Alphabet Inc. (NASDAQ:GOOG) Stake Cut by Wallington Asset Management LLC

Wallington Asset Management LLC cut its position in shares of Alphabet Inc. (NASDAQ:GOOGGet Rating) by 40.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,611 shares of the information services provider’s stock after selling 2,466 shares during the quarter. Alphabet accounts for about 1.6% of Wallington Asset Management LLC’s investment portfolio, making the stock its 27th largest holding. Wallington Asset Management LLC’s holdings in Alphabet were worth $7,899,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in GOOG. Vanguard Group Inc. increased its holdings in shares of Alphabet by 0.7% during the first quarter. Vanguard Group Inc. now owns 21,192,982 shares of the information services provider’s stock valued at $59,191,787,000 after purchasing an additional 157,098 shares during the period. BlackRock Inc. grew its holdings in Alphabet by 1.1% during the fourth quarter. BlackRock Inc. now owns 19,196,177 shares of the information services provider’s stock worth $55,545,866,000 after acquiring an additional 205,225 shares during the period. State Street Corp grew its holdings in Alphabet by 0.6% during the fourth quarter. State Street Corp now owns 10,608,366 shares of the information services provider’s stock worth $30,696,262,000 after acquiring an additional 58,955 shares during the period. Aaron Wealth Advisors LLC grew its holdings in Alphabet by 492,443.2% during the first quarter. Aaron Wealth Advisors LLC now owns 6,476,943 shares of the information services provider’s stock worth $2,319,000 after acquiring an additional 6,475,628 shares during the period. Finally, Capital World Investors increased its stake in Alphabet by 2.0% in the 1st quarter. Capital World Investors now owns 3,143,633 shares of the information services provider’s stock worth $8,780,439,000 after purchasing an additional 62,329 shares in the last quarter. 1.49% of the stock is currently owned by institutional investors.

Alphabet Stock Performance

Shares of NASDAQ GOOG opened at $100.01 on Thursday. The company has a quick ratio of 2.78, a current ratio of 2.81 and a debt-to-equity ratio of 0.06. The business’s 50 day moving average is $112.83 and its two-hundred day moving average is $118.61. The company has a market cap of $1.30 trillion, a P/E ratio of 18.61, a P/E/G ratio of 1.68 and a beta of 1.08. Alphabet Inc. has a 12 month low of $99.99 and a 12 month high of $152.10.

Alphabet (NASDAQ:GOOGGet Rating) last issued its quarterly earnings results on Tuesday, July 26th. The information services provider reported $1.21 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.06). The business had revenue of $57.47 billion during the quarter, compared to the consensus estimate of $57.55 billion. Alphabet had a return on equity of 28.65% and a net margin of 25.89%. During the same period in the prior year, the firm earned $27.26 earnings per share. On average, equities analysts expect that Alphabet Inc. will post 5.21 EPS for the current year.

Analysts Set New Price Targets

GOOG has been the topic of a number of analyst reports. Oppenheimer dropped their price target on Alphabet from $3,290.00 to $165.00 in a research note on Tuesday, July 19th. Credit Suisse Group set a $143.00 price objective on Alphabet in a research report on Tuesday, July 19th. Cowen decreased their price objective on Alphabet from $300.00 to $150.00 in a research report on Monday, July 25th. MKM Partners decreased their price objective on Alphabet from $165.00 to $140.00 and set a “buy” rating for the company in a research report on Monday, July 18th. Finally, Itau BBA Securities initiated coverage on Alphabet in a research report on Tuesday, July 26th. They set a “market perform” rating for the company. One investment analyst has rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $158.05.

Insiders Place Their Bets

In other Alphabet news, Director Ann Mather sold 20 shares of Alphabet stock in a transaction that occurred on Monday, June 27th. The stock was sold at an average price of $2,383.32, for a total value of $47,666.40. Following the transaction, the director now directly owns 565 shares of the company’s stock, valued at approximately $1,346,575.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director John L. Hennessy sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $110.00, for a total transaction of $165,000.00. Following the sale, the director now directly owns 33,260 shares in the company, valued at $3,658,600. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Ann Mather sold 20 shares of the business’s stock in a transaction that occurred on Monday, June 27th. The shares were sold at an average price of $2,383.32, for a total value of $47,666.40. Following the sale, the director now owns 565 shares in the company, valued at $1,346,575.80. The disclosure for this sale can be found here. Insiders have sold a total of 44,536 shares of company stock valued at $15,729,998 in the last three months. Company insiders own 12.99% of the company’s stock.

Alphabet Profile

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Alphabet Inc provides 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 offers products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

Further Reading

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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