RNC Capital Management LLC Lowers Stake in Alphabet Inc. $GOOG

RNC Capital Management LLC reduced its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 0.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 83,725 shares of the information services provider’s stock after selling 300 shares during the period. RNC Capital Management LLC’s holdings in Alphabet were worth $14,852,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. MorganRosel Wealth Management LLC purchased a new position in Alphabet in the 1st quarter worth approximately $26,000. IFS Advisors LLC raised its holdings in Alphabet by 400.0% in the 2nd quarter. IFS Advisors LLC now owns 150 shares of the information services provider’s stock worth $27,000 after acquiring an additional 120 shares during the last quarter. Robbins Farley raised its holdings in Alphabet by 60.0% in the 2nd quarter. Robbins Farley now owns 160 shares of the information services provider’s stock worth $28,000 after acquiring an additional 60 shares during the last quarter. WestEnd Advisors LLC raised its holdings in Alphabet by 58.7% in the 2nd quarter. WestEnd Advisors LLC now owns 165 shares of the information services provider’s stock worth $29,000 after acquiring an additional 61 shares during the last quarter. Finally, Fairman Group LLC raised its holdings in Alphabet by 121.3% in the 2nd quarter. Fairman Group LLC now owns 177 shares of the information services provider’s stock worth $31,000 after acquiring an additional 97 shares during the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider John Kent Walker sold 17,816 shares of the business’s stock in a transaction on 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 sale, the insider owned 42,985 shares of the company’s stock, valued at $10,635,348.70. The trade was a 29.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 transaction of $8,129,875.00. Following the sale, the chief executive officer directly owned 2,369,619 shares of the company’s stock, valued at approximately $592,760,192.85. The trade was a 1.35% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 246,150 shares of company stock worth $55,805,379. Company insiders own 12.99% of the company’s stock.

Alphabet Trading Up 2.7%

NASDAQ:GOOG opened at $260.51 on Friday. 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 $262.51. The company has a market cap of $3.15 trillion, a PE ratio of 27.74, a price-to-earnings-growth ratio of 1.76 and a beta of 1.00. The company has a 50 day simple moving average of $237.33 and a two-hundred day simple moving average of $196.66.

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on GOOG. Roth Capital restated a “buy” rating on shares of Alphabet in a report on Wednesday, July 9th. Weiss Ratings restated a “buy (b)” rating on shares of Alphabet in a report on Friday. Barclays restated a “buy” rating on shares of Alphabet in a report on Wednesday, July 9th. Pivotal Research lifted their target price on shares of Alphabet from $245.00 to $300.00 and gave the stock a “buy” rating in a research report on Wednesday, September 3rd. Finally, Mizuho raised shares of Alphabet to a “strong-buy” rating in a research report on Monday, September 29th. Six research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $249.68.

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.