Alphabet Inc. $GOOG Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 3.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,212,496 shares of the information services provider’s stock after selling 226,657 shares during the period. Envestnet Asset Management Inc. owned approximately 0.05% of Alphabet worth $1,102,029,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in GOOG. Kingstone Capital Partners Texas LLC lifted its position in Alphabet by 580,897.4% in the second quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider’s stock worth $23,963,208,000 after purchasing an additional 135,064,454 shares during the period. Nuveen LLC acquired a new stake in Alphabet in the first quarter worth approximately $2,622,943,000. Vanguard Group Inc. lifted its position in Alphabet by 2.4% in the first quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider’s stock worth $64,299,725,000 after purchasing an additional 9,687,855 shares during the period. JPMorgan Chase & Co. lifted its position in Alphabet by 9.9% in the first quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider’s stock worth $15,971,861,000 after purchasing an additional 9,243,959 shares during the period. Finally, Strs Ohio acquired a new stake in Alphabet in the first quarter worth approximately $369,713,000. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Alphabet

In other Alphabet news, insider John Kent Walker sold 17,816 shares of the business’s stock in a transaction 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 sale, the insider directly owned 42,985 shares of the company’s stock, valued at $10,635,348.70. The trade was a 29.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John L. Hennessy sold 600 shares of the company’s stock in a transaction 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 completion of the transaction, the director directly owned 5,116 shares in the company, valued at $1,242,778.72. This trade represents a 10.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 246,150 shares of company stock worth $55,805,379. Insiders own 12.99% of the company’s stock.

Alphabet Price Performance

Shares of NASDAQ:GOOG opened at $268.43 on Wednesday. The company’s fifty day moving average is $239.97 and its two-hundred day moving average is $198.46. 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 12-month low of $142.66 and a 12-month high of $271.38. The company has a market cap of $3.25 trillion, a P/E ratio of 28.59, a price-to-earnings-growth ratio of 1.82 and a beta of 1.00.

Wall Street Analysts Forecast Growth

GOOG has been the subject of a number of recent research reports. Mizuho upgraded Alphabet to a “strong-buy” rating in a research report on Monday, September 29th. Barclays reiterated a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. Raymond James Financial set a $275.00 price objective on Alphabet and gave the company an “outperform” rating in a research report on Friday. Wells Fargo & Company reiterated an “equal weight” rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Alphabet in a research report on Wednesday, October 8th. Five investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, Alphabet currently has a consensus rating of “Moderate Buy” and an average price target of $280.45.

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.