Pinion Investment Advisors LLC Cuts Stock Position in Alphabet Inc. $GOOGL

Pinion Investment Advisors LLC decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 49.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,902 shares of the information services provider’s stock after selling 16,622 shares during the quarter. Alphabet comprises approximately 1.0% of Pinion Investment Advisors LLC’s holdings, making the stock its 19th biggest holding. Pinion Investment Advisors LLC’s holdings in Alphabet were worth $2,979,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Nuveen LLC purchased a new stake in shares of Alphabet during the first quarter valued at approximately $4,317,606,000. Vanguard Group Inc. boosted its stake in shares of Alphabet by 2.9% in the first quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider’s stock valued at $78,839,544,000 after purchasing an additional 14,307,345 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Alphabet by 11.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider’s stock valued at $6,783,364,000 after purchasing an additional 4,473,901 shares in the last quarter. Amundi grew its holdings in Alphabet by 11.8% during the 1st quarter. Amundi now owns 33,403,871 shares of the information services provider’s stock valued at $5,034,992,000 after purchasing an additional 3,537,173 shares in the last quarter. Finally, Evergreen Quality Fund GP Ltd. increased its stake in Alphabet by 178.3% during the 1st quarter. Evergreen Quality Fund GP Ltd. now owns 4,003,900 shares of the information services provider’s stock worth $619,163,000 after buying an additional 2,565,400 shares during the period. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Trading Up 0.7%

NASDAQ:GOOGL opened at $253.30 on Monday. The company has a market cap of $3.06 trillion, a PE ratio of 26.98, a P/E/G ratio of 1.71 and a beta of 1.00. The business’s 50 day moving average is $231.55 and its two-hundred day moving average is $192.14. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $256.96.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The business had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.60 billion. On average, analysts predict that Alphabet Inc. will post 8.9 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Melius Research upped their price objective on shares of Alphabet from $220.00 to $255.00 in a research report on Thursday, September 25th. Bank of America boosted their price target on Alphabet from $210.00 to $217.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. Loop Capital restated a “hold” rating and set a $190.00 price objective (up previously from $165.00) on shares of Alphabet in a research note on Tuesday, August 5th. Citizens Jmp lifted their price objective on Alphabet from $250.00 to $290.00 and gave the stock an “outperform” rating in a report on Friday, September 19th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $280.00 target price (up from $210.00) on shares of Alphabet in a research report on Friday. Four analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $252.24.

Insider Activity at Alphabet

In other news, CAO Amie Thuener O’toole sold 2,778 shares of the firm’s stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $250.05, for a total value of $694,638.90. Following the transaction, the chief accounting officer directly owned 14,516 shares in the company, valued at approximately $3,629,725.80. This trade represents a 16.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John Kent Walker sold 17,816 shares of Alphabet stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the completion of the transaction, the insider directly owned 42,985 shares of the company’s stock, valued at $10,635,348.70. This trade represents a 29.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 246,150 shares of company stock valued at $55,805,379 in the last ninety days. 11.55% of the stock is owned by insiders.

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.