Alphabet Inc. (NASDAQ:GOOG) Position Decreased by Suncoast Equity Management

Suncoast Equity Management reduced its holdings in Alphabet Inc. (NASDAQ:GOOG) by 0.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 291,731 shares of the information services provider’s stock after selling 1,887 shares during the quarter. Alphabet makes up 5.4% of Suncoast Equity Management’s portfolio, making the stock its 5th biggest holding. Suncoast Equity Management’s holdings in Alphabet were worth $41,114,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Financial Advisors Network Inc. increased its holdings in Alphabet by 4.5% in the 1st quarter. Financial Advisors Network Inc. now owns 161 shares of the information services provider’s stock valued at $450,000 after purchasing an additional 7 shares in the last quarter. Turim 21 Investimentos Ltda. grew its stake in shares of Alphabet by 10.8% in the first quarter. Turim 21 Investimentos Ltda. now owns 82 shares of the information services provider’s stock valued at $229,000 after buying an additional 8 shares in the last quarter. West Michigan Advisors LLC raised its holdings in shares of Alphabet by 3.7% during the 1st quarter. West Michigan Advisors LLC now owns 252 shares of the information services provider’s stock valued at $704,000 after buying an additional 9 shares during the period. Somerville Kurt F boosted its holdings in Alphabet by 10.3% in the 1st quarter. Somerville Kurt F now owns 118 shares of the information services provider’s stock worth $330,000 after acquiring an additional 11 shares during the period. Finally, Stonebridge Capital Advisors LLC grew its position in Alphabet by 1.4% in the first quarter. Stonebridge Capital Advisors LLC now owns 1,182 shares of the information services provider’s stock valued at $3,301,000 after acquiring an additional 16 shares in the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GOOG. Morgan Stanley restated an “overweight” rating and issued a $165.00 target price on shares of Alphabet in a research note on Thursday, April 11th. Oppenheimer lifted their target price on Alphabet from $172.00 to $185.00 and gave the stock an “outperform” rating in a research report on Monday, April 8th. Raymond James increased 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. Stifel Nicolaus lifted their price objective on Alphabet from $154.00 to $174.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Susquehanna increased their target price on Alphabet from $150.00 to $170.00 and gave the company a “positive” rating in a research note on Wednesday, January 31st. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $159.86.

Insider Activity

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $157.41, for a total value of $3,541,725.00. Following the transaction, the chief executive officer now owns 2,303,011 shares of the company’s stock, valued at $362,516,961.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Alphabet news, Director Frances Arnold sold 230 shares of the stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $154.06, for a total value of $35,433.80. Following the sale, the director now directly owns 15,104 shares of the company’s stock, valued at $2,326,922.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $157.41, for a total value of $3,541,725.00. Following the completion of the sale, the chief executive officer now owns 2,303,011 shares in the company, valued at $362,516,961.51. The disclosure for this sale can be found here. In the last three months, insiders sold 251,339 shares of company stock valued at $36,377,482. Company insiders own 12.99% of the company’s stock.

Alphabet Price Performance

Shares of GOOG opened at $157.46 on Friday. Alphabet Inc. has a 52 week low of $103.27 and a 52 week high of $161.70. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.05. The firm has a market cap of $1.96 trillion, a price-to-earnings ratio of 27.15, a PEG ratio of 1.45 and a beta of 1.05. The stock has a 50 day moving average of $147.35 and a 200-day moving average of $141.72.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Tuesday, January 30th. The information services provider reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.04. The firm had revenue of $86.31 billion during the quarter, compared to the consensus estimate of $85.28 billion. Alphabet had a net margin of 24.01% and a return on equity of 27.22%. The firm’s revenue was up 13.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.05 earnings per share. As a group, analysts forecast that Alphabet Inc. will post 6.78 EPS for the current 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.