Riverstone Advisors LLC Trims Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Riverstone Advisors LLC lessened its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 10.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 99,544 shares of the information services provider’s stock after selling 11,650 shares during the period. Alphabet accounts for 9.0% of Riverstone Advisors LLC’s holdings, making the stock its 2nd biggest holding. Riverstone Advisors LLC’s holdings in Alphabet were worth $13,905,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of GOOGL. Meritage Group LP boosted its holdings in shares of Alphabet by 1,061.5% during the 3rd quarter. Meritage Group LP now owns 302 shares of the information services provider’s stock worth $40,000 after buying an additional 276 shares in the last quarter. Macroview Investment Management LLC boosted its stake in Alphabet by 165.8% during the third quarter. Macroview Investment Management LLC now owns 319 shares of the information services provider’s stock worth $42,000 after acquiring an additional 199 shares in the last quarter. Armor Investment Advisors LLC grew its holdings in Alphabet by 31.0% in the fourth quarter. Armor Investment Advisors LLC now owns 338 shares of the information services provider’s stock worth $47,000 after purchasing an additional 80 shares during the period. Valued Wealth Advisors LLC bought a new stake in Alphabet in the fourth quarter valued at $55,000. Finally, LFA Lugano Financial Advisors SA raised its holdings in shares of Alphabet by 301.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 522 shares of the information services provider’s stock valued at $73,000 after purchasing an additional 392 shares during the period. Institutional investors and hedge funds own 40.03% of the company’s stock.

Analyst Upgrades and Downgrades

GOOGL has been the subject of several research reports. Royal Bank of Canada restated an “outperform” rating and issued a $155.00 target price on shares of Alphabet in a research note on Wednesday, January 31st. UBS Group boosted their price objective on Alphabet from $150.00 to $166.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Citigroup reiterated a “buy” rating and issued a $168.00 target price on shares of Alphabet in a report on Wednesday, April 10th. Susquehanna boosted their price target on shares of Alphabet from $150.00 to $170.00 and gave the company a “positive” rating in a research note on Wednesday, January 31st. Finally, Rosenblatt Securities dropped their price objective on shares of Alphabet from $174.00 to $172.00 and set a “buy” rating on the stock in a research note on Wednesday, January 31st. Five analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Alphabet has a consensus rating of “Moderate Buy” and a consensus price target of $158.71.

Alphabet Price Performance

NASDAQ GOOGL opened at $158.26 on Wednesday. The company has a quick ratio of 2.10, a current ratio of 2.10 and a debt-to-equity ratio of 0.05. The company has a market cap of $1.97 trillion, a PE ratio of 27.29, a price-to-earnings-growth ratio of 1.42 and a beta of 1.05. Alphabet Inc. has a 52 week low of $102.63 and a 52 week high of $160.22. The firm’s 50-day simple moving average is $146.69 and its two-hundred day simple moving average is $140.93.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Tuesday, January 30th. The information services provider reported $1.64 EPS for the quarter, topping the consensus estimate of $1.60 by $0.04. Alphabet had a net margin of 24.01% and a return on equity of 27.22%. The company had revenue of $86.31 billion during the quarter, compared to the consensus estimate of $70.77 billion. During the same period last year, the firm earned $1.05 EPS. Research analysts predict that Alphabet Inc. will post 6.78 earnings per share for the current year.

Insider Activity

In other Alphabet news, Director Frances Arnold sold 230 shares of the firm’s stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $154.06, for a total value of $35,433.80. Following the completion of the transaction, the director now owns 15,104 shares in the company, valued at approximately $2,326,922.24. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Frances Arnold sold 230 shares of the company’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $154.06, for a total transaction of $35,433.80. Following the sale, the director now owns 15,104 shares of the company’s stock, valued at approximately $2,326,922.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 300 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $139.51, for a total transaction of $41,853.00. Following the transaction, the director now owns 9,291 shares of the company’s stock, valued at $1,296,187.41. The disclosure for this sale can be found here. Over the last three months, insiders sold 251,339 shares of company stock worth $36,377,482. 0.88% of the stock is owned by corporate insiders.

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