Alphabet Inc. (NASDAQ:GOOG) Shares Sold by Suncoast Equity Management

Suncoast Equity Management cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 10.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 257,283 shares of the information services provider’s stock after selling 28,620 shares during the quarter. Alphabet accounts for 4.9% of Suncoast Equity Management’s holdings, making the stock its 8th largest position. Suncoast Equity Management’s holdings in Alphabet were worth $43,015,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Capital International Investors raised its holdings in Alphabet by 9.3% in the 1st quarter. Capital International Investors now owns 87,716,562 shares of the information services provider’s stock valued at $13,355,724,000 after acquiring an additional 7,470,042 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Alphabet by 19.7% in the first quarter. JPMorgan Chase & Co. now owns 84,171,721 shares of the information services provider’s stock worth $12,815,986,000 after purchasing an additional 13,876,534 shares during the period. Capital World Investors lifted its position in Alphabet by 2.2% during the first quarter. Capital World Investors now owns 45,731,826 shares of the information services provider’s stock worth $6,963,128,000 after purchasing an additional 979,083 shares during the period. Capital Research Global Investors grew its stake in Alphabet by 2.0% during the first quarter. Capital Research Global Investors now owns 35,558,778 shares of the information services provider’s stock worth $5,414,179,000 after buying an additional 684,968 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Alphabet by 4.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 14,657,421 shares of the information services provider’s stock valued at $2,688,743,000 after buying an additional 636,008 shares during the period. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on GOOG. TD Cowen increased their price target on shares of Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Scotiabank began coverage on Alphabet in a research note on Friday, October 11th. They issued a “sector outperform” rating and a $212.00 price target on the stock. Wolfe Research upgraded Alphabet to a “strong-buy” rating in a research report on Tuesday, July 16th. Oppenheimer decreased their target price on Alphabet from $210.00 to $185.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 25th. Finally, UBS Group dropped their target price on shares of Alphabet from $204.00 to $187.00 and set a “neutral” rating for the company in a report on Monday, October 7th. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Alphabet currently has an average rating of “Moderate Buy” and an average price target of $186.90.

Insider Activity

In related news, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $168.00, for a total value of $114,576.00. Following the transaction, the chief accounting officer now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Alphabet news, Director John L. Hennessy sold 700 shares of Alphabet stock in a transaction that occurred on 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. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $168.00, for a total value of $114,576.00. Following the transaction, the chief accounting officer now owns 31,334 shares in the company, 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. Over the last quarter, insiders sold 220,426 shares of company stock valued at $35,993,340. Company insiders own 12.99% of the company’s stock.

Alphabet Price Performance

GOOG stock opened at $165.80 on Tuesday. The company has a market capitalization of $2.05 trillion, a P/E ratio of 25.43, a PEG ratio of 1.21 and a beta of 1.04. The company has a fifty day moving average price of $163.21 and a 200-day moving average price of $169.86. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. Alphabet Inc. has a 52-week low of $121.46 and a 52-week high of $193.31.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping 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 business had revenue of $84.74 billion during the quarter, compared to analyst estimates of $84.22 billion. During the same period last year, the company earned $1.44 EPS. Alphabet’s revenue for the quarter was up 13.6% compared to the same quarter last year. As a group, equities analysts expect that Alphabet Inc. will post 7.64 EPS for the current 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.