Ocean Capital Management LLC Reduces Stake in Alphabet Inc (NASDAQ:GOOG)

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Ocean Capital Management LLC cut its holdings in shares of Alphabet Inc (NASDAQ:GOOG) by 0.1% during the second quarter, Holdings Channel.com reports. The firm owned 5,207 shares of the information services provider’s stock after selling 7 shares during the period. Alphabet makes up 4.7% of Ocean Capital Management LLC’s holdings, making the stock its 6th biggest holding. Ocean Capital Management LLC’s holdings in Alphabet were worth $7,361,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in GOOG. Campbell Wealth Management acquired a new stake in Alphabet in the second quarter valued at approximately $41,000. Prestige Wealth Management Group LLC boosted its stake in Alphabet by 1,700.0% in the first quarter. Prestige Wealth Management Group LLC now owns 36 shares of the information services provider’s stock valued at $42,000 after acquiring an additional 34 shares in the last quarter. Cordasco Financial Network boosted its stake in Alphabet by 32.1% in the first quarter. Cordasco Financial Network now owns 37 shares of the information services provider’s stock valued at $43,000 after acquiring an additional 9 shares in the last quarter. New England Investment & Retirement Group Inc. acquired a new stake in shares of Alphabet during the first quarter worth $44,000. Finally, Paragon Capital Management LLC acquired a new stake in shares of Alphabet during the first quarter worth $47,000. Hedge funds and other institutional investors own 32.91% of the company’s stock.

Shares of GOOG stock traded down $48.49 on Friday, reaching $1,482.96. 3,429,036 shares of the company were exchanged, compared to its average volume of 1,408,813. The company has a market cap of $1,012.30 billion, a price-to-earnings ratio of 32.61, a P/E/G ratio of 2.34 and a beta of 1.05. The business has a 50-day moving average price of $1,474.19 and a 200 day moving average price of $1,377.20. The company has a debt-to-equity ratio of 0.08, a quick ratio of 3.64 and a current ratio of 3.66. Alphabet Inc has a 1 year low of $1,013.54 and a 1 year high of $1,586.99.

Alphabet (NASDAQ:GOOG) last released its earnings results on Thursday, July 30th. The information services provider reported $10.13 EPS for the quarter, topping analysts’ consensus estimates of $8.43 by $1.70. The business had revenue of $31.60 billion during the quarter, compared to analysts’ expectations of $30.58 billion. Alphabet had a net margin of 18.99% and a return on equity of 15.77%. As a group, equities analysts anticipate that Alphabet Inc will post 42.07 earnings per share for the current year.

Several research firms have recently commented on GOOG. Oppenheimer lifted their price objective on shares of Alphabet from $1,445.00 to $1,685.00 and gave the stock an “outperform” rating in a research note on Friday. Barclays lifted their price objective on shares of Alphabet from $1,600.00 to $1,800.00 and gave the stock an “overweight” rating in a research note on Friday. Pivotal Research lifted their price objective on shares of Alphabet from $1,575.00 to $1,725.00 and gave the stock a “buy” rating in a research note on Friday. Goldman Sachs Group reiterated a “buy” rating on shares of Alphabet in a research note on Friday. Finally, Susquehanna Bancshares raised their target price on shares of Alphabet from $1,550.00 to $1,800.00 in a report on Wednesday, April 29th. Four equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $1,671.00.

In related news, Director John L. Hennessy sold 60 shares of the business’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $1,495.85, for a total transaction of $89,751.00. Following the transaction, the director now directly owns 664 shares in the company, valued at $993,244.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ann Mather sold 32 shares of the business’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $1,418.39, for a total transaction of $45,388.48. Following the transaction, the director now owns 1,119 shares in the company, valued at $1,587,178.41. The disclosure for this sale can be found here. Insiders have sold 212 shares of company stock valued at $303,047 in the last three months. Corporate insiders own 12.99% of the company’s stock.

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.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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