Beech Hill Advisors Inc. Reduces Position in Alphabet Inc. (NASDAQ:GOOGL)

Beech Hill Advisors Inc. cut its stake in shares of Alphabet Inc. (NASDAQ:GOOGLGet Rating) by 4.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,474 shares of the information services provider’s stock after selling 144 shares during the quarter. Alphabet comprises approximately 4.0% of Beech Hill Advisors Inc.’s portfolio, making the stock its 2nd biggest position. Beech Hill Advisors Inc.’s holdings in Alphabet were worth $7,571,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of GOOGL. Public Sector Pension Investment Board lifted its stake in shares of Alphabet by 15.7% in the fourth quarter. Public Sector Pension Investment Board now owns 122,192 shares of the information services provider’s stock worth $353,995,000 after buying an additional 16,610 shares in the last quarter. Hilltop Holdings Inc. raised its holdings in Alphabet by 2.2% in the 4th quarter. Hilltop Holdings Inc. now owns 4,502 shares of the information services provider’s stock worth $13,043,000 after acquiring an additional 96 shares during the last quarter. Clark Capital Management Group Inc. raised its holdings in Alphabet by 5.5% in the 4th quarter. Clark Capital Management Group Inc. now owns 23,748 shares of the information services provider’s stock worth $68,797,000 after acquiring an additional 1,238 shares during the last quarter. Fortis Capital Management LLC raised its holdings in Alphabet by 117.5% in the 4th quarter. Fortis Capital Management LLC now owns 1,851 shares of the information services provider’s stock worth $5,362,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Gotham Asset Management LLC raised its holdings in Alphabet by 9.7% in the 4th quarter. Gotham Asset Management LLC now owns 17,102 shares of the information services provider’s stock worth $49,545,000 after acquiring an additional 1,517 shares during the last quarter. Hedge funds and other institutional investors own 1.88% of the company’s stock.

Alphabet Stock Up 0.3 %

Shares of NASDAQ GOOGL opened at $103.07 on Tuesday. The firm’s 50-day moving average price is $112.93 and its 200-day moving average price is $118.73. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $1.34 trillion, a price-to-earnings ratio of 19.18, a P/E/G ratio of 1.66 and a beta of 1.09. Alphabet Inc. has a 12-month low of $100.94 and a 12-month high of $151.55.

Alphabet (NASDAQ:GOOGLGet Rating) last announced its earnings results on Tuesday, July 26th. The information services provider reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.06). The business had revenue of $57.47 billion for the quarter, compared to analysts’ expectations of $57.55 billion. Alphabet had a net margin of 25.89% and a return on equity of 28.65%. During the same quarter in the prior year, the company posted $27.26 earnings per share. On average, equities research analysts anticipate that Alphabet Inc. will post 5.21 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently weighed in on GOOGL. Piper Sandler decreased their price objective on shares of Alphabet from $139.00 to $135.00 and set an “overweight” rating for the company in a report on Wednesday, July 27th. Rosenblatt Securities boosted their price objective on shares of Alphabet from $154.00 to $156.00 and gave the stock a “buy” rating in a report on Wednesday, September 7th. Susquehanna decreased their price objective on shares of Alphabet from $187.50 to $150.00 and set a “positive” rating for the company in a report on Wednesday, July 27th. Tigress Financial lifted their target price on shares of Alphabet from $183.00 to $186.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 3rd. Finally, Itau BBA Securities assumed coverage on shares of Alphabet in a research report on Tuesday, July 26th. They issued a “market perform” rating and a $113.00 target price for the company. Five investment analysts have rated the stock with a hold rating, thirty-four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $147.41.

Insider Activity

In related news, Director Ann Mather sold 20 shares of the company’s stock in a transaction dated Monday, June 27th. The shares were sold at an average price of $2,383.32, for a total transaction of $47,666.40. Following the transaction, the director now directly owns 565 shares in the company, valued at approximately $1,346,575.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Ann Mather sold 20 shares of the company’s stock in a transaction dated Monday, June 27th. The shares were sold at an average price of $2,383.32, for a total transaction of $47,666.40. Following the transaction, the director now directly owns 565 shares in the company, valued at approximately $1,346,575.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Amie Thuener O’toole sold 42 shares of the company’s stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $2,166.74, for a total transaction of $91,003.08. Following the transaction, the chief accounting officer now owns 1,192 shares in the company, valued at $2,582,754.08. The disclosure for this sale can be found here. In the last three months, insiders have sold 44,536 shares of company stock worth $15,729,998. 11.44% of the stock is currently owned by corporate insiders.

Alphabet Company 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.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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