Conway Capital Management Inc. Sells 500 Shares of Alphabet Inc. $GOOG

Conway Capital Management Inc. lowered its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 1.2% during the second quarter, HoldingsChannel reports. The firm owned 41,660 shares of the information services provider’s stock after selling 500 shares during the quarter. Alphabet comprises 3.3% of Conway Capital Management Inc.’s holdings, making the stock its 8th largest holding. Conway Capital Management Inc.’s holdings in Alphabet were worth $7,390,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of GOOG. Kingstone Capital Partners Texas LLC raised its position in Alphabet by 580,897.4% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider’s stock valued at $23,963,208,000 after buying an additional 135,064,454 shares during the last quarter. Nuveen LLC acquired a new stake in Alphabet in the 1st quarter valued at approximately $2,622,943,000. Vanguard Group Inc. raised its position in Alphabet by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider’s stock valued at $64,299,725,000 after buying an additional 9,687,855 shares during the last quarter. JPMorgan Chase & Co. raised its position in Alphabet by 9.9% in the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider’s stock valued at $15,971,861,000 after buying an additional 9,243,959 shares during the last quarter. Finally, Strs Ohio acquired a new stake in Alphabet in the 1st quarter valued at approximately $369,713,000. Institutional investors and hedge funds own 27.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on GOOG. Pivotal Research lifted their target price on Alphabet from $245.00 to $300.00 and gave the company a “buy” rating in a research report on Wednesday, September 3rd. Mizuho raised Alphabet to a “strong-buy” rating in a research report on Monday, September 29th. TD Cowen boosted their price target on Alphabet from $270.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Morgan Stanley boosted their price target on Alphabet from $210.00 to $270.00 and gave the stock an “overweight” rating in a research report on Thursday, October 2nd. Finally, Barclays reaffirmed a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. Six equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $246.26.

Insiders Place Their Bets

In related news, Director John L. Hennessy sold 600 shares of the business’s stock in a transaction on Monday, October 13th. The stock was sold at an average price of $242.92, for a total value of $145,752.00. Following the completion of the sale, the director directly owned 5,116 shares in the company, valued at $1,242,778.72. The trade was a 10.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $250.15, for a total value of $8,129,875.00. Following the completion of the sale, the chief executive officer owned 2,369,619 shares of the company’s stock, valued at $592,760,192.85. This trade represents a 1.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 246,150 shares of company stock worth $55,805,379 over the last three months. 12.99% of the stock is currently owned by corporate insiders.

Alphabet Stock Performance

Shares of NASDAQ GOOG opened at $257.02 on Tuesday. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $257.88. The stock has a 50 day moving average of $233.29 and a 200-day moving average of $194.01. The company has a market capitalization of $3.11 trillion, a P/E ratio of 27.37, a P/E/G ratio of 1.72 and a beta of 1.00.

Alphabet (NASDAQ:GOOG) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping the consensus estimate of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The company had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. During the same period in the previous year, the company posted $1.89 EPS. The firm’s revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, equities research analysts predict that Alphabet Inc. will post 8.89 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.