DAVENPORT & Co LLC Trims Stake in Alphabet Inc. (NASDAQ:GOOG)

DAVENPORT & Co LLC lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 0.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 320,897 shares of the information services provider’s stock after selling 994 shares during the quarter. DAVENPORT & Co LLC’s holdings in Alphabet were worth $61,121,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Fiduciary Advisors Inc. bought a new stake in Alphabet during the fourth quarter valued at about $27,000. Weiss Asset Management LP bought a new position in shares of Alphabet in the third quarter worth about $25,000. Safe Harbor Fiduciary LLC purchased a new position in shares of Alphabet during the 3rd quarter valued at about $33,000. Sanctuary Wealth Management L.L.C. grew its stake in shares of Alphabet by 87.3% during the 3rd quarter. Sanctuary Wealth Management L.L.C. now owns 251 shares of the information services provider’s stock valued at $42,000 after acquiring an additional 117 shares during the period. Finally, Iron Horse Wealth Management LLC increased its holdings in Alphabet by 32.3% in the 3rd quarter. Iron Horse Wealth Management LLC now owns 344 shares of the information services provider’s stock worth $57,000 after acquiring an additional 84 shares in the last quarter. Institutional investors own 27.26% of the company’s stock.

Alphabet Stock Down 6.9 %

Shares of GOOG opened at $193.30 on Thursday. The business’s 50 day simple moving average is $191.88 and its 200-day simple moving average is $175.91. Alphabet Inc. has a 1 year low of $131.55 and a 1 year high of $208.70. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95. The stock has a market capitalization of $2.37 trillion, a price-to-earnings ratio of 25.64, a price-to-earnings-growth ratio of 1.32 and a beta of 1.00.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Tuesday, February 4th. The information services provider reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.12 by $0.03. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. As a group, equities analysts expect that Alphabet Inc. will post 8.02 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $176.67, for a total transaction of $3,975,075.00. Following the sale, the chief executive officer now owns 2,061,806 shares in the company, valued at approximately $364,259,266.02. This represents a 1.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Amie Thuener O’toole sold 1,367 shares of Alphabet stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $170.41, for a total transaction of $232,950.47. Following the transaction, the chief accounting officer now directly owns 23,515 shares of the company’s stock, valued at $4,007,191.15. The trade was a 5.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 89,529 shares of company stock worth $16,600,078. 12.99% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Barclays lifted their price target on shares of Alphabet from $200.00 to $220.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Oppenheimer lifted their target price on shares of Alphabet from $215.00 to $225.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. UBS Group increased their price target on Alphabet from $187.00 to $192.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Wedbush restated an “outperform” rating and issued a $220.00 price objective on shares of Alphabet in a research report on Thursday, January 30th. Finally, Citigroup upped their price objective on Alphabet from $212.00 to $216.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Six research analysts have rated the stock with a hold rating, twelve have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $209.13.

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.