Gitterman Wealth Management LLC Cuts Position in Alphabet Inc. (NASDAQ:GOOG)

Gitterman Wealth Management LLC lessened its holdings in Alphabet Inc. (NASDAQ:GOOG) by 29.2% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 5,720 shares of the information services provider’s stock after selling 2,360 shares during the quarter. Alphabet comprises approximately 0.4% of Gitterman Wealth Management LLC’s holdings, making the stock its 16th biggest position. Gitterman Wealth Management LLC’s holdings in Alphabet were worth $806,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CX Institutional raised its holdings in shares of Alphabet by 2.3% in the 3rd quarter. CX Institutional now owns 29,102 shares of the information services provider’s stock worth $3,837,000 after purchasing an additional 648 shares during the period. Builder Investment Group Inc. ADV raised its holdings in shares of Alphabet by 19.8% in the 3rd quarter. Builder Investment Group Inc. ADV now owns 2,420 shares of the information services provider’s stock worth $319,000 after purchasing an additional 400 shares during the period. Coronation Fund Managers Ltd. raised its holdings in shares of Alphabet by 25.4% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 47,109 shares of the information services provider’s stock worth $6,211,000 after purchasing an additional 9,534 shares during the period. Goldstein Advisors LLC raised its holdings in shares of Alphabet by 12.3% in the 3rd quarter. Goldstein Advisors LLC now owns 6,479 shares of the information services provider’s stock worth $854,000 after purchasing an additional 711 shares during the period. Finally, SS&H Financial Advisors Inc. bought a new stake in shares of Alphabet in the 3rd quarter worth approximately $2,423,000. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Alphabet Stock Down 1.3 %

Shares of NASDAQ:GOOG opened at $171.50 on Monday. Alphabet Inc. has a 52-week low of $104.50 and a 52-week high of $176.42. The firm has a fifty day moving average of $149.12 and a 200 day moving average of $142.78. The firm has a market capitalization of $2.13 trillion, a PE ratio of 26.64, a price-to-earnings-growth ratio of 1.59 and a beta of 1.05. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.10 and a current ratio of 2.15.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Thursday, April 25th. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.49 by $0.40. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. The company had revenue of $80.54 billion during the quarter, compared to analyst estimates of $78.75 billion. During the same period in the previous year, the business earned $1.17 earnings per share. The firm’s quarterly revenue was up 15.4% compared to the same quarter last year. As a group, research analysts anticipate that Alphabet Inc. will post 6.8 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on GOOG shares. Morgan Stanley reaffirmed an “overweight” rating and issued a $165.00 price target on shares of Alphabet in a report on Thursday, April 11th. Oppenheimer boosted their target price on shares of Alphabet from $172.00 to $185.00 and gave the company an “outperform” rating in a report on Monday, April 8th. Raymond James boosted their target price on shares of Alphabet from $150.00 to $160.00 and gave the company an “outperform” rating in a report on Wednesday, January 24th. Susquehanna boosted their target price on shares of Alphabet from $150.00 to $170.00 and gave the company a “positive” rating in a report on Wednesday, January 31st. Finally, Stifel Nicolaus boosted their target price on shares of Alphabet from $154.00 to $174.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average target price of $165.67.

Insider Buying and Selling at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $132.70, for a total transaction of $2,985,750.00. Following the completion of the transaction, the chief executive officer now owns 2,332,691 shares of the company’s stock, valued at $309,548,095.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $132.70, for a total transaction of $2,985,750.00. Following the sale, the chief executive officer now owns 2,332,691 shares in the company, valued at $309,548,095.70. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Ruth Porat sold 48,077 shares of the stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $137.22, for a total transaction of $6,597,125.94. Following the sale, the chief financial officer now owns 1,777,106 shares in the company, valued at approximately $243,854,485.32. The disclosure for this sale can be found here. Over the last quarter, insiders sold 253,439 shares of company stock valued at $36,746,578. Corporate insiders own 12.99% of the company’s stock.

About Alphabet

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.