Palouse Capital Management Inc. Cuts Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Palouse Capital Management Inc. reduced its position in Alphabet Inc. (NASDAQ:GOOGL) by 6.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,280 shares of the information services provider’s stock after selling 930 shares during the quarter. Palouse Capital Management Inc.’s holdings in Alphabet were worth $1,590,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in Alphabet by 1,919.4% during the 3rd quarter. Vanguard Group Inc. now owns 477,035,902 shares of the information services provider’s stock valued at $45,628,484,000 after acquiring an additional 453,413,389 shares during the period. State Street Corp raised its position in Alphabet by 1,900.6% during the 3rd quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock valued at $20,770,809,000 after purchasing an additional 206,300,042 shares during the last quarter. Moneta Group Investment Advisors LLC raised its position in Alphabet by 111,197.8% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 170,420,243 shares of the information services provider’s stock valued at $15,036,178,000 after purchasing an additional 170,267,122 shares during the last quarter. Geode Capital Management LLC raised its position in Alphabet by 1.3% during the 1st quarter. Geode Capital Management LLC now owns 118,576,618 shares of the information services provider’s stock valued at $12,271,705,000 after purchasing an additional 1,499,107 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in Alphabet by 1,759.2% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 116,116,066 shares of the information services provider’s stock valued at $11,106,502,000 after purchasing an additional 109,870,525 shares during the last quarter. 35.08% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Performance

GOOGL stock opened at $135.31 on Monday. The company has a market cap of $1.69 trillion, a P/E ratio of 25.97, a price-to-earnings-growth ratio of 1.51 and a beta of 1.05. Alphabet Inc. has a 1 year low of $84.86 and a 1 year high of $141.22. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.04 and a quick ratio of 2.01. The stock’s fifty day moving average price is $133.44 and its 200-day moving average price is $127.65.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Tuesday, October 24th. The information services provider reported $1.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.10. The firm had revenue of $64.05 billion for the quarter, compared to the consensus estimate of $63.13 billion. Alphabet had a return on equity of 25.24% and a net margin of 22.46%. On average, equities analysts forecast that Alphabet Inc. will post 5.74 earnings per share for the current year.

Analyst Ratings Changes

GOOGL has been the subject of a number of recent analyst reports. Bank of America upped their price target on Alphabet from $142.00 to $146.00 and gave the company a “buy” rating in a research report on Wednesday, October 4th. Roth Mkm upped their price target on Alphabet from $146.00 to $152.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Mizuho upped their price target on Alphabet from $135.00 to $155.00 in a research report on Wednesday, July 26th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $155.00 price target on shares of Alphabet in a research report on Wednesday, October 25th. Finally, KeyCorp decreased their target price on Alphabet from $155.00 to $153.00 and set an “overweight” rating for the company in a research report on Wednesday, October 25th. Five analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Alphabet presently has a consensus rating of “Moderate Buy” and an average price target of $147.00.

Insider Activity at Alphabet

In related news, Director John L. Hennessy sold 200 shares of Alphabet stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $139.93, for a total transaction of $27,986.00. Following the transaction, the director now directly owns 7,384 shares in the company, valued at $1,033,243.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 3,749 shares of the firm’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $136.28, for a total transaction of $510,913.72. Following the sale, the chief accounting officer now directly owns 25,568 shares of the company’s stock, valued at $3,484,407.04. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John L. Hennessy sold 200 shares of the firm’s stock in a transaction dated Tuesday, October 10th. The shares were sold at an average price of $139.93, for a total value of $27,986.00. Following the sale, the director now directly owns 7,384 shares in the company, valued at $1,033,243.12. The disclosure for this sale can be found here. Over the last three months, insiders have sold 176,576 shares of company stock worth $23,425,367. Corporate insiders own 0.88% of the company’s stock.

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, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.