Pinnacle West Asset Management Inc. Lowers Position in Alphabet Inc. $GOOGL

Pinnacle West Asset Management Inc. cut its stake in Alphabet Inc. (NASDAQ:GOOGL) by 1.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,985 shares of the information services provider’s stock after selling 180 shares during the period. Alphabet accounts for approximately 1.6% of Pinnacle West Asset Management Inc.’s portfolio, making the stock its 16th largest position. Pinnacle West Asset Management Inc.’s holdings in Alphabet were worth $2,288,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Agate Pass Investment Management LLC lifted its holdings in Alphabet by 0.6% in the second quarter. Agate Pass Investment Management LLC now owns 52,085 shares of the information services provider’s stock worth $9,179,000 after buying an additional 287 shares during the period. Zullo Investment Group Inc. increased its position in shares of Alphabet by 3.0% during the second quarter. Zullo Investment Group Inc. now owns 11,597 shares of the information services provider’s stock valued at $2,044,000 after acquiring an additional 333 shares in the last quarter. First Fiduciary Investment Counsel Inc. increased its position in shares of Alphabet by 1,163.1% during the second quarter. First Fiduciary Investment Counsel Inc. now owns 28,622 shares of the information services provider’s stock valued at $5,044,000 after acquiring an additional 26,356 shares in the last quarter. Blue Zone Wealth Advisors LLC increased its position in shares of Alphabet by 6.0% during the second quarter. Blue Zone Wealth Advisors LLC now owns 74,054 shares of the information services provider’s stock valued at $13,051,000 after acquiring an additional 4,161 shares in the last quarter. Finally, Strong Tower Advisory Services increased its position in shares of Alphabet by 0.6% during the second quarter. Strong Tower Advisory Services now owns 50,461 shares of the information services provider’s stock valued at $8,893,000 after acquiring an additional 308 shares in the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CAO Amie Thuener O’toole sold 2,778 shares of the business’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $250.05, for a total transaction of $694,638.90. Following the completion of the sale, the chief accounting officer owned 14,516 shares of the company’s stock, valued at $3,629,725.80. The trade was a 16.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John Kent Walker sold 17,816 shares of the business’s stock in a transaction on Monday, September 29th. The shares were sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the sale, the insider directly owned 42,985 shares of the company’s stock, valued at approximately $10,635,348.70. The trade was a 29.30% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 246,150 shares of company stock worth $55,805,379. Company insiders own 11.55% of the company’s stock.

Alphabet Trading Up 1.3%

NASDAQ:GOOGL opened at $256.55 on Tuesday. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $257.33. The company has a market cap of $3.10 trillion, a PE ratio of 27.32, a price-to-earnings-growth ratio of 1.71 and a beta of 1.00. The company has a 50 day simple moving average of $232.66 and a two-hundred day simple moving average of $192.92.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The business had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.60 billion. Research analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current year.

Wall Street Analysts Forecast Growth

GOOGL has been the subject of several analyst reports. The Goldman Sachs Group reissued a “buy” rating and set a $288.00 price target on shares of Alphabet in a research report on Tuesday, October 14th. Melius Research raised their price target on shares of Alphabet from $220.00 to $255.00 in a research report on Thursday, September 25th. Wall Street Zen downgraded shares of Alphabet from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Alphabet in a research report on Wednesday, September 3rd. Finally, Rosenblatt Securities raised their price target on shares of Alphabet from $191.00 to $224.00 and gave the company a “neutral” rating in a research report on Wednesday, September 3rd. Four investment analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, Alphabet has an average rating of “Moderate Buy” and an average target price of $255.86.

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.