Riverbend Wealth Management LLC Sells 1,238 Shares of Alphabet Inc. $GOOGL

Riverbend Wealth Management LLC lowered its stake in Alphabet Inc. (NASDAQ:GOOGL) by 9.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,308 shares of the information services provider’s stock after selling 1,238 shares during the period. Alphabet accounts for approximately 1.6% of Riverbend Wealth Management LLC’s holdings, making the stock its 15th biggest holding. Riverbend Wealth Management LLC’s holdings in Alphabet were worth $2,169,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Nuveen LLC purchased a new position in shares of Alphabet in the 1st quarter worth about $4,317,606,000. Vanguard Group Inc. grew its stake in shares of Alphabet by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider’s stock valued at $78,839,544,000 after acquiring an additional 14,307,345 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Alphabet by 11.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider’s stock worth $6,783,364,000 after purchasing an additional 4,473,901 shares during the period. Amundi boosted its stake in Alphabet by 11.8% in the 1st quarter. Amundi now owns 33,403,871 shares of the information services provider’s stock worth $5,034,992,000 after purchasing an additional 3,537,173 shares during the period. Finally, Evergreen Quality Fund GP Ltd. boosted its position in shares of Alphabet by 178.3% during the 1st quarter. Evergreen Quality Fund GP Ltd. now owns 4,003,900 shares of the information services provider’s stock valued at $619,163,000 after acquiring an additional 2,565,400 shares during the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Alphabet Stock Performance

Alphabet stock opened at $269.27 on Tuesday. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $270.14. The stock has a fifty day moving average of $238.03 and a two-hundred day moving average of $196.63. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The company has a market capitalization of $3.26 trillion, a price-to-earnings ratio of 28.68, a PEG ratio of 1.75 and a beta of 1.00.

Wall Street Analyst Weigh In

A number of analysts have weighed in on GOOGL shares. Morgan Stanley set a $270.00 target price on Alphabet and gave the stock an “overweight” rating in a research note on Thursday, October 2nd. JMP Securities reiterated a “market outperform” rating and set a $290.00 price target on shares of Alphabet in a research report on Wednesday, October 22nd. KeyCorp reiterated an “overweight” rating and set a $300.00 price target (up from $265.00) on shares of Alphabet in a research report on Monday. Wall Street Zen lowered Alphabet from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. Finally, Phillip Securities downgraded Alphabet from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, September 8th. Four research analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and a consensus price target of $264.34.

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total value of $8,108,750.00. Following the transaction, the chief executive officer 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 can be accessed through the SEC website. Also, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction dated 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 directly owned 42,999 shares in the company, valued at approximately $8,371,905.30. The trade was a 35.65% decrease in their ownership of the stock. 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. 11.64% of the stock is owned by insiders.

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.