Phoenix Financial Ltd. Sells 270,224 Shares of Alphabet Inc. $GOOGL

Phoenix Financial Ltd. lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 47.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 294,852 shares of the information services provider’s stock after selling 270,224 shares during the period. Phoenix Financial Ltd.’s holdings in Alphabet were worth $51,747,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Guardian Wealth Management Inc. raised its stake in Alphabet by 242.9% in the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider’s stock valued at $26,000 after acquiring an additional 119 shares during the period. von Borstel & Associates Inc. bought a new stake in Alphabet in the 1st quarter valued at $28,000. IMA Advisory Services Inc. bought a new stake in Alphabet in the 1st quarter valued at $28,000. NBZ Investment Advisors LLC raised its stake in Alphabet by 85.7% in the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock valued at $30,000 after acquiring an additional 90 shares during the period. Finally, Financial Gravity Asset Management Inc. bought a new stake in Alphabet in the 1st quarter valued at $39,000. Institutional investors own 40.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Phillip Securities cut Alphabet from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, September 8th. Loop Capital increased their price target on Alphabet from $190.00 to $260.00 and gave the company a “hold” rating in a research note on Friday, October 24th. Cantor Fitzgerald increased their price target on Alphabet from $265.00 to $310.00 and gave the company a “neutral” rating in a research note on Thursday. Evercore ISI increased their price target on Alphabet from $300.00 to $325.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Royal Bank Of Canada reaffirmed a “buy” rating on shares of Alphabet in a report on Thursday. Three investment analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and an average price target of $301.32.

Insider Activity at Alphabet

In other news, insider John Kent Walker sold 17,816 shares of the stock in a transaction on Monday, September 29th. The stock was 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 approximately $10,635,348.70. This represents a 29.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Amie Thuener O’toole sold 2,778 shares of the stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $250.05, for a total value of $694,638.90. Following the sale, the chief accounting officer directly owned 14,516 shares in the company, valued at approximately $3,629,725.80. This trade represents a 16.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 246,150 shares of company stock worth $55,805,379 in the last quarter. 11.64% of the stock is currently owned by corporate insiders.

Alphabet Stock Performance

Shares of NASDAQ GOOGL opened at $281.48 on Friday. 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 stock’s fifty day moving average price is $242.49 and its two-hundred day moving average price is $198.83. Alphabet Inc. has a one year low of $140.53 and a one year high of $291.59. The firm has a market cap of $3.40 trillion, a price-to-earnings ratio of 27.76, a P/E/G ratio of 1.86 and a beta of 1.00.

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, topping the consensus estimate 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 return on equity of 36.08% and a net margin of 32.23%. On average, equities analysts forecast that Alphabet Inc. will post 8.9 EPS for the current year.

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.