Pinnacle Wealth Management Group Inc. Trims Holdings in Alphabet Inc. $GOOGL

Pinnacle Wealth Management Group Inc. reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 7.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,467 shares of the information services provider’s stock after selling 360 shares during the period. Pinnacle Wealth Management Group Inc.’s holdings in Alphabet were worth $787,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the company. Guardian Wealth Management Inc. increased its holdings in Alphabet by 242.9% in the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider’s stock valued at $26,000 after buying an additional 119 shares during the last quarter. von Borstel & Associates Inc. acquired a new position in shares of Alphabet during the first quarter valued at $28,000. IMA Advisory Services Inc. acquired a new position in shares of Alphabet during the first quarter valued at $28,000. NBZ Investment Advisors LLC grew its holdings in Alphabet by 85.7% during the first quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock worth $30,000 after acquiring an additional 90 shares during the period. Finally, Financial Gravity Asset Management Inc. acquired a new position in Alphabet during the first quarter worth about $39,000. Institutional investors and hedge funds own 40.03% of the company’s stock.

Alphabet Stock Performance

NASDAQ GOOGL opened at $277.54 on Wednesday. The stock has a market cap of $3.36 trillion, a P/E ratio of 27.37, a PEG ratio of 1.86 and a beta of 1.00. The company’s 50-day simple moving average is $246.91 and its 200 day simple moving average is $202.13. 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 announced its quarterly earnings results 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. Alphabet had a return on equity of 36.08% and a net margin of 32.23%.The firm had revenue of $102.35 billion for the quarter, compared to analysts’ expectations of $99.90 billion. As a group, research analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Analysts Set New Price Targets

GOOGL has been the topic of a number of research analyst reports. Piper Sandler reaffirmed an “overweight” rating and set a $330.00 target price (up from $285.00) on shares of Alphabet in a report on Thursday, October 30th. Melius Research raised their price objective on Alphabet from $220.00 to $255.00 in a research report on Thursday, September 25th. Loop Capital lifted their price target on Alphabet from $190.00 to $260.00 and gave the company a “hold” rating in a report on Friday, October 24th. Phillip Securities lowered Alphabet from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, September 8th. Finally, China Renaissance raised their price objective on Alphabet from $207.00 to $330.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Three investment analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and an average price target of $303.09.

Insider Transactions at Alphabet

In other Alphabet news, Director John L. Hennessy sold 600 shares of the company’s stock in a transaction on Monday, October 13th. The stock was sold at an average price of $242.92, for a total value of $145,752.00. Following the sale, the director directly owned 5,116 shares in the company, valued at $1,242,778.72. This represents a 10.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $250.15, for a total value of $8,129,875.00. Following the completion of the sale, the chief executive officer owned 2,369,619 shares in the company, valued at $592,760,192.85. This trade represents a 1.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 190,896 shares of company stock valued at $45,092,175. 11.64% of the stock is owned by insiders.

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.