Alphabet Inc. $GOOG Stake Cut by Balboa Wealth Partners

Balboa Wealth Partners cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOGFree Report) by 2.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 45,427 shares of the information services provider’s stock after selling 1,217 shares during the period. Alphabet accounts for approximately 1.6% of Balboa Wealth Partners’ investment portfolio, making the stock its 10th biggest holding. Balboa Wealth Partners’ holdings in Alphabet were worth $8,058,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in GOOG. IFS Advisors LLC raised its stake in Alphabet by 400.0% in the second quarter. IFS Advisors LLC now owns 150 shares of the information services provider’s stock valued at $27,000 after buying an additional 120 shares during the last quarter. Robbins Farley increased its holdings in shares of Alphabet by 60.0% during the second quarter. Robbins Farley now owns 160 shares of the information services provider’s stock valued at $28,000 after acquiring an additional 60 shares in the last quarter. WestEnd Advisors LLC grew its position in Alphabet by 58.7% during the 2nd quarter. WestEnd Advisors LLC now owns 165 shares of the information services provider’s stock worth $29,000 after purchasing an additional 61 shares during the last quarter. MorganRosel Wealth Management LLC purchased a new stake in Alphabet during the 1st quarter worth approximately $26,000. Finally, Fairman Group LLC increased its stake in Alphabet by 121.3% during the 2nd quarter. Fairman Group LLC now owns 177 shares of the information services provider’s stock valued at $31,000 after purchasing an additional 97 shares in the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Alphabet Stock Performance

Shares of GOOG stock opened at $251.34 on Wednesday. The stock has a market cap of $3.04 trillion, a PE ratio of 26.77, a price-to-earnings-growth ratio of 1.74 and a beta of 1.00. The business has a 50-day simple moving average of $234.23 and a 200-day simple moving average of $194.41. 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 52-week low of $142.66 and a 52-week high of $257.88.

Alphabet (NASDAQ:GOOGGet Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.12 by $0.19. The business had revenue of $96.43 billion during the quarter, compared to analysts’ expectations of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The company’s revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.89 EPS. On average, equities analysts expect that Alphabet Inc. will post 8.89 EPS for the current year.

Insider Activity

In related news, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the transaction, the insider owned 42,999 shares in the company, valued at $8,371,905.30. The trade was a 35.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 2,778 shares of Alphabet stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the transaction, the chief accounting officer owned 17,293 shares of the company’s stock, valued at approximately $4,236,785. This represents a 13.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 246,150 shares of company stock valued at $55,805,379 in the last quarter. 12.99% of the stock is currently owned by company insiders.

Analyst Ratings Changes

GOOG has been the subject of several research reports. Robert W. Baird lifted their price objective on shares of Alphabet from $215.00 to $275.00 and gave the stock an “outperform” rating in a research note on Monday, September 22nd. Hsbc Global Res raised Alphabet to a “strong-buy” rating in a research report on Tuesday, October 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Alphabet in a research report on Wednesday, October 8th. BNP Paribas cut Alphabet from a “strong-buy” rating to a “hold” rating in a research report on Thursday, June 26th. Finally, Mizuho raised Alphabet to a “strong-buy” rating in a research report on Monday, September 29th. Six investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $246.26.

Check Out Our Latest Report on GOOG

Alphabet Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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