Sandy Cove Advisors LLC Sells 90 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Posted by MarketBeat News on Aug 5th, 2022

Sandy Cove Advisors LLC trimmed its stake in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 15.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 478 shares of the information services provider’s stock after selling 90 shares during the quarter. Alphabet accounts for 1.1% of Sandy Cove Advisors LLC’s portfolio, making the stock its 16th biggest holding. Sandy Cove Advisors LLC’s holdings in Alphabet were worth $1,329,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Bay Rivers Group boosted its holdings in Alphabet by 5.9% in the first quarter. Bay Rivers Group now owns 1,418 shares of the information services provider’s stock worth $3,944,000 after acquiring an additional 79 shares in the last quarter. Pinnacle Wealth Management Group Inc. lifted its holdings in shares of Alphabet by 2.6% during the first quarter. Pinnacle Wealth Management Group Inc. now owns 390 shares of the information services provider’s stock valued at $1,085,000 after purchasing an additional 10 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its holdings in shares of Alphabet by 4.8% during the first quarter. Steward Partners Investment Advisory LLC now owns 40,211 shares of the information services provider’s stock valued at $111,841,000 after purchasing an additional 1,857 shares in the last quarter. Landmark Wealth Management LLC bought a new position in shares of Alphabet during the first quarter valued at $312,000. Finally, Pittenger & Anderson Inc. lifted its holdings in shares of Alphabet by 2.3% during the first quarter. Pittenger & Anderson Inc. now owns 11,591 shares of the information services provider’s stock valued at $32,239,000 after purchasing an additional 263 shares in the last quarter. 41.70% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Alphabet news, major shareholder 2021 Gp L.L.C. Gv bought 13,528 shares of the company’s stock in a transaction that occurred on Tuesday, May 24th. The shares were purchased at an average cost of $33.72 per share, for a total transaction of $456,164.16. Following the purchase, the insider now directly owns 593,402 shares in the company, valued at $20,009,515.44. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Alphabet news, major shareholder 2021 Gp L.L.C. Gv bought 13,528 shares of the company’s stock in a transaction that occurred on Tuesday, May 24th. The shares were purchased at an average cost of $33.72 per share, for a total transaction of $456,164.16. Following the purchase, the insider now directly owns 593,402 shares in the company, valued at $20,009,515.44. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Amie Thuener O’toole sold 42 shares of the business’s stock in a transaction on Wednesday, June 1st. The stock was sold at an average price of $2,298.63, for a total value of $96,542.46. Following the transaction, the chief accounting officer now owns 1,181 shares in the company, valued at $2,714,682.03. The disclosure for this sale can be found here. Insiders have sold a total of 7,584 shares of company stock worth $11,646,684 in the last ninety days. 11.44% of the stock is owned by insiders.

Alphabet Trading Up 0.1 %

Shares of NASDAQ:GOOGL opened at $118.19 on Friday. Alphabet Inc. has a 12-month low of $101.88 and a 12-month high of $151.55. The business’s fifty day simple moving average is $155.17 and its 200-day simple moving average is $138.09. The company has a market capitalization of $1.56 trillion, a PE ratio of 21.99, a P/E/G ratio of 1.86 and a beta of 1.08. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 0.06.

Alphabet (NASDAQ:GOOGL – Get Rating) last announced its quarterly earnings results on Tuesday, July 26th. The information services provider reported $1.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.11). Alphabet had a net margin of 25.89% and a return on equity of 28.65%. During the same period in the previous year, the company earned $27.26 earnings per share. As a group, equities research analysts predict that Alphabet Inc. will post 5.22 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

GOOGL has been the topic of a number of research analyst reports. BMO Capital Markets lowered their price target on Alphabet from $165.00 to $150.00 and set an “outperform” rating on the stock in a report on Wednesday, April 27th. Truist Financial lowered their price target on Alphabet from $150.00 to $145.00 and set a “buy” rating on the stock in a report on Wednesday, July 27th. Credit Suisse Group lowered their target price on Alphabet from $143.00 to $140.00 and set an “outperform” rating on the stock in a report on Wednesday, July 27th. Rosenblatt Securities lowered their target price on Alphabet from $205.00 to $154.00 and set a “buy” rating on the stock in a report on Monday, July 25th. Finally, Mizuho reduced their price target on Alphabet from $175.00 to $150.00 and set a “buy” rating for the company in a research report on Friday, July 22nd. Five analysts have rated the stock with a hold rating, thirty-four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Alphabet has an average rating of “Moderate Buy” and a consensus target price of $147.36.

Alphabet Profile

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Alphabet Inc provides 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 offers products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.