Covenant Partners LLC Lowers Stake in Alphabet Inc. (NASDAQ:GOOG)

Covenant Partners LLC cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 60.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,809 shares of the information services provider’s stock after selling 4,233 shares during the period. Covenant Partners LLC’s holdings in Alphabet were worth $470,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Abich Financial Wealth Management LLC increased its position in shares of Alphabet by 9,200.0% during the second quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock worth $34,000 after purchasing an additional 184 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new position in shares of Alphabet during the second quarter worth $37,000. HWG Holdings LP acquired a new position in shares of Alphabet in the 2nd quarter valued at $40,000. Slocum Gordon & Co LLP acquired a new position in shares of Alphabet in the 2nd quarter valued at $44,000. Finally, Hoese & Co LLP increased its position in shares of Alphabet by 62.5% in the 2nd quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock valued at $45,000 after acquiring an additional 100 shares during the period. 27.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Alphabet

In other Alphabet news, SVP Prabhakar Raghavan sold 34,257 shares of the stock in a transaction dated 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 owns 312,210 shares in the company, valued at approximately $50,765,346. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Alphabet news, SVP Prabhakar Raghavan sold 34,257 shares of the stock in a transaction dated 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 owns 312,210 shares in the company, valued at approximately $50,765,346. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Amie Thuener O’toole sold 1,367 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $168.84, for a total transaction of $230,804.28. Following the completion of the sale, the chief accounting officer now owns 29,183 shares of the company’s stock, valued at approximately $4,927,257.72. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 220,426 shares of company stock worth $35,993,340. Insiders own 12.99% of the company’s stock.

Alphabet Trading Up 1.5 %

Shares of Alphabet stock opened at $166.99 on Monday. The firm has a market capitalization of $2.06 trillion, a PE ratio of 23.96, a P/E/G ratio of 1.27 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 Inc. has a twelve month low of $121.46 and a twelve month high of $193.31. The firm’s 50-day moving average price is $163.35 and its 200 day moving average price is $170.12.

Analyst Ratings Changes

Several research firms recently issued reports on GOOG. Oppenheimer cut their target price on Alphabet from $210.00 to $185.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 25th. Pivotal Research began coverage on Alphabet in a research report on Tuesday, October 1st. They issued a “buy” rating and a $215.00 target price on the stock. Wolfe Research raised Alphabet to a “strong-buy” rating in a research report on Tuesday, July 16th. DA Davidson raised Alphabet to a “hold” rating in a research report on Tuesday, September 10th. Finally, UBS Group cut their price target on Alphabet from $204.00 to $187.00 and set a “neutral” rating on the stock in a research report on Monday, October 7th. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $186.90.

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.