Precedent Wealth Partners LLC Sells 204 Shares of Alphabet Inc. (NASDAQ:GOOG)

Precedent Wealth Partners LLC reduced its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 5.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,388 shares of the information services provider’s stock after selling 204 shares during the period. Precedent Wealth Partners LLC’s holdings in Alphabet were worth $645,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. M&G PLC purchased a new position in Alphabet in the 3rd quarter worth $2,240,000. Coldstream Capital Management Inc. increased its holdings in shares of Alphabet by 14.4% in the third quarter. Coldstream Capital Management Inc. now owns 116,776 shares of the information services provider’s stock worth $19,642,000 after buying an additional 14,738 shares during the period. Metis Global Partners LLC lifted its stake in shares of Alphabet by 1.4% in the 3rd quarter. Metis Global Partners LLC now owns 301,980 shares of the information services provider’s stock valued at $50,488,000 after acquiring an additional 4,292 shares during the last quarter. Stevens Capital Management LP boosted its holdings in Alphabet by 172.9% during the 3rd quarter. Stevens Capital Management LP now owns 91,237 shares of the information services provider’s stock valued at $15,254,000 after acquiring an additional 57,810 shares during the period. Finally, Verdence Capital Advisors LLC grew its position in Alphabet by 10.2% during the 3rd quarter. Verdence Capital Advisors LLC now owns 63,545 shares of the information services provider’s stock worth $10,624,000 after acquiring an additional 5,892 shares during the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Alphabet Stock Up 1.7 %

Shares of Alphabet stock opened at $197.07 on Wednesday. Alphabet Inc. has a 1 year low of $131.55 and a 1 year high of $203.84. The firm has a market cap of $2.41 trillion, a price-to-earnings ratio of 26.14, a PEG ratio of 1.27 and a beta of 0.99. The company has a 50-day moving average of $188.29 and a 200 day moving average of $175.13. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The business had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $86.39 billion. During the same quarter last year, the firm earned $1.55 earnings per share. The business’s revenue for the quarter was up 15.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Alphabet Inc. will post 8.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Frances Arnold sold 441 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $171.06, for a total value of $75,437.46. Following the transaction, the director now owns 16,490 shares in the company, valued at approximately $2,820,779.40. This represents a 2.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now owns 2,084,306 shares in the company, valued at approximately $369,672,512.16. The trade was a 1.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 122,887 shares of company stock worth $22,470,464 in the last 90 days. Insiders own 12.99% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on GOOG shares. Oppenheimer boosted their price objective on Alphabet from $185.00 to $215.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Phillip Securities raised shares of Alphabet to a “strong-buy” rating in a research report on Friday, November 1st. Wells Fargo & Company raised their price target on shares of Alphabet from $182.00 to $187.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Canaccord Genuity Group increased their target price on shares of Alphabet from $220.00 to $225.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Jefferies Financial Group boosted their price target on Alphabet from $220.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Six equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $205.13.

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.