CapWealth Advisors LLC Cuts Stake in Alphabet Inc. $GOOGL

CapWealth Advisors LLC lowered its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 8.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 52,238 shares of the information services provider’s stock after selling 4,855 shares during the quarter. CapWealth Advisors LLC’s holdings in Alphabet were worth $9,206,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Nuveen LLC purchased a new position in Alphabet during the 1st quarter valued at approximately $4,317,606,000. Vanguard Group Inc. grew its holdings in 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 buying an additional 14,307,345 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Alphabet by 11.4% during 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 valued at $6,783,364,000 after buying an additional 4,473,901 shares in the last quarter. Amundi grew its holdings in Alphabet by 11.8% during the 1st quarter. Amundi now owns 33,403,871 shares of the information services provider’s stock valued at $5,034,992,000 after buying an additional 3,537,173 shares in the last quarter. Finally, Evergreen Quality Fund GP Ltd. grew its holdings in 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 buying an additional 2,565,400 shares in the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Insider Buying and Selling at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $250.15, for a total transaction of $8,129,875.00. Following the completion of the sale, the chief executive officer directly owned 2,369,619 shares of the company’s stock, valued at $592,760,192.85. The trade was a 1.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 value of $145,752.00. Following the sale, the director directly owned 5,116 shares of the company’s stock, valued at approximately $1,242,778.72. This trade represents a 10.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 246,150 shares of company stock worth $55,805,379 over the last quarter. Insiders own 11.55% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on GOOGL. BNP Paribas Exane lifted their target price on Alphabet from $187.00 to $247.00 and gave the stock a “neutral” rating in a report on Tuesday, October 21st. JMP Securities reiterated a “market outperform” rating and issued a $290.00 target price on shares of Alphabet in a report on Wednesday, October 22nd. Melius Research lifted their target price on Alphabet from $220.00 to $255.00 in a report on Thursday, September 25th. Barclays lifted their target price on Alphabet from $235.00 to $250.00 and gave the stock an “overweight” rating in a report on Wednesday, September 3rd. Finally, Loop Capital lifted their target price on Alphabet from $190.00 to $260.00 and gave the stock a “hold” rating in a report on Friday, October 24th. Three analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $264.34.

Alphabet Price Performance

Shares of GOOGL stock opened at $267.47 on Wednesday. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $270.73. 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 firm has a market capitalization of $3.23 trillion, a P/E ratio of 28.48, a P/E/G ratio of 1.82 and a beta of 1.00. The stock has a 50 day moving average price of $239.35 and a 200 day moving average price of $197.43.

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.