Weaver Capital Management LLC Cuts Holdings in Alphabet Inc. (NASDAQ:GOOG)

Weaver Capital Management LLC lowered its holdings in Alphabet Inc. (NASDAQ:GOOG) by 28.9% in the 3rd quarter, Holdings Channel reports. The firm owned 14,012 shares of the information services provider’s stock after selling 5,707 shares during the period. Weaver Capital Management LLC’s holdings in Alphabet were worth $2,343,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Community Trust & Investment Co. increased its holdings in Alphabet by 0.6% in the 3rd quarter. Community Trust & Investment Co. now owns 396,587 shares of the information services provider’s stock worth $66,305,000 after buying an additional 2,229 shares in the last quarter. Mainsail Financial Group LLC boosted its holdings in shares of Alphabet by 12.8% during the 3rd quarter. Mainsail Financial Group LLC now owns 9,813 shares of the information services provider’s stock valued at $1,600,000 after acquiring an additional 1,117 shares during the last quarter. Narwhal Capital Management raised its holdings in shares of Alphabet by 3.5% during the third quarter. Narwhal Capital Management now owns 301,771 shares of the information services provider’s stock valued at $50,453,000 after purchasing an additional 10,240 shares during the last quarter. Leo Wealth LLC lifted its position in Alphabet by 14.3% during the third quarter. Leo Wealth LLC now owns 22,217 shares of the information services provider’s stock valued at $3,714,000 after purchasing an additional 2,782 shares during the period. Finally, Eastern Bank boosted its holdings in Alphabet by 401.8% in the third quarter. Eastern Bank now owns 80,674 shares of the information services provider’s stock worth $13,488,000 after purchasing an additional 64,597 shares during the last quarter. 27.26% of the stock is owned by institutional investors.

Alphabet Price Performance

NASDAQ GOOG opened at $164.48 on Thursday. The stock has a market cap of $2.03 trillion, a price-to-earnings ratio of 25.23, a PEG ratio of 1.21 and a beta of 1.04. Alphabet Inc. has a 12 month low of $121.46 and a 12 month high of $193.31. The company’s 50 day moving average is $163.28 and its two-hundred day moving average is $169.92. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Rosenblatt Securities lowered shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 target price for the company. in a research note on Friday, June 28th. Oppenheimer reduced their price objective on Alphabet from $210.00 to $185.00 and set an “outperform” rating for the company in a research report on Wednesday, September 25th. Scotiabank started coverage on Alphabet in a research report on Friday, October 11th. They issued a “sector outperform” rating and a $212.00 target price on the stock. UBS Group reduced their price target on shares of Alphabet from $204.00 to $187.00 and set a “neutral” rating for the company in a research report on Monday, October 7th. Finally, Pivotal Research initiated coverage on shares of Alphabet in a report on Tuesday, October 1st. They issued a “buy” rating and a $215.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Alphabet currently has an average rating of “Moderate Buy” and a consensus target price of $186.90.

Insiders Place Their Bets

In other news, CAO Amie Thuener O’toole sold 682 shares of the business’s 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 transaction, the chief accounting officer now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 transaction of $114,576.00. Following the sale, the chief accounting officer now owns 31,334 shares of the company’s stock, valued at approximately $5,264,112. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $166.30, for a total value of $3,741,750.00. Following the completion of the transaction, the chief executive officer now owns 2,106,806 shares of the company’s stock, valued at $350,361,837.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 220,426 shares of company stock worth $35,993,340. Corporate insiders own 12.99% of the company’s stock.

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.