Alphabet Inc. $GOOGL Shares Sold by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 0.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,901,597 shares of the information services provider’s stock after selling 22,155 shares during the period. Alphabet accounts for approximately 2.0% of Chevy Chase Trust Holdings LLC’s investment portfolio, making the stock its 8th biggest position. Chevy Chase Trust Holdings LLC’s holdings in Alphabet were worth $687,578,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Mystic Asset Management Inc. boosted its position in shares of Alphabet by 6.7% during the first quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider’s stock worth $4,400,000 after buying an additional 1,791 shares during the period. Harbour Trust & Investment Management Co raised its position in Alphabet by 0.3% in the 1st quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider’s stock valued at $4,187,000 after purchasing an additional 80 shares during the last quarter. Cypress Capital LLC raised its stake in shares of Alphabet by 4.1% during the first quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider’s stock worth $2,213,000 after purchasing an additional 563 shares during the last quarter. Bridgeway Capital Management LLC lifted its holdings in shares of Alphabet by 17.9% in the 1st quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider’s stock valued at $13,637,000 after buying an additional 13,371 shares during the period. Finally, Alaethes Wealth LLC grew its position in Alphabet by 1.1% during the first quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider’s stock worth $1,182,000 after buying an additional 84 shares during the period. Institutional investors and hedge funds own 40.03% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on GOOGL. Wolfe Research increased their target price on Alphabet from $220.00 to $290.00 in a report on Tuesday, September 30th. Moffett Nathanson raised their target price on Alphabet from $230.00 to $295.00 and gave the company a “buy” rating in a research note on Thursday, September 25th. Citigroup raised their price objective on Alphabet from $225.00 to $280.00 and gave the stock a “buy” rating in a research note on Monday, September 15th. Wells Fargo & Company set a $236.00 price objective on Alphabet and gave the stock an “equal weight” rating in a research report on Tuesday, October 7th. Finally, Bank of America upped their price objective on Alphabet from $252.00 to $280.00 and gave the company a “buy” rating in a report on Monday, October 20th. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, Alphabet has a consensus rating of “Moderate Buy” and an average target price of $264.34.

Alphabet Price Performance

NASDAQ GOOGL opened at $269.27 on Tuesday. The company has a 50 day moving average price of $238.03 and a two-hundred day moving average price of $196.63. The company has a quick ratio of 1.90, a current 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 $270.14. The stock has a market capitalization of $3.26 trillion, a PE ratio of 28.68, a price-to-earnings-growth ratio of 1.75 and a beta of 1.00.

Insider Buying and Selling

In related news, Director John L. Hennessy sold 600 shares of the company’s stock in a transaction on Monday, October 13th. The shares were sold at an average price of $242.92, for a total transaction of $145,752.00. Following the completion of the transaction, the director directly owned 5,116 shares in the company, valued at $1,242,778.72. This represents a 10.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Frances Arnold sold 103 shares of the company’s stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $243.13, for a total transaction of $25,042.39. Following the transaction, the director directly owned 17,284 shares of the company’s stock, valued at $4,202,258.92. This represents a 0.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 246,150 shares of company stock valued at $55,805,379 in the last quarter. Insiders own 11.64% of the company’s stock.

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.