Allworth Financial LP Lowers Position in Alphabet Inc (NASDAQ:GOOG)

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Allworth Financial LP cut its holdings in Alphabet Inc (NASDAQ:GOOG) by 17.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 290 shares of the information services provider’s stock after selling 62 shares during the quarter. Allworth Financial LP’s holdings in Alphabet were worth $354,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Marietta Wealth Management LLC lifted its stake in Alphabet by 48.5% in the second quarter. Marietta Wealth Management LLC now owns 643 shares of the information services provider’s stock worth $695,000 after acquiring an additional 210 shares during the period. Curbstone Financial Management Corp lifted its stake in Alphabet by 4.3% in the second quarter. Curbstone Financial Management Corp now owns 3,412 shares of the information services provider’s stock worth $3,688,000 after acquiring an additional 140 shares during the period. Veritas Investment Management LLP lifted its stake in Alphabet by 2.8% in the second quarter. Veritas Investment Management LLP now owns 34,098 shares of the information services provider’s stock worth $36,853,000 after acquiring an additional 936 shares during the period. FTB Advisors Inc. lifted its stake in Alphabet by 5.5% in the second quarter. FTB Advisors Inc. now owns 3,401 shares of the information services provider’s stock worth $3,676,000 after acquiring an additional 177 shares during the period. Finally, Gryphon Financial Partners LLC lifted its stake in Alphabet by 88.0% in the second quarter. Gryphon Financial Partners LLC now owns 549 shares of the information services provider’s stock worth $594,000 after acquiring an additional 257 shares during the period. 33.79% of the stock is owned by institutional investors.

In other news, Director Ann Mather sold 27 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $1,213.14, for a total transaction of $32,754.78. Following the transaction, the director now owns 1,803 shares in the company, valued at $2,187,291.42. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Amie Thuener O’toole sold 55 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $1,200.74, for a total transaction of $66,040.70. Following the transaction, the vice president now owns 388 shares in the company, valued at approximately $465,887.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,391 shares of company stock worth $6,502,992. Corporate insiders own 12.99% of the company’s stock.

Shares of GOOG stock traded up $13.18 during mid-day trading on Wednesday, hitting $1,202.31. 773,829 shares of the stock traded hands, compared to its average volume of 1,458,454. The stock has a market cap of $838.32 billion, a P/E ratio of 25.31, a P/E/G ratio of 1.41 and a beta of 0.99. The stock’s fifty day moving average is $1,204.62 and its two-hundred day moving average is $1,171.61. Alphabet Inc has a 52-week low of $970.11 and a 52-week high of $1,289.27. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.98 and a quick ratio of 3.96.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Thursday, July 25th. The information services provider reported $14.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $11.49 by $2.72. Alphabet had a net margin of 23.43% and a return on equity of 20.15%. The firm had revenue of $38.94 billion for the quarter, compared to the consensus estimate of $38.21 billion. During the same quarter in the prior year, the company posted $11.75 earnings per share. The company’s revenue for the quarter was up 19.3% compared to the same quarter last year. As a group, equities analysts forecast that Alphabet Inc will post 51.66 EPS for the current fiscal year.

Several analysts have commented on the stock. Royal Bank of Canada reissued a “buy” rating on shares of Alphabet in a research report on Monday, September 23rd. Barclays reissued a “buy” rating on shares of Alphabet in a research report on Friday, July 26th. Benchmark reissued a “buy” rating and set a $1,360.00 price target (up from $1,315.00) on shares of Alphabet in a research report on Friday, July 26th. Deutsche Bank reissued a “buy” rating on shares of Alphabet in a research report on Thursday, October 3rd. Finally, Goldman Sachs Group reissued a “buy” rating on shares of Alphabet in a research report on Tuesday, July 23rd. Four investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $1,378.93.

About Alphabet

Alphabet Inc provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It offers performance and brand advertising services. The company operates through Google and Other Bets segments. The Google segment offers products, such as Ads, Android, Chrome, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure.

Further Reading: G-20

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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