Legacy Capital Wealth Partners LLC Decreases Stake in Alphabet Inc. (NASDAQ:GOOG)

Legacy Capital Wealth Partners LLC trimmed its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 25.0% during the 4th quarter, Holdings Channel reports. The fund owned 2,796 shares of the information services provider’s stock after selling 933 shares during the period. Legacy Capital Wealth Partners LLC’s holdings in Alphabet were worth $411,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Veracity Capital LLC lifted its position in Alphabet by 12.4% during the fourth quarter. Veracity Capital LLC now owns 10,597 shares of the information services provider’s stock valued at $1,493,000 after purchasing an additional 1,173 shares during the last quarter. Independence Bank of Kentucky grew its position in Alphabet by 25.3% in the fourth quarter. Independence Bank of Kentucky now owns 6,093 shares of the information services provider’s stock worth $859,000 after acquiring an additional 1,230 shares in the last quarter. Washington Trust Bank increased its stake in Alphabet by 33.0% during the third quarter. Washington Trust Bank now owns 7,359 shares of the information services provider’s stock worth $970,000 after acquiring an additional 1,826 shares during the last quarter. CNB Bank lifted its holdings in shares of Alphabet by 6.6% in the 3rd quarter. CNB Bank now owns 27,723 shares of the information services provider’s stock worth $3,655,000 after buying an additional 1,710 shares during the period. Finally, Sloy Dahl & Holst LLC increased its stake in shares of Alphabet by 1.9% during the third quarter. Sloy Dahl & Holst LLC now owns 8,238 shares of the information services provider’s stock valued at $1,086,000 after buying an additional 155 shares during the period. 27.26% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on GOOG. Morgan Stanley reiterated an “overweight” rating and set a $165.00 target price on shares of Alphabet in a report on Thursday, April 11th. Oppenheimer lifted their price objective on shares of Alphabet from $172.00 to $185.00 and gave the company an “outperform” rating in a report on Monday, April 8th. Stifel Nicolaus upped their target price on Alphabet from $154.00 to $174.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. Raymond James lifted their price target on Alphabet from $150.00 to $160.00 and gave the company an “outperform” rating in a report on Wednesday, January 24th. Finally, Susquehanna upped their price objective on Alphabet from $150.00 to $170.00 and gave the stock a “positive” rating in a research note on Wednesday, January 31st. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Alphabet presently has an average rating of “Buy” and an average target price of $165.67.

Insider Activity

In other Alphabet news, CAO Amie Thuener O’toole sold 660 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $143.59, for a total value of $94,769.40. Following the sale, the chief accounting officer now directly owns 27,920 shares of the company’s stock, valued at $4,009,032.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO Ruth Porat sold 48,077 shares of the business’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $137.22, for a total value of $6,597,125.94. Following the completion of the transaction, the chief financial officer now directly owns 1,777,106 shares in the company, valued at approximately $243,854,485.32. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Amie Thuener O’toole sold 660 shares of Alphabet stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $143.59, for a total transaction of $94,769.40. Following the completion of the transaction, the chief accounting officer now directly owns 27,920 shares of the company’s stock, valued at approximately $4,009,032.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 253,439 shares of company stock valued at $36,746,578. Company insiders own 12.99% of the company’s stock.

Alphabet Stock Performance

Shares of GOOG opened at $173.69 on Monday. Alphabet Inc. has a 12 month low of $104.42 and a 12 month high of $176.42. The stock has a fifty day moving average price of $149.12 and a 200-day moving average price of $142.78. The company has a current ratio of 2.15, a quick ratio of 2.10 and a debt-to-equity ratio of 0.05. The firm has a market cap of $2.16 trillion, a PE ratio of 26.64, a P/E/G ratio of 1.59 and a beta of 1.05.

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

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.