Alphabet Inc. $GOOGL Shares Sold by Otter Creek Advisors LLC

Otter Creek Advisors LLC lowered its stake in Alphabet Inc. (NASDAQ:GOOGL) by 69.4% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,818 shares of the information services provider’s stock after selling 17,697 shares during the period. Otter Creek Advisors LLC’s holdings in Alphabet were worth $1,378,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Manchester Financial Inc. grew its holdings in shares of Alphabet by 38.9% in the 2nd quarter. Manchester Financial Inc. now owns 3,891 shares of the information services provider’s stock worth $686,000 after acquiring an additional 1,089 shares during the last quarter. Koshinski Asset Management Inc. boosted its position in shares of Alphabet by 1.0% in the 2nd quarter. Koshinski Asset Management Inc. now owns 33,383 shares of the information services provider’s stock valued at $5,883,000 after purchasing an additional 337 shares during the period. Citizens Business Bank increased its stake in Alphabet by 1.7% in the 2nd quarter. Citizens Business Bank now owns 31,995 shares of the information services provider’s stock worth $5,638,000 after purchasing an additional 540 shares in the last quarter. Curbstone Financial Management Corp raised its holdings in Alphabet by 19.2% during the 2nd quarter. Curbstone Financial Management Corp now owns 9,048 shares of the information services provider’s stock worth $1,594,000 after buying an additional 1,456 shares during the period. Finally, Kanawha Capital Management LLC lifted its stake in Alphabet by 1.1% during the second quarter. Kanawha Capital Management LLC now owns 158,850 shares of the information services provider’s stock valued at $27,994,000 after buying an additional 1,652 shares in the last quarter. 40.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on GOOGL shares. Tigress Financial raised their target price on shares of Alphabet from $240.00 to $280.00 and gave the stock a “strong-buy” rating in a report on Friday, September 5th. Wolfe Research raised their price objective on shares of Alphabet from $220.00 to $290.00 in a research note on Tuesday, September 30th. Wedbush lifted their price objective on shares of Alphabet from $245.00 to $260.00 and gave the stock an “outperform” rating in a research report on Friday, October 24th. Mizuho set a $295.00 price objective on shares of Alphabet and gave the stock an “outperform” rating in a research report on Monday, September 29th. Finally, Hsbc Global Res upgraded shares of Alphabet to a “strong-buy” rating in a research report on Tuesday, October 7th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $264.34.

Insider Activity at Alphabet

In other Alphabet news, Director John L. Hennessy sold 600 shares of Alphabet 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 sale, the director owned 5,116 shares of the company’s stock, valued at $1,242,778.72. This trade represents a 10.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider John Kent Walker sold 17,816 shares of Alphabet 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 $10,635,348.70. This trade represents a 29.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 246,150 shares of company stock worth $55,805,379. 11.55% of the stock is currently owned by company insiders.

Alphabet Trading Down 0.7%

Shares of NASDAQ:GOOGL opened at $267.47 on Wednesday. The firm has a fifty day moving average of $239.35 and a two-hundred day moving average of $197.43. The firm has a market capitalization of $3.23 trillion, a P/E ratio of 28.48, a price-to-earnings-growth ratio of 1.82 and a beta of 1.00. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $270.73. 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 Company 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.