Renaissance Investment Group LLC Sells 583 Shares of Alphabet Inc. (NASDAQ:GOOG)

Renaissance Investment Group LLC decreased its holdings in Alphabet Inc. (NASDAQ:GOOG) by 2.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 26,862 shares of the information services provider’s stock after selling 583 shares during the quarter. Renaissance Investment Group LLC’s holdings in Alphabet were worth $3,250,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. DC Investments Management LLC acquired a new position in Alphabet in the first quarter valued at $115,000. Guardian Wealth Management Inc. bought a new position in shares of Alphabet in the 1st quarter worth about $184,000. Turim 21 Investimentos Ltda. lifted its stake in shares of Alphabet by 10.8% in the 1st quarter. Turim 21 Investimentos Ltda. now owns 82 shares of the information services provider’s stock valued at $229,000 after purchasing an additional 8 shares during the period. qPULA Trading Management LP bought a new stake in shares of Alphabet during the 1st quarter valued at about $279,000. Finally, Wayfinding Financial LLC acquired a new stake in Alphabet during the fourth quarter worth approximately $294,000. 27.13% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Price Performance

Shares of NASDAQ:GOOG opened at $138.30 on Friday. The company has a current ratio of 2.17, a quick ratio of 2.14 and a debt-to-equity ratio of 0.05. The stock has a market cap of $1.74 trillion, a PE ratio of 29.30, a price-to-earnings-growth ratio of 1.58 and a beta of 1.06. The stock’s fifty day simple moving average is $129.86 and its two-hundred day simple moving average is $117.78. Alphabet Inc. has a 1-year low of $83.45 and a 1-year high of $139.55.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Tuesday, July 25th. The information services provider reported $1.44 EPS for the quarter, beating the consensus estimate of $1.32 by $0.12. Alphabet had a net margin of 21.05% and a return on equity of 23.49%. The company had revenue of $74.60 billion during the quarter, compared to the consensus estimate of $72.85 billion. During the same quarter in the prior year, the company posted $1.21 earnings per share. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. As a group, analysts forecast that Alphabet Inc. will post 5.68 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Oppenheimer increased their price target on Alphabet from $145.00 to $160.00 in a report on Wednesday, July 26th. Susquehanna increased their target price on shares of Alphabet from $120.00 to $150.00 in a research note on Wednesday, July 26th. Robert W. Baird lifted their price target on shares of Alphabet from $123.00 to $140.00 in a research note on Wednesday, July 26th. Finally, Wedbush initiated coverage on shares of Alphabet in a research report on Monday, August 21st. They set an “outperform” rating on the stock. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Alphabet presently has a consensus rating of “Buy” and an average target price of $130.94.

Insider Buying and Selling at Alphabet

In other news, insider John Kent Walker sold 42,900 shares of the business’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $136.51, for a total value of $5,856,279.00. Following the transaction, the insider now owns 10,383 shares in the company, valued at approximately $1,417,383.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, major shareholder 2019 Gp L.L.C. Gv sold 37,405 shares of the stock in a transaction dated Tuesday, June 20th. The shares were sold at an average price of $15.06, for a total transaction of $563,319.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Kent Walker sold 42,900 shares of Alphabet stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $136.51, for a total transaction of $5,856,279.00. Following the completion of the sale, the insider now directly owns 10,383 shares in the company, valued at approximately $1,417,383.33. The disclosure for this sale can be found here. In the last 90 days, insiders sold 133,497 shares of company stock worth $12,785,260. Insiders own 12.99% of the company’s stock.

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, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.