% during the 2nd quarter. Evernest Financial Advisors LLC now owns 10,227 shares of the information services provider’s stock valued at $1,814,000 after acquiring an additional 357 shares in the last quarter. Turtle Creek Wealth Advisors LLC raised its position in shares of Alphabet by 15.2% during the 2nd quarter. Turtle Creek Wealth Advisors LLC now owns 31,723 shares of the information services provider’s stock valued at $5,627,000 after acquiring an additional 4,178 shares in the last quarter. Nvest Financial LLC raised its position in shares of Alphabet by 160.9% during the 2nd quarter. Nvest Financial LLC now owns 5,732 shares of the information services provider’s stock valued at $1,017,000 after acquiring an additional 3,535 shares in the last quarter. WealthPlan Investment Management LLC raised its position in shares of Alphabet by 13.6% during the 2nd quarter. WealthPlan Investment Management LLC now owns 122,705 shares of the information services provider’s stock valued at $21,767,000 after acquiring an additional 14,674 shares in the last quarter. Finally, Pettinga Financial Advisors LLC raised its position in shares of Alphabet by 0.8% during the 2nd quarter. Pettinga Financial Advisors LLC now owns 13,151 shares of the information services provider’s stock valued at $2,333,000 after acquiring an additional 98 shares in the last quarter. 27.26% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director John L. Hennessy sold 1,000 shares of the firm’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $200.00, for a total transaction of $200,000.00. Following the transaction, the director directly owned 6,916 shares of the company’s stock, valued at approximately $1,383,200. This trade represents a 12.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Kent Walker sold 23,820 shares of the firm’s stock in a transaction on Monday, August 4th. The shares were 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 in the company, valued at $8,371,905.30. This trade represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 243,372 shares of company stock valued at $55,110,740 over the last three months. 12.99% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on GOOG. Oppenheimer reissued an “outperform” rating and set a $270.00 price target (up from $235.00) on shares of Alphabet in a research report on Wednesday, September 3rd. Robert W. Baird increased their target price on Alphabet from $215.00 to $275.00 and gave the stock an “outperform” rating in a research report on Monday, September 22nd. TD Cowen increased their target price on Alphabet from $270.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Pivotal Research increased their target price on Alphabet from $245.00 to $300.00 and gave the stock a “buy” rating in a research report on Wednesday, September 3rd. Finally, BNP Paribas lowered Alphabet from a “strong-buy” rating to a “hold” rating in a research report on Thursday, June 26th. Six analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $244.68.

Alphabet Price Performance

Shares of GOOG opened at $253.79 on Monday. The firm has a market capitalization of $3.07 trillion, a price-to-earnings ratio of 27.03, a price-to-earnings-growth ratio of 1.72 and a beta of 1.00. 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 Inc. has a one year low of $142.66 and a one year high of $257.58. The stock’s fifty day moving average is $232.18 and its 200-day moving average is $193.25.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.19. The company had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The company’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same period last year, the company earned $1.89 earnings per share. Equities analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current year.

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.