PNC Financial Services Group Inc. Reduces Position in Alphabet Inc. (NASDAQ:GOOG)

PNC Financial Services Group Inc. decreased its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 4.1% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,113,146 shares of the information services provider’s stock after selling 132,974 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Alphabet were worth $376,597,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of GOOG. Totem Point Management LLC increased its holdings in Alphabet by 22.0% in the 1st quarter. Totem Point Management LLC now owns 3,171 shares of the information services provider’s stock valued at $8,857,000 after acquiring an additional 571 shares during the last quarter. Somerville Kurt F increased its holdings in shares of Alphabet by 10.3% in the 1st quarter. Somerville Kurt F now owns 118 shares of the information services provider’s stock worth $330,000 after buying an additional 11 shares during the last quarter. BCK Partners Inc. bought a new stake in shares of Alphabet in the 1st quarter worth about $2,564,000. Hall Capital Management Co. Inc. increased its holdings in shares of Alphabet by 53.2% in the 1st quarter. Hall Capital Management Co. Inc. now owns 144 shares of the information services provider’s stock worth $402,000 after buying an additional 50 shares during the last quarter. Finally, Fairfield Bush & CO. grew its holdings in Alphabet by 6.8% during the 1st quarter. Fairfield Bush & CO. now owns 3,370 shares of the information services provider’s stock valued at $9,412,000 after purchasing an additional 214 shares during the last quarter. Hedge funds and other institutional investors own 27.13% of the company’s stock.

Insider Buying and Selling

In related news, CAO Amie Thuener O’toole sold 3,749 shares of the stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $136.28, for a total transaction of $510,913.72. Following the sale, the chief accounting officer now directly owns 25,568 shares of the company’s stock, valued at $3,484,407.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director John L. Hennessy sold 200 shares of the firm’s stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $132.92, for a total value of $26,584.00. Following the transaction, the director now directly owns 7,184 shares of the company’s stock, valued at $954,897.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Amie Thuener O’toole sold 3,749 shares of the firm’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $136.28, for a total transaction of $510,913.72. Following the completion of the transaction, the chief accounting officer now directly owns 25,568 shares in the company, valued at $3,484,407.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 176,576 shares of company stock valued at $23,425,367. Corporate insiders own 12.99% of the company’s stock.

Alphabet Stock Performance

Shares of NASDAQ:GOOG traded up $0.57 during midday trading on Tuesday, reaching $138.49. The company’s stock had a trading volume of 2,500,733 shares, compared to its average volume of 25,810,143. The firm has a market capitalization of $1.73 trillion, a PE ratio of 26.47, a P/E/G ratio of 1.53 and a beta of 1.05. Alphabet Inc. has a twelve month low of $85.57 and a twelve month high of $142.38. The stock has a fifty day moving average of $134.60 and a 200 day moving average of $128.70. The company has a quick ratio of 2.01, a current ratio of 2.04 and a debt-to-equity ratio of 0.05.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Tuesday, October 24th. The information services provider reported $1.55 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.10. Alphabet had a net margin of 22.46% and a return on equity of 25.24%. The firm had revenue of $64.05 billion for the quarter, compared to analyst estimates of $63.13 billion. On average, equities analysts expect that Alphabet Inc. will post 5.74 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Oppenheimer reiterated an “outperform” rating and set a $160.00 price target on shares of Alphabet in a report on Wednesday, October 25th. Susquehanna boosted their price objective on shares of Alphabet from $120.00 to $150.00 in a research report on Wednesday, July 26th. Robert W. Baird boosted their price objective on shares of Alphabet from $123.00 to $140.00 in a research report on Wednesday, July 26th. Finally, Wedbush started coverage on shares of Alphabet in a research report on Monday, August 21st. They issued an “outperform” rating for the company. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $130.69.

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.