Alphabet Inc. $GOOG Position Reduced by Prosperity Consulting Group LLC

Prosperity Consulting Group LLC trimmed its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 1.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,113 shares of the information services provider’s stock after selling 478 shares during the quarter. Prosperity Consulting Group LLC’s holdings in Alphabet were worth $7,116,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Next Capital Management LLC boosted its stake in Alphabet by 84.4% during the 2nd quarter. Next Capital Management LLC now owns 6,784 shares of the information services provider’s stock valued at $1,203,000 after acquiring an additional 3,105 shares during the last quarter. Fullcircle Wealth LLC boosted its stake in Alphabet by 3.0% during the 2nd quarter. Fullcircle Wealth LLC now owns 4,658 shares of the information services provider’s stock valued at $912,000 after acquiring an additional 137 shares during the last quarter. Bridgewater Advisors Inc. boosted its stake in Alphabet by 2.1% during the 2nd quarter. Bridgewater Advisors Inc. now owns 40,742 shares of the information services provider’s stock valued at $8,003,000 after acquiring an additional 835 shares during the last quarter. K.J. Harrison & Partners Inc boosted its stake in Alphabet by 17.1% during the 2nd quarter. K.J. Harrison & Partners Inc now owns 42,613 shares of the information services provider’s stock valued at $7,559,000 after acquiring an additional 6,226 shares during the last quarter. Finally, Astra Wealth Partners LLC boosted its stake in Alphabet by 12.8% during the 2nd quarter. Astra Wealth Partners LLC now owns 3,702 shares of the information services provider’s stock valued at $657,000 after acquiring an additional 420 shares during the last quarter. 27.26% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on GOOG. Robert W. Baird increased their price objective on shares of Alphabet from $215.00 to $275.00 and gave the company an “outperform” rating in a research note on Monday, September 22nd. Cowen reissued a “buy” rating on shares of Alphabet in a report on Thursday, October 30th. Pivotal Research increased their target price on shares of Alphabet from $300.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Mizuho set a $325.00 target price on shares of Alphabet in a report on Thursday, October 30th. Finally, Morgan Stanley increased their target price on shares of Alphabet from $210.00 to $270.00 and gave the stock an “overweight” rating in a report on Thursday, October 2nd. Five investment analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, four have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $324.81.

Alphabet Stock Down 2.1%

GOOG stock opened at $278.06 on Wednesday. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $291.93. The firm’s 50-day simple moving average is $247.49 and its 200 day simple moving average is $203.10. The stock has a market cap of $3.36 trillion, a PE ratio of 27.42, a price-to-earnings-growth ratio of 1.86 and a beta of 1.00.

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

Insiders Place Their Bets

In related news, Director Frances Arnold sold 112 shares of the stock in a transaction dated Thursday, October 30th. The shares were sold at an average price of $291.80, for a total value of $32,681.60. Following the sale, the director owned 18,004 shares of the company’s stock, valued at $5,253,567.20. This trade represents a 0.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John L. Hennessy sold 600 shares of the stock in a transaction dated Monday, October 13th. The stock was sold at an average price of $242.92, for a total transaction of $145,752.00. Following the completion of the sale, the director directly owned 5,116 shares in the company, valued at approximately $1,242,778.72. This trade represents a 10.50% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 190,896 shares of company stock worth $45,092,175. 12.99% of the stock is owned by company insiders.

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.