Alphabet Inc. $GOOGL is Beech Hill Advisors Inc.’s 3rd Largest Position

Beech Hill Advisors Inc. trimmed its stake in Alphabet Inc. (NASDAQ:GOOGL) by 27.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 43,147 shares of the information services provider’s stock after selling 16,145 shares during the quarter. Alphabet accounts for 3.4% of Beech Hill Advisors Inc.’s portfolio, making the stock its 3rd largest position. Beech Hill Advisors Inc.’s holdings in Alphabet were worth $7,604,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Smith Thornton Advisors LLC lifted its position in shares of Alphabet by 9.0% in the second quarter. Smith Thornton Advisors LLC now owns 19,829 shares of the information services provider’s stock worth $3,495,000 after purchasing an additional 1,639 shares in the last quarter. IMG Wealth Management Inc. lifted its position in shares of Alphabet by 115.2% in the second quarter. IMG Wealth Management Inc. now owns 723 shares of the information services provider’s stock worth $127,000 after purchasing an additional 387 shares in the last quarter. Lionsbridge Wealth Management LLC purchased a new stake in shares of Alphabet in the second quarter worth approximately $706,000. Greenup Street Wealth Management LLC boosted its position in Alphabet by 0.9% during the second quarter. Greenup Street Wealth Management LLC now owns 38,844 shares of the information services provider’s stock valued at $6,845,000 after purchasing an additional 364 shares during the last quarter. Finally, Jackson Thornton Wealth Management LLC boosted its position in Alphabet by 6.5% during the second quarter. Jackson Thornton Wealth Management LLC now owns 4,363 shares of the information services provider’s stock valued at $761,000 after purchasing an additional 265 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Alphabet

In related news, insider John Kent Walker sold 23,820 shares of the business’s stock in a transaction 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 transaction, the insider owned 42,999 shares of the company’s stock, valued at approximately $8,371,905.30. The trade was a 35.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Amie Thuener O’toole sold 2,778 shares of the business’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $245.00, for a total transaction of $680,610.00. Following the transaction, the chief accounting officer directly owned 17,293 shares in the company, valued at $4,236,785. This trade represents a 13.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 246,150 shares of company stock worth $55,805,379. Company insiders own 11.64% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on GOOGL. JMP Securities reissued a “market outperform” rating and set a $290.00 price objective on shares of Alphabet in a research report on Wednesday, October 22nd. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Alphabet from $260.00 to $340.00 and gave the company a “buy” rating in a research report on Thursday. CICC Research raised their price objective on shares of Alphabet from $240.00 to $303.00 and gave the company an “outperform” rating in a research report on Friday. Robert W. Baird raised their price objective on shares of Alphabet from $215.00 to $275.00 and gave the company an “outperform” rating in a research report on Monday, September 22nd. Finally, Needham & Company LLC raised their price objective on shares of Alphabet from $260.00 to $330.00 and gave the company a “buy” rating in a research report on Thursday. Three analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $301.98.

Alphabet Trading Down 0.1%

Alphabet stock opened at $281.31 on Friday. 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 business’s 50-day simple moving average is $244.00 and its 200-day simple moving average is $199.68. The firm has a market capitalization of $3.40 trillion, a PE ratio of 27.74, a PEG ratio of 1.86 and a beta of 1.00. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $291.59.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings data on Wednesday, October 29th. The information services provider reported $2.87 EPS for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. The business 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%. Equities research analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current year.

About Alphabet

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.