Patten Group Inc. Decreases Stock Holdings in Alphabet Inc. $GOOGL

Patten Group Inc. decreased its position in Alphabet Inc. (NASDAQ:GOOGL) by 4.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,673 shares of the information services provider’s stock after selling 793 shares during the quarter. Patten Group Inc.’s holdings in Alphabet were worth $3,114,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of GOOGL. Mystic Asset Management Inc. lifted its stake in shares of Alphabet by 6.7% in the first quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider’s stock worth $4,400,000 after buying an additional 1,791 shares in the last quarter. Harbour Trust & Investment Management Co lifted its stake in shares of Alphabet by 0.3% in the first quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider’s stock worth $4,187,000 after buying an additional 80 shares in the last quarter. Cypress Capital LLC lifted its stake in shares of Alphabet by 4.1% in the first quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider’s stock worth $2,213,000 after buying an additional 563 shares in the last quarter. Bridgeway Capital Management LLC lifted its stake in shares of Alphabet by 17.9% in the first quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider’s stock worth $13,637,000 after buying an additional 13,371 shares in the last quarter. Finally, Alaethes Wealth LLC lifted its stake in shares of Alphabet by 1.1% in the first quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider’s stock worth $1,182,000 after buying an additional 84 shares in the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Alphabet Stock Down 0.1%

Shares of Alphabet stock opened at $281.31 on Friday. The company has a market cap of $3.40 trillion, a price-to-earnings ratio of 27.74, a price-to-earnings-growth ratio of 1.86 and a beta of 1.00. The company’s 50 day moving average is $244.00 and its 200 day moving average is $199.98. Alphabet Inc. has a twelve month low of $140.53 and a twelve 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 issued its quarterly earnings data on Wednesday, October 29th. The information services provider reported $2.87 earnings per share 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 the consensus estimate of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. Research analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current year.

Insiders Place Their Bets

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $249.50, for a total value of $8,108,750.00. Following the transaction, the chief executive officer directly owned 2,397,392 shares in the company, valued at approximately $598,149,304. This trade represents a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Kent Walker sold 23,820 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was 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 owned 42,999 shares in the company, valued at $8,371,905.30. The trade was a 35.65% decrease in their ownership of the stock. 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 Analysts Forecast Growth

GOOGL has been the topic of several analyst reports. Cantor Fitzgerald upped their target price on shares of Alphabet from $265.00 to $310.00 and gave the stock a “neutral” rating in a research note on Thursday. Wall Street Zen upgraded shares of Alphabet from a “hold” rating to a “buy” rating in a research note on Saturday. Needham & Company LLC upped their target price on shares of Alphabet from $260.00 to $330.00 and gave the stock a “buy” rating in a research note on Thursday. Evercore ISI upped their target price on shares of Alphabet from $300.00 to $325.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, Susquehanna upped their target price on shares of Alphabet from $225.00 to $350.00 and gave the stock a “positive” rating in a research note on Thursday. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $302.20.

Alphabet 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.