Washington Trust Advisors Inc. Has $30.44 Million Stock Position in Alphabet Inc. $GOOGL

Washington Trust Advisors Inc. decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 3.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 172,728 shares of the information services provider’s stock after selling 5,938 shares during the quarter. Alphabet makes up about 2.5% of Washington Trust Advisors Inc.’s holdings, making the stock its 13th biggest position. Washington Trust Advisors Inc.’s holdings in Alphabet were worth $30,440,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its holdings in Alphabet by 3.9% in the 4th quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider’s stock valued at $20,886,000 after purchasing an additional 4,110 shares during the period. Revolve Wealth Partners LLC boosted its holdings in Alphabet by 3.5% in the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider’s stock valued at $2,826,000 after purchasing an additional 506 shares during the period. Rovin Capital UT ADV boosted its holdings in Alphabet by 9.4% in the 1st quarter. Rovin Capital UT ADV now owns 10,843 shares of the information services provider’s stock valued at $1,677,000 after purchasing an additional 933 shares during the period. Vontobel Holding Ltd. boosted its holdings in Alphabet by 1.2% in the 1st quarter. Vontobel Holding Ltd. now owns 2,908,021 shares of the information services provider’s stock valued at $449,696,000 after purchasing an additional 34,481 shares during the period. Finally, Elevate Capital Advisors LLC increased its position in shares of Alphabet by 1.9% during the first quarter. Elevate Capital Advisors LLC now owns 25,619 shares of the information services provider’s stock valued at $3,962,000 after purchasing an additional 483 shares during the period. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $243.41, for a total value of $7,910,825.00. Following the completion of the transaction, the chief executive officer directly owned 2,402,119 shares of the company’s stock, valued at approximately $584,699,785.79. The trade was a 1.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 1,000 shares of the business’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $200.00, for a total transaction of $200,000.00. Following the completion of the transaction, the director directly owned 6,916 shares of the company’s stock, valued at approximately $1,383,200. This represents a 12.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 190,896 shares of company stock valued at $45,092,175. Insiders own 11.64% of the company’s stock.

Wall Street Analysts Forecast Growth

GOOGL has been the topic of a number of research reports. Canaccord Genuity Group boosted their price objective on Alphabet from $270.00 to $330.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Alphabet from $260.00 to $340.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Morgan Stanley raised their price objective on shares of Alphabet from $270.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Jefferies Financial Group raised their price objective on shares of Alphabet from $285.00 to $320.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Finally, CIBC raised their price objective on shares of Alphabet to $315.00 in a report on Monday, October 20th. Three research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $303.09.

Alphabet Trading Down 2.2%

Shares of GOOGL stock opened at $277.54 on Wednesday. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $3.36 trillion, a P/E ratio of 27.37, a P/E/G ratio of 1.86 and a beta of 1.00. The firm has a 50-day moving average price of $246.91 and a 200 day moving average price of $202.13. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $291.59.

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

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.