Chevy Chase Trust Holdings LLC Lowers Stock Position in Alphabet Inc. $GOOG

Chevy Chase Trust Holdings LLC trimmed its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 0.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,462,856 shares of the information services provider’s stock after selling 16,773 shares during the quarter. Alphabet accounts for approximately 1.8% of Chevy Chase Trust Holdings LLC’s holdings, making the stock its 10th largest position. Chevy Chase Trust Holdings LLC’s holdings in Alphabet were worth $614,276,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Easterly Investment Partners LLC bought a new position in shares of Alphabet during the 2nd quarter valued at $727,000. Arista Wealth Management LLC lifted its holdings in shares of Alphabet by 110.9% during the 2nd quarter. Arista Wealth Management LLC now owns 4,586 shares of the information services provider’s stock valued at $813,000 after buying an additional 2,412 shares during the period. Stratos Wealth Partners LTD. lifted its holdings in shares of Alphabet by 2.5% during the 2nd quarter. Stratos Wealth Partners LTD. now owns 198,786 shares of the information services provider’s stock valued at $35,263,000 after buying an additional 4,787 shares during the period. Angeles Wealth Management LLC lifted its holdings in shares of Alphabet by 2.5% during the 2nd quarter. Angeles Wealth Management LLC now owns 40,892 shares of the information services provider’s stock valued at $7,254,000 after buying an additional 1,008 shares during the period. Finally, Riverbend Wealth Management LLC lifted its holdings in shares of Alphabet by 4.7% during the 2nd quarter. Riverbend Wealth Management LLC now owns 4,157 shares of the information services provider’s stock valued at $737,000 after buying an additional 185 shares during the period. 27.26% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on GOOG shares. UBS Group set a $255.00 price target on Alphabet and gave the company a “neutral” rating in a report on Thursday, October 9th. Raymond James Financial reaffirmed an “outperform” rating and issued a $210.00 target price (up from $185.00) on shares of Alphabet in a report on Thursday, July 24th. JPMorgan Chase & Co. raised their target price on Alphabet from $232.00 to $260.00 and gave the stock an “overweight” rating in a report on Wednesday, September 3rd. KeyCorp set a $265.00 target price on Alphabet in a report on Wednesday, September 3rd. Finally, Cowen reaffirmed a “buy” rating on shares of Alphabet in a report on Wednesday, October 8th. Six analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $246.26.

Insider Activity

In other news, CAO Amie Thuener O’toole sold 2,778 shares of the firm’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $245.00, for a total transaction of $680,610.00. Following the completion of the transaction, the chief accounting officer owned 17,293 shares in the company, valued at $4,236,785. This trade represents a 13.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider John Kent Walker sold 23,820 shares of the firm’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the transaction, the insider owned 42,999 shares of the company’s stock, valued at approximately $8,371,905.30. The trade was a 35.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 246,150 shares of company stock worth $55,805,379 over the last 90 days. Corporate insiders own 12.99% of the company’s stock.

Alphabet Trading Up 1.3%

Shares of GOOG stock opened at $257.02 on Tuesday. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $257.88. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The firm has a market capitalization of $3.11 trillion, a PE ratio of 27.37, a PEG ratio of 1.72 and a beta of 1.00. The stock has a fifty day simple moving average of $233.29 and a two-hundred day simple moving average of $194.01.

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

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.