Granite Group Advisors LLC Cuts Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Granite Group Advisors LLC lowered its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 0.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,447 shares of the information services provider’s stock after selling 60 shares during the quarter. Alphabet accounts for about 1.1% of Granite Group Advisors LLC’s investment portfolio, making the stock its 22nd biggest holding. Granite Group Advisors LLC’s holdings in Alphabet were worth $1,788,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of GOOGL. State Street Corp boosted its holdings in shares of Alphabet by 0.3% during the 3rd quarter. State Street Corp now owns 222,555,548 shares of the information services provider’s stock valued at $36,910,838,000 after acquiring an additional 743,369 shares during the last quarter. Geode Capital Management LLC lifted its position in Alphabet by 2.0% during the third quarter. Geode Capital Management LLC now owns 134,030,679 shares of the information services provider’s stock valued at $22,154,651,000 after purchasing an additional 2,626,431 shares during the period. JPMorgan Chase & Co. boosted its holdings in Alphabet by 7.7% in the third quarter. JPMorgan Chase & Co. now owns 63,667,407 shares of the information services provider’s stock worth $10,559,240,000 after purchasing an additional 4,567,275 shares during the last quarter. Fisher Asset Management LLC grew its position in Alphabet by 2.5% in the 3rd quarter. Fisher Asset Management LLC now owns 49,857,900 shares of the information services provider’s stock worth $8,268,933,000 after purchasing an additional 1,237,385 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Alphabet by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 37,233,079 shares of the information services provider’s stock valued at $6,175,106,000 after buying an additional 523,416 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $177.36, for a total transaction of $3,990,600.00. Following the transaction, the chief executive officer now owns 2,084,306 shares in the company, valued at $369,672,512.16. This represents a 1.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Frances Arnold sold 441 shares of Alphabet stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $171.06, for a total transaction of $75,437.46. Following the completion of the sale, the director now owns 16,490 shares of the company’s stock, valued at $2,820,779.40. This trade represents a 2.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 121,630 shares of company stock worth $22,258,133. Insiders own 11.55% of the company’s stock.

Alphabet Trading Up 1.6 %

NASDAQ:GOOGL opened at $204.02 on Friday. The stock has a market capitalization of $2.50 trillion, a price-to-earnings ratio of 27.06, a PEG ratio of 1.26 and a beta of 0.98. Alphabet Inc. has a 52 week low of $130.66 and a 52 week high of $205.48. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.04. The firm has a 50 day moving average of $188.97 and a 200 day moving average of $174.15.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on GOOGL shares. JMP Securities restated a “market perform” rating on shares of Alphabet in a research note on Monday, January 27th. BMO Capital Markets restated an “outperform” rating and set a $217.00 price target (up from $215.00) on shares of Alphabet in a research note on Wednesday, October 30th. JPMorgan Chase & Co. increased their price objective on shares of Alphabet from $212.00 to $232.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Sanford C. Bernstein boosted their target price on shares of Alphabet from $180.00 to $185.00 and gave the company a “market perform” rating in a research report on Wednesday, October 30th. Finally, Evercore ISI upped their target price on shares of Alphabet from $200.00 to $205.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Nine analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $211.00.

Alphabet Company 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.