Commonwealth Equity Services LLC Sells 32,262 Shares of Alphabet Inc. $GOOG

Commonwealth Equity Services LLC lowered its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 1.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 2,011,638 shares of the information services provider’s stock after selling 32,262 shares during the period. Commonwealth Equity Services LLC’s holdings in Alphabet were worth $356,845,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Kingstone Capital Partners Texas LLC increased its holdings in shares of Alphabet by 580,897.4% in the second quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider’s stock worth $23,963,208,000 after buying an additional 135,064,454 shares during the period. Nuveen LLC purchased a new position in Alphabet in the 1st quarter worth approximately $2,622,943,000. Vanguard Group Inc. lifted its position in Alphabet by 2.4% in the first quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider’s stock valued at $64,299,725,000 after purchasing an additional 9,687,855 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Alphabet by 9.9% during the first quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider’s stock valued at $15,971,861,000 after purchasing an additional 9,243,959 shares during the period. Finally, Strs Ohio bought a new position in shares of Alphabet in the first quarter worth approximately $369,713,000. 27.26% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Alphabet news, CAO Amie Thuener O’toole sold 2,778 shares of the firm’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $245.00, for a total transaction of $680,610.00. Following the completion of the transaction, the chief accounting officer owned 17,293 shares of the company’s stock, valued at approximately $4,236,785. This trade represents a 13.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider John Kent Walker sold 17,816 shares of the company’s stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the completion of the sale, the insider directly owned 42,985 shares in the company, valued at $10,635,348.70. This represents a 29.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 189,896 shares of company stock worth $44,892,175. 12.99% of the stock is owned by corporate insiders.

Analyst Ratings Changes

GOOG has been the subject of a number of recent analyst reports. Cowen reiterated a “buy” rating on shares of Alphabet in a report on Thursday, October 30th. Raymond James Financial set a $275.00 price objective on shares of Alphabet and gave the company an “outperform” rating in a research note on Friday, October 24th. Robert W. Baird raised their target price on Alphabet from $215.00 to $275.00 and gave the stock an “outperform” rating in a research note on Monday, September 22nd. Rosenblatt Securities set a $279.00 price target on Alphabet in a report on Thursday, October 30th. Finally, Phillip Securities cut Alphabet from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, September 8th. Five analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, Alphabet has a consensus rating of “Moderate Buy” and an average target price of $324.81.

Alphabet Stock Performance

Shares of GOOG opened at $285.34 on Friday. The company has a 50-day simple moving average of $250.48 and a two-hundred day simple moving average of $204.23. 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 $3.45 trillion, a PE ratio of 28.14, a price-to-earnings-growth ratio of 1.86 and a beta of 1.05. Alphabet Inc. has a one year low of $142.66 and a one year high of $291.93.

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

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.