Spence Asset Management Cuts Holdings in Alphabet Inc. (NASDAQ:GOOG)

Spence Asset Management lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 24.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 165,710 shares of the information services provider’s stock after selling 53,754 shares during the quarter. Alphabet accounts for 5.6% of Spence Asset Management’s holdings, making the stock its 6th biggest holding. Spence Asset Management’s holdings in Alphabet were worth $20,046,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of the stock. Corrado Advisors LLC bought a new position in Alphabet in the 4th quarter valued at $27,000. Mark Sheptoff Financial Planning LLC grew its position in Alphabet by 142.9% in the 1st quarter. Mark Sheptoff Financial Planning LLC now owns 340 shares of the information services provider’s stock valued at $35,000 after acquiring an additional 200 shares during the last quarter. Milestone Wealth LLC grew its position in Alphabet by 1,900.0% in the 3rd quarter. Milestone Wealth LLC now owns 380 shares of the information services provider’s stock valued at $37,000 after acquiring an additional 361 shares during the last quarter. Bbjs Financial Advisors LLC bought a new position in Alphabet in the 4th quarter valued at $48,000. Finally, GW&K Investment Management LLC bought a new position in Alphabet in the 1st quarter valued at $50,000. Institutional investors own 27.13% of the company’s stock.

Alphabet Trading Down 0.5 %

Alphabet stock opened at $138.30 on Friday. The stock has a 50-day moving average of $129.86 and a two-hundred day moving average of $117.78. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.14 and a current ratio of 2.17. Alphabet Inc. has a one year low of $83.45 and a one year high of $139.55. 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.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Tuesday, July 25th. The information services provider reported $1.44 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.12. Alphabet had a return on equity of 23.49% and a net margin of 21.05%. The company had revenue of $74.60 billion during the quarter, compared to analysts’ expectations of $72.85 billion. During the same period last year, the business posted $1.21 earnings per share. The firm’s revenue was up 7.1% compared to the same quarter last year. On average, research analysts anticipate that Alphabet Inc. will post 5.68 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Alphabet

In other Alphabet news, SVP Prabhakar Raghavan sold 16,083 shares of the stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $120.31, for a total value of $1,934,945.73. Following the completion of the sale, the senior vice president now directly owns 127,028 shares in the company, valued at $15,282,738.68. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, SVP Prabhakar Raghavan sold 16,083 shares of the stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $120.31, for a total value of $1,934,945.73. Following the transaction, the senior vice president now directly owns 127,028 shares of the company’s stock, valued at $15,282,738.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John L. Hennessy sold 200 shares of the stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $137.30, for a total value of $27,460.00. Following the completion of the transaction, the director now directly owns 7,584 shares in the company, valued at $1,041,283.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 133,497 shares of company stock worth $12,785,260. 12.99% of the stock is owned by insiders.

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