Schmidt P J Investment Management Inc. Cuts Stock Position in Alphabet Inc. (NASDAQ:GOOG)

Schmidt P J Investment Management Inc. lowered its position in Alphabet Inc. (NASDAQ:GOOG) by 0.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 104,861 shares of the information services provider’s stock after selling 258 shares during the period. Alphabet accounts for about 3.0% of Schmidt P J Investment Management Inc.’s investment portfolio, making the stock its 7th largest holding. Schmidt P J Investment Management Inc.’s holdings in Alphabet were worth $17,532,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Towerpoint Wealth LLC increased its stake in shares of Alphabet by 44.3% during the first quarter. Towerpoint Wealth LLC now owns 6,777 shares of the information services provider’s stock valued at $1,032,000 after purchasing an additional 2,079 shares in the last quarter. Cypress Wealth Services LLC grew its stake in shares of Alphabet by 3.7% in the 1st quarter. Cypress Wealth Services LLC now owns 16,402 shares of the information services provider’s stock worth $2,497,000 after buying an additional 586 shares during the last quarter. Hengehold Capital Management LLC increased its position in Alphabet by 17.7% during the 1st quarter. Hengehold Capital Management LLC now owns 5,019 shares of the information services provider’s stock valued at $764,000 after buying an additional 753 shares in the last quarter. Fifth Third Wealth Advisors LLC raised its stake in Alphabet by 46.5% during the first quarter. Fifth Third Wealth Advisors LLC now owns 21,531 shares of the information services provider’s stock valued at $3,278,000 after buying an additional 6,831 shares during the last quarter. Finally, Courier Capital LLC boosted its holdings in Alphabet by 0.7% in the first quarter. Courier Capital LLC now owns 92,502 shares of the information services provider’s stock worth $14,084,000 after acquiring an additional 636 shares in the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on GOOG shares. Oppenheimer reduced their price target on Alphabet from $210.00 to $185.00 and set an “outperform” rating for the company in a report on Wednesday, September 25th. Scotiabank started coverage on shares of Alphabet in a report on Friday, October 11th. They issued a “sector outperform” rating and a $212.00 target price for the company. Pivotal Research started coverage on shares of Alphabet in a report on Tuesday, October 1st. They set a “buy” rating and a $215.00 price target on the stock. Wolfe Research upgraded shares of Alphabet to a “strong-buy” rating in a report on Tuesday, July 16th. Finally, Cantor Fitzgerald upgraded Alphabet to a “hold” rating in a research note on Thursday, September 5th. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $186.90.

Alphabet Price Performance

NASDAQ GOOG opened at $166.99 on Friday. The stock has a market capitalization of $2.06 trillion, a price-to-earnings ratio of 25.61, a PEG ratio of 1.21 and a beta of 1.04. Alphabet Inc. has a 1-year low of $121.46 and a 1-year high of $193.31. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08. The business’s fifty day moving average price is $163.31 and its 200-day moving average price is $169.88.

Alphabet (NASDAQ:GOOG) last posted its earnings results 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 $84.22 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. Alphabet’s revenue was up 13.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.44 earnings per share. On average, equities analysts predict that Alphabet Inc. will post 7.64 earnings per share for the current year.

Insider Activity

In related news, CEO Sundar Pichai sold 22,500 shares of the business’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 completion of the sale, the chief executive officer now directly owns 2,182,385 shares in the company, valued at approximately $354,310,204.75. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $162.35, for a total value of $3,652,875.00. Following the transaction, the chief executive officer now directly owns 2,182,385 shares in the company, valued at approximately $354,310,204.75. This trade represents a 0.00 % 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, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $168.00, for a total transaction of $114,576.00. Following the sale, the chief accounting officer now directly owns 31,334 shares of the company’s stock, valued at approximately $5,264,112. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 220,426 shares of company stock valued at $35,993,340 in the last quarter. 12.99% of the stock is currently 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.