Peoples Financial Services CORP. cut its stake in Alphabet Inc (NASDAQ:GOOG) by 6.7% in the third quarter, HoldingsChannel reports. The institutional investor owned 1,540 shares of the information services provider’s stock after selling 110 shares during the quarter. Peoples Financial Services CORP.’s holdings in Alphabet were worth $1,838,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of GOOG. Braun Bostich & Associates Inc. acquired a new stake in Alphabet during the 1st quarter valued at $107,000. JJJ Advisors Inc. acquired a new stake in Alphabet during the 2nd quarter valued at $134,000. ELM Advisors LLC acquired a new stake in Alphabet during the 3rd quarter valued at $138,000. LFA Lugano Financial Advisors SA acquired a new stake in Alphabet during the 3rd quarter valued at $161,000. Finally, Blackhawk Capital Partners LLC. increased its holdings in Alphabet by 148.6% during the 2nd quarter. Blackhawk Capital Partners LLC. now owns 174 shares of the information services provider’s stock valued at $194,000 after purchasing an additional 104 shares in the last quarter. 40.44% of the stock is owned by institutional investors and hedge funds.
In other news, CEO Sundar Pichai sold 10,000 shares of the firm’s stock in a transaction on Thursday, December 6th. The stock was sold at an average price of $1,041.75, for a total value of $10,417,500.00. Following the transaction, the chief executive officer now directly owns 830 shares in the company, valued at approximately $864,652.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Amie Thuener O’toole sold 80 shares of the firm’s stock in a transaction on Tuesday, October 2nd. The stock was sold at an average price of $1,190.96, for a total value of $95,276.80. Following the completion of the transaction, the vice president now owns 388 shares in the company, valued at $462,092.48. The disclosure for this sale can be found here. Insiders sold a total of 89,437 shares of company stock worth $98,403,047 over the last 90 days. 13.11% of the stock is owned by corporate insiders.
Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Thursday, October 25th. The information services provider reported $13.06 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $10.41 by $2.65. Alphabet had a return on equity of 19.40% and a net margin of 14.45%. The business had revenue of $27.16 billion for the quarter.
A number of equities research analysts recently weighed in on GOOG shares. Stifel Nicolaus reaffirmed a “buy” rating on shares of Alphabet in a report on Friday, October 26th. BidaskClub raised Alphabet from a “hold” rating to a “buy” rating in a report on Thursday, August 30th. Canaccord Genuity dropped their price target on Alphabet from $1,170.00 to $1,140.00 and set a “hold” rating for the company in a report on Friday, October 26th. Deutsche Bank reaffirmed a “buy” rating and set a $1,375.00 price target (up from $1,350.00) on shares of Alphabet in a report on Tuesday, October 23rd. Finally, Macquarie reaffirmed a “buy” rating on shares of Alphabet in a report on Friday, October 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-nine have issued a buy rating to the company’s stock. Alphabet presently has a consensus rating of “Buy” and an average price target of $1,301.81.
Alphabet Inc, through its subsidiaries, provides online advertising services in the United States and internationally. The company offers performance and brand advertising services. It operates through Google and Other Bets segments. The Google segment includes principal Internet products, such as Ads, Android, Chrome, Commerce, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure and newer efforts, including Virtual Reality.
Further Reading: Institutional Investors
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