Manitou Investment Management Ltd. Cuts Stock Holdings in Alphabet Inc. $GOOGL

Manitou Investment Management Ltd. reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 0.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 334,303 shares of the information services provider’s stock after selling 1,824 shares during the period. Alphabet accounts for approximately 11.2% of Manitou Investment Management Ltd.’s portfolio, making the stock its 2nd biggest holding. Manitou Investment Management Ltd.’s holdings in Alphabet were worth $58,914,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. GFS Advisors LLC bought a new position in Alphabet during the second quarter valued at about $24,626,000. Apollon Wealth Management LLC raised its holdings in Alphabet by 1.6% during the second quarter. Apollon Wealth Management LLC now owns 277,140 shares of the information services provider’s stock valued at $48,840,000 after buying an additional 4,342 shares in the last quarter. Hemington Wealth Management raised its holdings in Alphabet by 2.6% during the second quarter. Hemington Wealth Management now owns 7,029 shares of the information services provider’s stock valued at $1,238,000 after buying an additional 179 shares in the last quarter. Fifth Third Wealth Advisors LLC raised its holdings in Alphabet by 11.8% during the second quarter. Fifth Third Wealth Advisors LLC now owns 219,024 shares of the information services provider’s stock valued at $38,599,000 after buying an additional 23,059 shares in the last quarter. Finally, Milestones Administradora de Recursos Ltda. raised its holdings in Alphabet by 44.9% during the second quarter. Milestones Administradora de Recursos Ltda. now owns 146,272 shares of the information services provider’s stock valued at $25,778,000 after buying an additional 45,297 shares in the last quarter. 40.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on GOOGL shares. Cantor Fitzgerald raised their target price on Alphabet from $201.00 to $265.00 and gave the company a “neutral” rating in a report on Monday, October 13th. Wedbush raised their price target on Alphabet from $225.00 to $245.00 and gave the company an “outperform” rating in a research report on Wednesday, September 3rd. The Goldman Sachs Group reissued a “buy” rating and set a $288.00 target price on shares of Alphabet in a research report on Tuesday, October 14th. Hsbc Global Res raised Alphabet to a “strong-buy” rating in a research report on Tuesday, October 7th. Finally, Canaccord Genuity Group lifted their target price on Alphabet from $230.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday, September 4th. Four research analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $257.60.

Insider Buying and Selling

In related news, CAO Amie Thuener O’toole sold 2,778 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the transaction, the chief accounting officer owned 17,293 shares in the company, valued at $4,236,785. The trade was a 13.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider John Kent Walker sold 23,820 shares of the business’s stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the transaction, the insider owned 42,999 shares of the company’s stock, valued at $8,371,905.30. This trade represents a 35.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold 246,150 shares of company stock worth $55,805,379 in the last quarter. Insiders own 11.55% of the company’s stock.

Alphabet Stock Down 2.4%

Shares of GOOGL opened at $250.46 on Wednesday. The business’s 50 day simple moving average is $233.60 and its 200-day simple moving average is $193.31. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The company has a market capitalization of $3.03 trillion, a P/E ratio of 26.67, a PEG ratio of 1.74 and a beta of 1.00. Alphabet Inc. has a one year low of $140.53 and a one year high of $257.33.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping the consensus estimate of $2.15 by $0.16. The company had revenue of $96.43 billion for the quarter, compared to analysts’ expectations of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. As a group, sell-side analysts predict that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

About Alphabet

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.