First Long Island Investors LLC decreased its stake in shares of Alphabet Inc. (NASDAQ: GOOGL – Get a rating) by 5.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor held 10,421 shares of the information services provider after selling 631 shares during the quarter. Alphabet represents 2.5% of the holdings of First Long Island Investors LLC, making the stock its 15th largest position. First Long Island Investors LLC’s holdings in Alphabet were worth $28,984,000 when it last filed with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also changed their positions in the company. Bay Rivers Group increased its position in Alphabet by 5.9% in the first quarter. Bay Rivers Group now owns 1,418 shares of the information services provider valued at $3,944,000 after buying 79 additional shares in the last quarter. Pinnacle Wealth Management Group Inc. increased its stake in Alphabet by 2.6% in Q1. Pinnacle Wealth Management Group Inc. now owns 390 shares of the information services provider valued at $1,085,000 after acquiring 10 additional shares during the period. Steward Partners Investment Advisory LLC increased its stake in Alphabet shares by 4.8% in the first quarter. Steward Partners Investment Advisory LLC now owns 40,211 shares of the information services provider worth $111,841,000 after acquiring an additional 1,857 shares during the period. Landmark Wealth Management LLC acquired a new position in Alphabet during the first quarter worth $312,000. Finally, Pittenger & Anderson Inc. increased its position in Alphabet by 2.3% during the first quarter. Pittenger & Anderson Inc. now owns 11,591 shares of the information services provider valued at $32,239,000 after purchasing an additional 263 shares during the period. Hedge funds and other institutional investors own 41.70% of the company’s shares.
Alphabetic stock down 1.8%
NASDAQ GOOGL opened at $119.55 on Thursday. The company’s fifty-day simple moving average is $155.95 and its 200-day simple moving average is $137.34. The company has a quick ratio of 2.78, a current ratio of 2.81 and a leverage ratio of 0.06. The company has a market capitalization of $1.57 trillion, a PE ratio of 22.24, a P/E/G ratio of 1.97 and a beta of 1.08. Alphabet Inc. has a 52-week low of $101.88 and a 52-week high of $151.55.
Alphabet (NASDAQ: GOOGL – Get a rating) last released its quarterly earnings data on Tuesday, July 26. The information services provider reported earnings per share (EPS) of $1.21 for the quarter, missing the consensus estimate of $1.32 per ($0.11). Alphabet had a return on equity of 28.65% and a net margin of 25.89%. During the same quarter last year, the company achieved EPS of $27.26. As a group, stock analysts expect Alphabet Inc. to post earnings per share of 5.22 for the current year.
A Wall Street analyst gives his opinion
A number of stock analysts have weighed in on the company. Barclays lowered its price target on Alphabet from $160.00 to $150.00 and set an “overweight” rating for the company in a Tuesday July 5 research note. JMP Securities cut its price target on Alphabet from $165.00 to $160.00 and set a “market outperformance” rating for the company in a Thursday, June 30 report. Bank of America lowered its price target on Alphabet shares from $132.00 to $125.00 and set a “buy” rating on the stock in a Wednesday, July 27 research note. MKM Partners cut its price target on Alphabet shares from $165.00 to $140.00 and set a “buy” rating for the company in a Monday, July 18 research note. Finally, BNP Paribas downgraded Alphabet’s shares from an “outperforming” rating to a “neutral” rating and set a price target of $118.00 for the company. in a report on Wednesday July 20. Five analysts gave the stock a hold rating, thirty-four gave the stock a buy rating and one gave the stock a strong buy rating. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $147.36.
Insider trading at Alphabet
In other Alphabet news, major shareholder 2021 Gp LLC Gv acquired 13,528 shares of the company in a transaction that took place on Tuesday, May 24. The shares were purchased at an average cost of $33.72 per share, for a total transaction of $456,164.16. Following the completion of the acquisition, the insider now owns 593,402 shares of the company, valued at approximately $20,009,515.44. The purchase was disclosed in a filing with the Securities & Exchange Commission, available at this hyperlink. In other Alphabet news, major shareholder 2021 Gp LLC Gv acquired 13,528 shares of the company in a transaction that took place on Tuesday, May 24. The shares were purchased at an average cost of $33.72 per share, with a total value of $456,164.16. Following the transaction, the insider now owns 593,402 shares of the company, valued at $20,009,515.44. The transaction was disclosed in an SEC filing, available at this link. Also, please Prabhakar Raghavan sold 1,109 shares of the company in a trade dated Friday, July 1. The shares were sold at an average price of $2,166.74, for a total transaction of $2,402,914.66. Following completion of the transaction, the Senior Vice President now directly owns 1,608 shares of the company, valued at approximately $3,484,117.92. Disclosure of this sale can be found here. Insiders sold 42,852 shares of the company worth $15,750,955 in the past 90 days. Insiders hold 11.44% of the company’s shares.
About the alphabet
Alphabet Inc provides various products and platforms in the United States, Europe, the Middle East, Africa, Asia-Pacific, Canada and Latin America. It operates through Google Services, Google Cloud and Other Bets segments. The Google Services segment offers products and services, including Ads, Android, Chrome, Hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search and YouTube.
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