Fragasso Financial Advisors Inc Cuts Stake in Alphabet Inc. (NASDAQ:GOOGL)

Fragasso Financial Advisors Inc cut its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 0.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 88,711 shares of the information services provider’s stock after selling 133 shares during the period. Alphabet accounts for 1.1% of Fragasso Financial Advisors Inc’s holdings, making the stock its 14th biggest holding. Fragasso Financial Advisors Inc’s holdings in Alphabet were worth $14,713,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Value Partners Investments Inc. increased its holdings in Alphabet by 1,587.8% in the 3rd quarter. Value Partners Investments Inc. now owns 248,224 shares of the information services provider’s stock valued at $41,168,000 after acquiring an additional 233,517 shares during the last quarter. MKT Advisors LLC increased its holdings in shares of Alphabet by 0.8% in the third quarter. MKT Advisors LLC now owns 7,363 shares of the information services provider’s stock worth $1,221,000 after purchasing an additional 62 shares during the last quarter. Miracle Mile Advisors LLC lifted its position in shares of Alphabet by 3.0% in the third quarter. Miracle Mile Advisors LLC now owns 107,968 shares of the information services provider’s stock worth $17,907,000 after buying an additional 3,144 shares in the last quarter. Eagle Rock Investment Company LLC boosted its stake in Alphabet by 5.7% during the third quarter. Eagle Rock Investment Company LLC now owns 126,008 shares of the information services provider’s stock valued at $20,898,000 after buying an additional 6,815 shares during the last quarter. Finally, Consilio Wealth Advisors LLC grew its holdings in Alphabet by 11.7% during the 3rd quarter. Consilio Wealth Advisors LLC now owns 8,653 shares of the information services provider’s stock valued at $1,435,000 after buying an additional 907 shares in the last quarter. 40.03% of the stock is currently owned by institutional investors.

Alphabet Stock Up 0.3 %

Shares of NASDAQ GOOGL opened at $165.46 on Wednesday. Alphabet Inc. has a 12-month low of $120.21 and a 12-month high of $191.75. The stock’s fifty day simple moving average is $161.63 and its two-hundred day simple moving average is $168.07. The stock has a market capitalization of $2.04 trillion, a PE ratio of 25.38, a price-to-earnings-growth ratio of 1.21 and a beta of 1.04. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. The company had revenue of $84.74 billion for the quarter, compared to the consensus estimate of $70.60 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. During the same quarter last year, the company earned $1.44 earnings per share. As a group, analysts expect that Alphabet Inc. will post 7.64 EPS for the current fiscal year.

Insider Activity

In other news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $162.35, for a total transaction of $3,652,875.00. Following the transaction, the chief executive officer now directly owns 2,182,385 shares of the company’s stock, valued at approximately $354,310,204.75. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, SVP Prabhakar Raghavan sold 34,257 shares of Alphabet stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $162.60, for a total value of $5,570,188.20. Following the completion of the sale, the senior vice president now directly owns 312,210 shares in the company, valued at $50,765,346. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $162.35, for a total transaction of $3,652,875.00. Following the transaction, the chief executive officer now owns 2,182,385 shares in the company, valued at $354,310,204.75. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 197,926 shares of company stock worth $32,251,590. Corporate insiders own 11.55% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on GOOGL. Citigroup increased their target price on Alphabet from $190.00 to $212.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Evercore ISI dropped their price objective on shares of Alphabet from $225.00 to $200.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. Bank of America boosted their target price on shares of Alphabet from $200.00 to $206.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Scotiabank raised shares of Alphabet to a “strong-buy” rating in a report on Friday, October 11th. Finally, TD Securities boosted their price objective on Alphabet from $200.00 to $220.00 in a research note on Wednesday, July 10th. Eight research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $201.13.

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.