Patten Group Inc. Trims Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Patten Group Inc. cut its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 9.3% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 22,141 shares of the information services provider’s stock after selling 2,274 shares during the quarter. Alphabet accounts for approximately 0.8% of Patten Group Inc.’s holdings, making the stock its 25th largest position. Patten Group Inc.’s holdings in Alphabet were worth $3,672,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Christopher J. Hasenberg Inc raised its holdings in Alphabet by 75.0% in the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after acquiring an additional 60 shares during the last quarter. Kings Path Partners LLC purchased a new stake in shares of Alphabet in the second quarter valued at $36,000. Tributary Capital Management LLC purchased a new position in Alphabet during the first quarter worth about $30,000. Denver PWM LLC purchased a new position in Alphabet during the second quarter worth about $41,000. Finally, Quarry LP purchased a new stake in Alphabet in the 2nd quarter valued at about $53,000. Institutional investors and hedge funds own 40.03% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and set a $210.00 price objective on shares of Alphabet in a report on Tuesday. Piper Sandler reiterated an “overweight” rating and issued a $200.00 price target on shares of Alphabet in a report on Monday, September 30th. Jefferies Financial Group boosted their price objective on shares of Alphabet from $215.00 to $220.00 in a research note on Tuesday, July 9th. Evercore ISI reduced their target price on Alphabet from $225.00 to $200.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $190.00 price target on shares of Alphabet in a research note on Monday, October 7th. Eight analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, Alphabet currently has a consensus rating of “Moderate Buy” and an average target price of $201.76.

Alphabet Stock Down 1.4 %

Shares of Alphabet stock opened at $162.93 on Friday. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04. The business has a 50-day moving average price of $161.77 and a 200 day moving average price of $168.01. Alphabet Inc. has a fifty-two week low of $120.21 and a fifty-two week high of $191.75. The firm has a market cap of $2.01 trillion, a P/E ratio of 24.99, a P/E/G ratio of 1.21 and a beta of 1.04.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The business had revenue of $84.74 billion for the quarter, compared to analyst estimates of $70.60 billion. During the same period in the prior year, the company posted $1.44 EPS. On average, sell-side analysts forecast that Alphabet Inc. will post 7.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $168.00, for a total transaction of $114,576.00. Following the sale, the chief accounting officer now owns 31,334 shares in the company, valued at $5,264,112. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $168.00, for a total transaction of $114,576.00. Following the completion of the transaction, the chief accounting officer now owns 31,334 shares in the company, valued at $5,264,112. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Prabhakar Raghavan sold 34,257 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $162.60, for a total value of $5,570,188.20. Following the completion of the sale, the senior vice president now directly owns 312,210 shares in the company, valued at $50,765,346. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 220,426 shares of company stock valued at $35,993,340. Company insiders own 11.55% of the company’s stock.

About Alphabet

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.