Pinnacle West Asset Management Inc. Reduces Position in Alphabet Inc. (NASDAQ:GOOG)

Pinnacle West Asset Management Inc. lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 1.3% in the third quarter, HoldingsChannel.com reports. The firm owned 5,600 shares of the information services provider’s stock after selling 75 shares during the quarter. Pinnacle West Asset Management Inc.’s holdings in Alphabet were worth $936,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in GOOG. JPMorgan Chase & Co. boosted its stake in shares of Alphabet by 19.7% during the first quarter. JPMorgan Chase & Co. now owns 84,171,721 shares of the information services provider’s stock valued at $12,815,986,000 after purchasing an additional 13,876,534 shares during the period. Swedbank AB purchased a new stake in Alphabet in the first quarter worth $1,378,708,000. Capital International Investors lifted its stake in Alphabet by 9.3% in the first quarter. Capital International Investors now owns 87,716,562 shares of the information services provider’s stock worth $13,355,724,000 after acquiring an additional 7,470,042 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Alphabet by 51.8% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,416,150 shares of the information services provider’s stock worth $976,923,000 after acquiring an additional 2,190,795 shares during the period. Finally, Vima LLC lifted its stake in Alphabet by 178,253.1% in the first quarter. Vima LLC now owns 2,001,122 shares of the information services provider’s stock worth $304,691,000 after acquiring an additional 2,000,000 shares during the period. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Rosenblatt Securities lowered Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price target for the company. in a research note on Friday, June 28th. Wolfe Research raised Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. Scotiabank initiated coverage on Alphabet in a research note on Friday, October 11th. They issued a “sector outperform” rating and a $212.00 price target for the company. DA Davidson upgraded Alphabet to a “hold” rating in a report on Tuesday, September 10th. Finally, Cantor Fitzgerald upgraded Alphabet to a “hold” rating in a report on Thursday, September 5th. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $186.90.

Alphabet Price Performance

Shares of NASDAQ:GOOG opened at $166.99 on Friday. Alphabet Inc. has a 1-year low of $121.46 and a 1-year high of $193.31. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08. The business has a fifty day moving average price of $163.31 and a 200-day moving average price of $169.88. The company has a market capitalization of $2.06 trillion, a PE ratio of 25.61, a PEG ratio of 1.21 and a beta of 1.04.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The firm had revenue of $84.74 billion during the quarter, compared to the consensus estimate of $84.22 billion. During the same period last year, the company earned $1.44 earnings per share. The company’s revenue was up 13.6% on a year-over-year basis. As a group, equities analysts expect that Alphabet Inc. will post 7.64 EPS for the current fiscal year.

Insider Activity

In related news, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $168.00, for a total value of $114,576.00. Following the completion of the sale, the chief accounting officer now directly owns 31,334 shares in the company, valued at approximately $5,264,112. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director John L. Hennessy sold 700 shares of Alphabet stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $165.00, for a total value of $115,500.00. Following the completion of the sale, the director now directly owns 29,324 shares in the company, valued at approximately $4,838,460. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $168.00, for a total value of $114,576.00. Following the completion of the sale, the chief accounting officer now owns 31,334 shares of the company’s stock, valued at $5,264,112. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 220,426 shares of company stock worth $35,993,340 over the last three months. 12.99% of the stock is currently owned by corporate insiders.

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.