Pinnacle Wealth Management LLC Has $2.42 Million Stock Holdings in Alphabet Inc. $GOOG

Pinnacle Wealth Management LLC grew its holdings in Alphabet Inc. (NASDAQ:GOOG) by 3.6% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 13,637 shares of the information services provider’s stock after buying an additional 479 shares during the quarter. Alphabet makes up 2.0% of Pinnacle Wealth Management LLC’s portfolio, making the stock its 22nd largest position. Pinnacle Wealth Management LLC’s holdings in Alphabet were worth $2,419,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. RDA Financial Network increased its position in Alphabet by 5.3% in the second quarter. RDA Financial Network now owns 11,094 shares of the information services provider’s stock worth $1,968,000 after purchasing an additional 554 shares during the period. Tower View Wealth Management LLC increased its position in Alphabet by 6.9% in the second quarter. Tower View Wealth Management LLC now owns 27,644 shares of the information services provider’s stock worth $4,904,000 after purchasing an additional 1,776 shares during the period. Oldfather Financial Services LLC acquired a new stake in Alphabet in the second quarter worth about $213,000. Dock Street Asset Management Inc. increased its position in Alphabet by 0.8% in the second quarter. Dock Street Asset Management Inc. now owns 234,306 shares of the information services provider’s stock worth $41,563,000 after purchasing an additional 1,970 shares during the period. Finally, Truist Financial Corp increased its position in Alphabet by 0.4% in the second quarter. Truist Financial Corp now owns 3,626,927 shares of the information services provider’s stock worth $643,381,000 after purchasing an additional 15,065 shares during the period. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total transaction of $8,108,750.00. Following the transaction, the chief executive officer owned 2,397,392 shares in the company, valued at $598,149,304. The trade was a 1.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the transaction, the insider owned 42,999 shares in the company, valued at $8,371,905.30. This trade represents a 35.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 246,150 shares of company stock worth $55,805,379 in the last 90 days. Corporate insiders own 12.99% of the company’s stock.

Alphabet Trading Down 2.2%

NASDAQ:GOOG opened at $251.34 on Wednesday. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $257.88. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The stock has a market capitalization of $3.04 trillion, a PE ratio of 26.77, a price-to-earnings-growth ratio of 1.74 and a beta of 1.00. The business’s 50-day simple moving average is $234.23 and its 200-day simple moving average is $194.41.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating 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 business had revenue of $96.43 billion for the quarter, compared to analysts’ expectations of $93.67 billion. During the same quarter in the previous year, the business posted $1.89 EPS. Alphabet’s revenue for the quarter was up 13.8% on a year-over-year basis. Sell-side analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Cowen reiterated a “buy” rating on shares of Alphabet in a research report on Wednesday, October 8th. Robert W. Baird lifted their price objective on Alphabet from $215.00 to $275.00 and gave the stock an “outperform” rating in a research report on Monday, September 22nd. Scotiabank restated an “outperform” rating and set a $310.00 target price on shares of Alphabet in a research report on Thursday, October 16th. Lake Street Capital restated a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, Jefferies Financial Group boosted their target price on Alphabet from $230.00 to $285.00 and gave the stock a “buy” rating in a research report on Thursday, October 2nd. Six research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $246.26.

Alphabet 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.