Freestone Capital Holdings LLC Sells 3,424 Shares of Alphabet Inc. $GOOG

Freestone Capital Holdings LLC cut its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 5.4% during the 2nd quarter, HoldingsChannel reports. The firm owned 60,327 shares of the information services provider’s stock after selling 3,424 shares during the period. Freestone Capital Holdings LLC’s holdings in Alphabet were worth $10,701,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. RDA Financial Network lifted its holdings in shares of Alphabet by 5.3% during the second quarter. RDA Financial Network now owns 11,094 shares of the information services provider’s stock valued at $1,968,000 after purchasing an additional 554 shares in the last quarter. Bleakley Financial Group LLC lifted its holdings in shares of Alphabet by 1.4% during the second quarter. Bleakley Financial Group LLC now owns 170,020 shares of the information services provider’s stock valued at $30,160,000 after purchasing an additional 2,304 shares in the last quarter. Oldfather Financial Services LLC bought a new position in shares of Alphabet during the second quarter valued at $213,000. Tower View Wealth Management LLC increased its position in Alphabet by 6.9% during the second quarter. Tower View Wealth Management LLC now owns 27,644 shares of the information services provider’s stock valued at $4,904,000 after acquiring an additional 1,776 shares during the last quarter. Finally, Dock Street Asset Management Inc. increased its position in Alphabet by 0.8% during the second quarter. Dock Street Asset Management Inc. now owns 234,306 shares of the information services provider’s stock valued at $41,563,000 after acquiring an additional 1,970 shares during the last quarter. 27.26% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

GOOG has been the subject of a number of research reports. Phillip Securities cut Alphabet from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, September 8th. UBS Group reiterated a “neutral” rating on shares of Alphabet in a research report on Thursday, October 30th. Cantor Fitzgerald set a $310.00 price objective on Alphabet and gave the company a “neutral” rating in a research report on Thursday, October 30th. Piper Sandler increased their price target on shares of Alphabet from $285.00 to $330.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. 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-seven have given a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $324.81.

Alphabet Stock Performance

Shares of GOOG 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. The business has a 50-day simple moving average of $247.49 and a two-hundred day simple moving average of $203.10. The stock has a market cap of $3.36 trillion, a price-to-earnings ratio of 27.42, a PEG ratio of 1.86 and a beta of 1.00. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $291.93.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Wednesday, October 29th. The information services provider reported $2.87 EPS for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. The business had revenue of $102.35 billion during the quarter, compared to analysts’ expectations of $99.90 billion. Alphabet had a return on equity of 36.08% and a net margin of 32.23%.The business’s quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.12 earnings per share. On average, analysts expect that Alphabet Inc. will post 8.89 EPS for the current year.

Insider Activity

In related news, 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 owned 5,116 shares in the company, valued at approximately $1,242,778.72. This trade represents a 10.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Frances Arnold sold 112 shares of the stock in a transaction dated Thursday, October 30th. The stock was 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 represents a 0.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 190,896 shares of company stock valued at $45,092,175 in the last three months. 12.99% of the stock is currently owned by insiders.

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.