Pettee Investors Inc. Lowers Stock Holdings in Alphabet Inc. $GOOG

Pettee Investors Inc. reduced its stake in Alphabet Inc. (NASDAQ:GOOG) by 3.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,290 shares of the information services provider’s stock after selling 795 shares during the quarter. Alphabet comprises 2.2% of Pettee Investors Inc.’s holdings, making the stock its 10th largest position. Pettee Investors Inc.’s holdings in Alphabet were worth $3,599,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of the stock. RDA Financial Network increased its holdings in shares of Alphabet by 5.3% during the second quarter. RDA Financial Network now owns 11,094 shares of the information services provider’s stock worth $1,968,000 after purchasing an additional 554 shares during the period. Bleakley Financial Group LLC increased its holdings in shares of Alphabet by 1.4% during the second quarter. Bleakley Financial Group LLC now owns 170,020 shares of the information services provider’s stock worth $30,160,000 after purchasing an additional 2,304 shares during the period. Oldfather Financial Services LLC bought a new position in shares of Alphabet during the second quarter worth approximately $213,000. Tower View Wealth Management LLC increased its holdings in shares of Alphabet by 6.9% during the second quarter. Tower View Wealth Management LLC now owns 27,644 shares of the information services provider’s stock worth $4,904,000 after purchasing an additional 1,776 shares during the period. Finally, Dock Street Asset Management Inc. increased its holdings in shares of Alphabet by 0.8% during the second quarter. Dock Street Asset Management Inc. now owns 234,306 shares of the information services provider’s stock worth $41,563,000 after purchasing an additional 1,970 shares during the period. 27.26% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on GOOG. Hsbc Global Res raised shares of Alphabet to a “strong-buy” rating in a report on Tuesday, October 7th. Wolfe Research increased their price target on shares of Alphabet from $290.00 to $350.00 and gave the stock an “outperform” rating in a research report on Thursday. Jefferies Financial Group increased their price target on shares of Alphabet from $285.00 to $320.00 and gave the stock a “buy” rating in a research report on Thursday. Wells Fargo & Company reiterated an “equal weight” rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, Pivotal Research increased their price target on shares of Alphabet from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday. Five research analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, four have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Alphabet currently has a consensus rating of “Moderate Buy” and an average price target of $324.81.

Alphabet Stock Performance

Shares of Alphabet stock opened at $281.90 on Friday. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $291.93. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The firm has a market capitalization of $3.41 trillion, a P/E ratio of 27.80, a P/E/G ratio of 1.86 and a beta of 1.00. The company’s 50 day moving average price is $243.09 and its two-hundred day moving average price is $199.85.

Alphabet (NASDAQ:GOOG) last issued its earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share for the quarter, beating analysts’ consensus estimates of $2.29 by $0.58. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The firm had revenue of $102.35 billion for the quarter, compared to analyst estimates of $99.90 billion. During the same quarter last year, the business posted $2.12 earnings per share. The company’s quarterly revenue was up 15.9% on a year-over-year basis. On average, equities analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Insider Transactions at Alphabet

In other Alphabet news, insider John Kent Walker sold 17,816 shares of the firm’s stock in a transaction that occurred on Monday, September 29th. The shares were sold at an average price of $247.42, for a total value of $4,408,034.72. Following the sale, the insider owned 42,985 shares in the company, valued at $10,635,348.70. This trade represents a 29.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $250.15, for a total transaction of $8,129,875.00. Following the completion of the sale, the chief executive officer owned 2,369,619 shares in the company, valued at $592,760,192.85. This represents a 1.35% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 246,150 shares of company stock valued at $55,805,379. Corporate insiders own 12.99% of the company’s stock.

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