Carnegie Investment Counsel Lowers Stake in Alphabet Inc. $GOOG

Carnegie Investment Counsel reduced its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 0.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 247,182 shares of the information services provider’s stock after selling 393 shares during the quarter. Alphabet accounts for approximately 0.9% of Carnegie Investment Counsel’s investment portfolio, making the stock its 23rd biggest holding. Carnegie Investment Counsel’s holdings in Alphabet were worth $43,848,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. RDA Financial Network lifted its stake in Alphabet by 5.3% in the 2nd quarter. RDA Financial Network now owns 11,094 shares of the information services provider’s stock valued at $1,968,000 after buying an additional 554 shares in the last quarter. Oldfather Financial Services LLC purchased a new position in Alphabet in the 2nd quarter valued at about $213,000. Tower View Wealth Management LLC lifted its stake in Alphabet by 6.9% in the 2nd quarter. Tower View Wealth Management LLC now owns 27,644 shares of the information services provider’s stock valued at $4,904,000 after buying an additional 1,776 shares in the last quarter. Dock Street Asset Management Inc. lifted its stake in Alphabet by 0.8% in the 2nd quarter. Dock Street Asset Management Inc. now owns 234,306 shares of the information services provider’s stock valued at $41,563,000 after buying an additional 1,970 shares in the last quarter. Finally, Truist Financial Corp lifted its stake in Alphabet by 0.4% in the 2nd quarter. Truist Financial Corp now owns 3,626,927 shares of the information services provider’s stock valued at $643,381,000 after buying an additional 15,065 shares in the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on GOOG. Hsbc Global Res raised shares of Alphabet to a “strong-buy” rating in a research note on Tuesday, October 7th. JPMorgan Chase & Co. raised their price target on shares of Alphabet from $232.00 to $260.00 and gave the company an “overweight” rating in a research note on Wednesday, September 3rd. Morgan Stanley raised their price target on shares of Alphabet from $210.00 to $270.00 and gave the company an “overweight” rating in a research note on Thursday, October 2nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Alphabet in a research note on Friday. Finally, Roth Capital reaffirmed a “buy” rating on shares of Alphabet in a research note on Wednesday, July 9th. Six investment 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 given a Sell rating to the stock. According to MarketBeat, Alphabet presently has an average rating of “Moderate Buy” and an average price target of $249.68.

Alphabet Stock Up 2.7%

GOOG stock opened at $260.51 on Monday. The firm has a 50-day moving average of $237.33 and a two-hundred day moving average of $196.91. The company has a market cap of $3.15 trillion, a price-to-earnings ratio of 27.74, a PEG ratio of 1.76 and a beta of 1.00. 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 Inc. has a 12 month low of $142.66 and a 12 month high of $262.51.

Insider Buying and Selling at Alphabet

In other news, insider John Kent Walker sold 17,816 shares of the firm’s stock in a transaction that occurred on Monday, September 29th. The shares were 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 trade represents a 29.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John L. Hennessy sold 600 shares of the firm’s stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $242.92, for a total transaction of $145,752.00. Following the sale, the director owned 5,116 shares of the company’s stock, valued at $1,242,778.72. This represents a 10.50% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 246,150 shares of company stock worth $55,805,379. Insiders own 12.99% of the company’s stock.

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.