Ardent Capital Management Inc. Sells 4,216 Shares of Alphabet Inc. $GOOG

Ardent Capital Management Inc. reduced its position in Alphabet Inc. (NASDAQ:GOOG) by 4.1% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 98,143 shares of the information services provider’s stock after selling 4,216 shares during the quarter. Alphabet makes up about 8.4% of Ardent Capital Management Inc.’s holdings, making the stock its 4th largest holding. Ardent Capital Management Inc.’s holdings in Alphabet were worth $17,410,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of GOOG. Brighton Jones LLC increased its stake in Alphabet by 5.6% in the 4th quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider’s stock valued at $22,901,000 after buying an additional 6,410 shares during the period. Revisor Wealth Management LLC increased its stake in Alphabet by 107.9% in the 1st quarter. Revisor Wealth Management LLC now owns 3,659 shares of the information services provider’s stock valued at $572,000 after buying an additional 1,899 shares during the period. GAMMA Investing LLC increased its stake in Alphabet by 19.5% in the 1st quarter. GAMMA Investing LLC now owns 91,681 shares of the information services provider’s stock valued at $14,323,000 after buying an additional 14,931 shares during the period. Embree Financial Group increased its stake in Alphabet by 6.2% in the 1st quarter. Embree Financial Group now owns 16,007 shares of the information services provider’s stock valued at $2,501,000 after buying an additional 935 shares during the period. Finally, Petros Family Wealth LLC increased its stake in Alphabet by 4.5% in the 1st quarter. Petros Family Wealth LLC now owns 14,678 shares of the information services provider’s stock valued at $2,293,000 after buying an additional 637 shares during the period. 27.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on GOOG shares. Barclays reaffirmed a “buy” rating on shares of Alphabet in a research note on Wednesday, July 9th. Oppenheimer set a $300.00 price target on shares of Alphabet and gave the stock an “outperform” rating in a research note on Monday. Piper Sandler reaffirmed a “neutral” rating on shares of Alphabet in a research note on Wednesday, July 9th. Mizuho raised shares of Alphabet to a “strong-buy” rating in a research note on Monday, September 29th. Finally, Morgan Stanley upped their price target on shares of Alphabet from $210.00 to $270.00 and gave the stock an “overweight” rating in a research note on Thursday, October 2nd. Six research 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $246.26.

Alphabet Price Performance

Alphabet stock opened at $252.53 on Thursday. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $257.88. 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 firm’s 50-day simple moving average is $235.22 and its 200 day simple moving average is $194.81. The firm has a market capitalization of $3.05 trillion, a PE ratio of 26.89, a P/E/G ratio of 1.70 and a beta of 1.00.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping the consensus estimate of $2.12 by $0.19. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The business had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. During the same period in the previous year, the firm earned $1.89 EPS. The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. On average, equities research analysts predict that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $250.15, for a total value of $8,129,875.00. Following the sale, the chief executive officer directly owned 2,369,619 shares in the company, valued at $592,760,192.85. The trade was a 1.35% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Amie Thuener O’toole sold 2,778 shares of the business’s stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $250.05, for a total transaction of $694,638.90. Following the completion of the sale, the chief accounting officer owned 14,516 shares in the company, valued at $3,629,725.80. This represents a 16.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 246,150 shares of company stock worth $55,805,379. 12.99% of the stock is owned by company insiders.

Alphabet Company 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.