Pinnacle Associates Ltd. Sells 1,362 Shares of Alphabet Inc. (NASDAQ:GOOG)

Pinnacle Associates Ltd. cut its holdings in Alphabet Inc. (NASDAQ:GOOGFree Report) by 0.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 408,873 shares of the information services provider’s stock after selling 1,362 shares during the period. Alphabet accounts for approximately 1.0% of Pinnacle Associates Ltd.’s portfolio, making the stock its 14th biggest holding. Pinnacle Associates Ltd.’s holdings in Alphabet were worth $57,623,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Tandem Wealth Advisors LLC acquired a new stake in Alphabet during the third quarter valued at approximately $25,000. Bruce G. Allen Investments LLC acquired a new stake in Alphabet during the fourth quarter valued at approximately $26,000. HWG Holdings LP acquired a new stake in Alphabet during the second quarter valued at approximately $26,000. Intrepid Capital Management Inc. acquired a new stake in Alphabet during the second quarter valued at approximately $31,000. Finally, Buck Wealth Strategies LLC acquired a new position in shares of Alphabet in the 3rd quarter worth approximately $32,000. 27.26% of the stock is currently owned by institutional investors.

Alphabet Stock Up 0.2 %

NASDAQ:GOOG opened at $152.26 on Monday. The stock’s fifty day moving average price is $144.98 and its two-hundred day moving average price is $139.60. Alphabet Inc. has a 52-week low of $100.29 and a 52-week high of $155.20. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.10 and a current ratio of 2.10. The company has a market cap of $1.89 trillion, a price-to-earnings ratio of 26.25, a P/E/G ratio of 1.41 and a beta of 1.05.

Alphabet (NASDAQ:GOOGGet Free Report) last posted its quarterly earnings data on Tuesday, January 30th. The information services provider reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.04. The firm had revenue of $86.31 billion for the quarter, compared to the consensus estimate of $85.28 billion. Alphabet had a return on equity of 27.22% and a net margin of 24.01%. The business’s revenue for the quarter was up 13.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.05 EPS. On average, analysts anticipate that Alphabet Inc. will post 6.77 EPS for the current year.

Insider Buying and Selling at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 425 shares of the company’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $139.61, for a total transaction of $59,334.25. Following the completion of the sale, the chief accounting officer now owns 27,259 shares in the company, valued at approximately $3,805,628.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Alphabet news, CAO Amie Thuener O’toole sold 425 shares of the company’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $139.61, for a total transaction of $59,334.25. Following the completion of the sale, the chief accounting officer now owns 27,259 shares in the company, valued at approximately $3,805,628.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Prabhakar Raghavan sold 16,088 shares of the company’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $139.10, for a total transaction of $2,237,840.80. Following the sale, the senior vice president now owns 52,440 shares of the company’s stock, valued at approximately $7,294,404. The disclosure for this sale can be found here. In the last 90 days, insiders sold 263,312 shares of company stock worth $37,268,315. Insiders own 12.99% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Raymond James boosted their target price on Alphabet from $150.00 to $160.00 and gave the stock an “outperform” rating in a report on Wednesday, January 24th. Susquehanna upped their price objective on Alphabet from $150.00 to $170.00 and gave the stock a “positive” rating in a report on Wednesday, January 31st. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $146.33.

Get Our Latest Analysis on Alphabet

Alphabet Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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