Progressive Investment Management Corp Lowers Stake in Alphabet Inc. $GOOGL

Progressive Investment Management Corp reduced its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 2.3% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 21,234 shares of the information services provider’s stock after selling 492 shares during the period. Alphabet makes up 1.0% of Progressive Investment Management Corp’s investment portfolio, making the stock its 29th largest holding. Progressive Investment Management Corp’s holdings in Alphabet were worth $3,742,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Brighton Jones LLC boosted its holdings in shares of Alphabet by 3.9% in the fourth quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider’s stock valued at $20,886,000 after acquiring an additional 4,110 shares in the last quarter. Revolve Wealth Partners LLC lifted its stake in shares of Alphabet by 3.5% in the fourth quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider’s stock valued at $2,826,000 after purchasing an additional 506 shares during the period. Generate Investment Management Ltd lifted its stake in shares of Alphabet by 10.4% in the first quarter. Generate Investment Management Ltd now owns 219,377 shares of the information services provider’s stock valued at $33,924,000 after purchasing an additional 20,752 shares during the period. TigerOak Management L.L.C. lifted its stake in shares of Alphabet by 0.5% in the first quarter. TigerOak Management L.L.C. now owns 41,645 shares of the information services provider’s stock valued at $6,440,000 after purchasing an additional 197 shares during the period. Finally, New World Advisors LLC lifted its stake in shares of Alphabet by 18.9% in the first quarter. New World Advisors LLC now owns 4,591 shares of the information services provider’s stock valued at $710,000 after purchasing an additional 730 shares during the period. 40.03% of the stock is owned by hedge funds and other institutional investors.

Alphabet Stock Performance

NASDAQ:GOOGL opened at $267.47 on Wednesday. The firm has a 50 day simple moving average of $239.35 and a 200-day simple moving average of $197.43. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The firm has a market cap of $3.23 trillion, a PE ratio of 28.48, a P/E/G ratio of 1.82 and a beta of 1.00. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $270.73.

Wall Street Analyst Weigh In

Several brokerages recently commented on GOOGL. Oppenheimer raised their price objective on shares of Alphabet from $270.00 to $300.00 and gave the company an “outperform” rating in a research note on Monday, October 20th. Wedbush raised their price objective on shares of Alphabet from $245.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday, October 24th. Loop Capital raised their price objective on shares of Alphabet from $190.00 to $260.00 and gave the company a “hold” rating in a research note on Friday, October 24th. Truist Financial raised their price objective on shares of Alphabet from $225.00 to $285.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Finally, KeyCorp reiterated an “overweight” rating and issued a $300.00 price objective (up previously from $265.00) on shares of Alphabet in a research note on Monday. Three analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $264.34.

Insider Activity

In other news, CAO Amie Thuener O’toole sold 2,778 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the transaction, the chief accounting officer owned 17,293 shares of the company’s stock, valued at $4,236,785. The trade was a 13.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider John Kent Walker sold 23,820 shares of the business’s stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the transaction, the insider directly owned 42,999 shares of the company’s stock, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 246,150 shares of company stock valued at $55,805,379 over the last 90 days. Insiders own 11.55% of the company’s stock.

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.