Wealth Effects LLC Sells 1,644 Shares of Alphabet Inc. (NASDAQ:GOOG)

Wealth Effects LLC trimmed its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 23.2% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 5,446 shares of the information services provider’s stock after selling 1,644 shares during the period. Wealth Effects LLC’s holdings in Alphabet were worth $911,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Abich Financial Wealth Management LLC increased its stake in shares of Alphabet by 9,200.0% in the second quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock worth $34,000 after buying an additional 184 shares during the period. 1620 Investment Advisors Inc. purchased a new position in shares of Alphabet in the second quarter valued at about $37,000. HWG Holdings LP bought a new position in shares of Alphabet during the second quarter valued at about $40,000. Slocum Gordon & Co LLP purchased a new stake in shares of Alphabet during the second quarter worth about $44,000. Finally, Hoese & Co LLP grew its stake in shares of Alphabet by 62.5% in the second quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock worth $45,000 after purchasing an additional 100 shares during the last quarter. 27.26% of the stock is owned by institutional investors.

Analysts Set New Price Targets

GOOG has been the subject of a number of recent analyst reports. UBS Group lowered their price target on Alphabet from $204.00 to $187.00 and set a “neutral” rating for the company in a research report on Monday, October 7th. Oppenheimer dropped their price target on Alphabet from $210.00 to $185.00 and set an “outperform” rating for the company in a research note on Wednesday, September 25th. Scotiabank started coverage on shares of Alphabet in a research report on Friday, October 11th. They set a “sector outperform” rating and a $212.00 price objective on the stock. TD Cowen increased their target price on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Wednesday, July 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 company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $186.90.

Alphabet Stock Performance

Shares of GOOG opened at $165.80 on Tuesday. The company has a market cap of $2.05 trillion, a price-to-earnings ratio of 25.43, a P/E/G ratio of 1.21 and a beta of 1.04. The business’s fifty day simple moving average is $163.21 and its two-hundred day simple moving average is $169.86. Alphabet Inc. has a 12 month low of $121.46 and a 12 month high of $193.31. 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 released its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 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 company 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 EPS. Alphabet’s revenue for the quarter was up 13.6% on a year-over-year basis. Research analysts anticipate that Alphabet Inc. will post 7.64 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $168.00, for a total transaction of $114,576.00. Following the completion of 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $168.00, for a total transaction 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. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $162.35, for a total value of $3,652,875.00. Following the transaction, the chief executive officer now directly owns 2,182,385 shares in the company, valued at $354,310,204.75. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 220,426 shares of company stock valued at $35,993,340 in the last 90 days. 12.99% of the stock is currently owned by 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.