Carnegie Capital Asset Management LLC Reduces Position in Alphabet Inc. (NASDAQ:GOOG)

Carnegie Capital Asset Management LLC cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 0.1% during the 4th quarter, Holdings Channel.com reports. The firm owned 253,946 shares of the information services provider’s stock after selling 266 shares during the quarter. Alphabet comprises approximately 1.2% of Carnegie Capital Asset Management LLC’s holdings, making the stock its 14th biggest position. Carnegie Capital Asset Management LLC’s holdings in Alphabet were worth $35,789,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in GOOG. Totem Point Management LLC lifted its holdings in Alphabet by 22.0% during the first quarter. Totem Point Management LLC now owns 3,171 shares of the information services provider’s stock valued at $8,857,000 after purchasing an additional 571 shares during the last quarter. Somerville Kurt F lifted its holdings in Alphabet by 10.3% during the first quarter. Somerville Kurt F now owns 118 shares of the information services provider’s stock valued at $330,000 after purchasing an additional 11 shares during the last quarter. BCK Partners Inc. purchased a new stake in Alphabet during the first quarter valued at about $2,564,000. Hall Capital Management Co. Inc. lifted its holdings in Alphabet by 53.2% during the first quarter. Hall Capital Management Co. Inc. now owns 144 shares of the information services provider’s stock valued at $402,000 after purchasing an additional 50 shares during the last quarter. Finally, Fairfield Bush & CO. lifted its holdings in Alphabet by 6.8% during the first quarter. Fairfield Bush & CO. now owns 3,370 shares of the information services provider’s stock valued at $9,412,000 after purchasing an additional 214 shares during the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, SVP Prabhakar Raghavan sold 3,258 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $155.97, for a total value of $508,150.26. Following the transaction, the senior vice president now directly owns 144,685 shares in the company, valued at $22,566,519.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Alphabet news, Director Frances Arnold sold 230 shares of the stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $154.06, for a total transaction of $35,433.80. Following the transaction, the director now directly owns 15,104 shares in the company, valued at $2,326,922.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Prabhakar Raghavan sold 3,258 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $155.97, for a total transaction of $508,150.26. Following the transaction, the senior vice president now owns 144,685 shares in the company, valued at $22,566,519.45. The disclosure for this sale can be found here. Over the last three months, insiders have sold 228,839 shares of company stock worth $32,835,757. Insiders own 12.99% of the company’s stock.

Alphabet Stock Down 0.2 %

GOOG stock opened at $156.00 on Wednesday. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.05. The company’s 50 day moving average is $146.95 and its 200 day moving average is $141.51. The stock has a market cap of $1.94 trillion, a price-to-earnings ratio of 26.90, a price-to-earnings-growth ratio of 1.44 and a beta of 1.05. Alphabet Inc. has a 1-year low of $103.27 and a 1-year high of $161.70.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Tuesday, January 30th. The information services provider reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.04. The company had revenue of $86.31 billion for the quarter, compared to analysts’ expectations of $85.28 billion. Alphabet had a net margin of 24.01% and a return on equity of 27.22%. Alphabet’s revenue for the quarter was up 13.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.05 earnings per share. Sell-side analysts predict that Alphabet Inc. will post 6.78 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Susquehanna upped their price objective on shares of Alphabet from $150.00 to $170.00 and gave the company a “positive” rating in a report on Wednesday, January 31st. Morgan Stanley reissued an “overweight” rating and issued a $165.00 price target on shares of Alphabet in a report on Thursday, April 11th. Oppenheimer increased their price target on shares of Alphabet from $172.00 to $185.00 and gave the stock an “outperform” rating in a report on Monday, April 8th. Stifel Nicolaus increased their price target on shares of Alphabet from $154.00 to $174.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Raymond James increased their price target on shares of Alphabet from $150.00 to $160.00 and gave the stock an “outperform” rating in a report on Wednesday, January 24th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, Alphabet currently has an average rating of “Buy” and an average target price of $159.86.

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.