Alphabet Inc. $GOOGL Position Lessened by Chesapeake Wealth Management

Chesapeake Wealth Management trimmed its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 2.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,251 shares of the information services provider’s stock after selling 608 shares during the quarter. Alphabet comprises 1.5% of Chesapeake Wealth Management’s portfolio, making the stock its 19th largest holding. Chesapeake Wealth Management’s holdings in Alphabet were worth $4,450,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. IFG Advisors LLC raised its stake in shares of Alphabet by 2.3% in the 2nd quarter. IFG Advisors LLC now owns 12,955 shares of the information services provider’s stock worth $2,283,000 after buying an additional 295 shares in the last quarter. Essex LLC raised its stake in shares of Alphabet by 5.8% in the 2nd quarter. Essex LLC now owns 25,412 shares of the information services provider’s stock worth $4,478,000 after buying an additional 1,395 shares in the last quarter. Ritholtz Wealth Management raised its stake in shares of Alphabet by 6.7% in the 2nd quarter. Ritholtz Wealth Management now owns 138,560 shares of the information services provider’s stock worth $24,418,000 after buying an additional 8,740 shares in the last quarter. SFG Wealth Management LLC. raised its stake in shares of Alphabet by 5.8% in the 2nd quarter. SFG Wealth Management LLC. now owns 4,098 shares of the information services provider’s stock worth $722,000 after buying an additional 225 shares in the last quarter. Finally, Triton Wealth Management PLLC bought a new stake in shares of Alphabet in the 2nd quarter worth $835,000. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Stock Performance

Shares of GOOGL stock opened at $259.92 on Monday. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $261.68. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $3.14 trillion, a price-to-earnings ratio of 27.68, a P/E/G ratio of 1.75 and a beta of 1.00. The stock’s fifty day simple moving average is $236.72 and its 200-day simple moving average is $195.85.

Insider Activity

In related news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total transaction of $8,108,750.00. Following the completion of the sale, the chief executive officer directly owned 2,397,392 shares in the company, valued at approximately $598,149,304. This trade represents a 1.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Kent Walker sold 23,820 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the sale, the insider owned 42,999 shares of the company’s stock, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 246,150 shares of company stock worth $55,805,379. 11.55% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

GOOGL has been the topic of a number of research reports. Citizens Jmp boosted their price objective on Alphabet from $250.00 to $290.00 and gave the stock an “outperform” rating in a research note on Friday, September 19th. CIBC boosted their price objective on Alphabet to $315.00 in a research note on Monday, October 20th. BNP Paribas Exane increased their price objective on Alphabet from $187.00 to $247.00 and gave the company a “neutral” rating in a research report on Tuesday, October 21st. Oppenheimer increased their price objective on Alphabet from $270.00 to $300.00 and gave the company an “outperform” rating in a research report on Monday, October 20th. Finally, KeyCorp increased their price objective on Alphabet from $230.00 to $265.00 and gave the company an “overweight” rating in a research report on Wednesday, September 3rd. Four analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $263.55.

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.