Alphabet Inc. $GOOGL Position Reduced by Black Diamond Financial LLC

Black Diamond Financial LLC trimmed its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 12.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,112 shares of the information services provider’s stock after selling 703 shares during the quarter. Black Diamond Financial LLC’s holdings in Alphabet were worth $901,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in GOOGL. Mystic Asset Management Inc. increased its holdings in Alphabet by 6.7% in the 1st quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider’s stock valued at $4,400,000 after buying an additional 1,791 shares during the period. Harbour Trust & Investment Management Co increased its holdings in Alphabet by 0.3% in the 1st quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider’s stock valued at $4,187,000 after buying an additional 80 shares during the period. Cypress Capital LLC increased its holdings in Alphabet by 4.1% in the 1st quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider’s stock valued at $2,213,000 after buying an additional 563 shares during the period. Bridgeway Capital Management LLC increased its holdings in Alphabet by 17.9% in the 1st quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider’s stock valued at $13,637,000 after buying an additional 13,371 shares during the period. Finally, Alaethes Wealth LLC grew its position in Alphabet by 1.1% in the first quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider’s stock valued at $1,182,000 after acquiring an additional 84 shares during the period. 40.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have weighed in on GOOGL shares. Susquehanna upped their price target on Alphabet from $225.00 to $350.00 and gave the company a “positive” rating in a research report on Thursday. Needham & Company LLC upped their price target on Alphabet from $260.00 to $330.00 and gave the company a “buy” rating in a research report on Thursday. The Goldman Sachs Group upped their price target on Alphabet from $288.00 to $330.00 and gave the company a “buy” rating in a research report on Thursday. Bank of America upped their price target on Alphabet from $280.00 to $335.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Melius Research upped their price target on Alphabet from $220.00 to $255.00 in a research report on Thursday, September 25th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $302.20.

Insider Activity

In other news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total transaction of $8,108,750.00. Following the transaction, the chief executive officer owned 2,397,392 shares in the company, valued at $598,149,304. The trade was a 1.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the sale, the insider directly owned 42,999 shares in the company, 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. Insiders have sold 246,150 shares of company stock worth $55,805,379 in the last 90 days. Corporate insiders own 11.64% of the company’s stock.

Alphabet Price Performance

Alphabet stock opened at $281.31 on Friday. The business’s 50-day simple moving average is $244.00 and its 200 day simple moving average is $199.98. The stock has a market cap of $3.40 trillion, a price-to-earnings ratio of 27.74, a P/E/G ratio of 1.86 and a beta of 1.00. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $291.59. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.

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