Concord Wealth Partners Reduces Stake in Alphabet Inc. (NASDAQ:GOOG)

Concord Wealth Partners lowered its holdings in Alphabet Inc. (NASDAQ:GOOG) by 13.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 12,770 shares of the information services provider’s stock after selling 1,991 shares during the quarter. Concord Wealth Partners’ holdings in Alphabet were worth $2,432,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Czech National Bank grew its stake in shares of Alphabet by 5.1% in the 3rd quarter. Czech National Bank now owns 978,396 shares of the information services provider’s stock valued at $163,578,000 after purchasing an additional 47,171 shares during the last quarter. Atwood & Palmer Inc. boosted its stake in shares of Alphabet by 1.5% in the third quarter. Atwood & Palmer Inc. now owns 246,113 shares of the information services provider’s stock valued at $41,148,000 after buying an additional 3,531 shares in the last quarter. Greenfield Savings Bank boosted its stake in shares of Alphabet by 1.4% in the third quarter. Greenfield Savings Bank now owns 25,001 shares of the information services provider’s stock valued at $4,180,000 after buying an additional 356 shares in the last quarter. Bath Savings Trust Co boosted its stake in shares of Alphabet by 2.8% in the third quarter. Bath Savings Trust Co now owns 13,050 shares of the information services provider’s stock valued at $2,182,000 after buying an additional 350 shares in the last quarter. Finally, Pacifica Partners Inc. boosted its stake in shares of Alphabet by 2.7% in the third quarter. Pacifica Partners Inc. now owns 57,285 shares of the information services provider’s stock valued at $9,578,000 after buying an additional 1,513 shares in the last quarter. 27.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 1,340 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $202.08, for a total transaction of $270,787.20. Following the completion of the sale, the chief accounting officer now owns 17,848 shares of the company’s stock, valued at approximately $3,606,723.84. The trade was a 6.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $176.67, for a total value of $3,975,075.00. Following the sale, the chief executive officer now directly owns 2,061,806 shares of the company’s stock, valued at approximately $364,259,266.02. This trade represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 100,029 shares of company stock valued at $18,462,883. Company insiders own 12.99% of the company’s stock.

Alphabet Stock Performance

Alphabet stock opened at $207.71 on Wednesday. The firm has a market capitalization of $2.54 trillion, a P/E ratio of 27.55, a PEG ratio of 1.32 and a beta of 1.00. The stock has a fifty day moving average price of $191.14 and a 200 day moving average price of $175.71. Alphabet Inc. has a 52 week low of $131.55 and a 52 week high of $208.70. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOG) last released its earnings results on Tuesday, February 4th. The information services provider reported $2.15 EPS for the quarter, beating the consensus estimate of $2.12 by $0.03. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. Equities research analysts anticipate that Alphabet Inc. will post 8.02 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on GOOG shares. Scotiabank lifted their price target on Alphabet from $212.00 to $240.00 and gave the company a “sector outperform” rating in a research note on Friday, January 24th. Phillip Securities upgraded Alphabet to a “strong-buy” rating in a research note on Friday, November 1st. Barclays boosted their target price on Alphabet from $200.00 to $220.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Seaport Res Ptn upgraded Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. boosted their target price on Alphabet from $208.00 to $212.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Six equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $209.13.

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.