Alphabet Inc. $GOOGL Stake Lowered by Lorne Steinberg Wealth Management Inc.

Lorne Steinberg Wealth Management Inc. reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 1.7% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 60,555 shares of the information services provider’s stock after selling 1,028 shares during the period. Alphabet makes up about 2.8% of Lorne Steinberg Wealth Management Inc.’s holdings, making the stock its 7th largest position. Lorne Steinberg Wealth Management Inc.’s holdings in Alphabet were worth $10,672,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in GOOGL. Nuveen LLC purchased a new stake in shares of Alphabet during the 1st quarter worth $4,317,606,000. Vanguard Group Inc. boosted its position 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 worth $78,839,544,000 after purchasing an additional 14,307,345 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of 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 worth $6,783,364,000 after purchasing an additional 4,473,901 shares in the last quarter. Amundi boosted its position in shares of Alphabet by 11.8% during 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 in the last quarter. 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 worth $619,163,000 after purchasing an additional 2,565,400 shares in the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Alphabet

In other news, CAO Amie Thuener O’toole sold 2,778 shares of the company’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $245.00, for a total transaction 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. This represents a 13.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John Kent Walker sold 23,820 shares of the company’s stock in a transaction dated 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 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. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 246,150 shares of company stock worth $55,805,379. Corporate insiders own 11.64% of the company’s stock.

Alphabet Price Performance

NASDAQ:GOOGL opened at $281.48 on Friday. The firm has a market cap of $3.40 trillion, a price-to-earnings ratio of 27.76, a price-to-earnings-growth ratio of 1.86 and a beta of 1.00. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The company’s 50-day moving average is $242.49 and its two-hundred day moving average is $198.83. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $291.59.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.29 by $0.58. The company had revenue of $102.35 billion for the quarter, compared to analyst estimates of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. Research analysts expect that Alphabet Inc. will post 8.9 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Needham & Company LLC boosted their price objective on shares of Alphabet from $260.00 to $330.00 and gave the stock a “buy” rating in a research report on Thursday. Tigress Financial boosted their price objective on shares of Alphabet from $240.00 to $280.00 and gave the stock a “strong-buy” rating in a research report on Friday, September 5th. Weiss Ratings reiterated a “buy (b)” rating on shares of Alphabet in a research report on Wednesday, October 8th. Robert W. Baird boosted their price objective on shares of Alphabet from $215.00 to $275.00 and gave the stock an “outperform” rating in a research report on Monday, September 22nd. Finally, Susquehanna boosted their price objective on shares of Alphabet from $225.00 to $350.00 and gave the stock a “positive” rating in a research report on Thursday. Three analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $301.32.

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.