Concentrum Wealth Management Cuts Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Concentrum Wealth Management lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 11.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,558 shares of the information services provider’s stock after selling 439 shares during the period. Concentrum Wealth Management’s holdings in Alphabet were worth $426,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in shares of Alphabet by 1,919.4% in the 3rd quarter. Vanguard Group Inc. now owns 477,035,902 shares of the information services provider’s stock valued at $45,628,484,000 after buying an additional 453,413,389 shares in the last quarter. State Street Corp boosted its stake in Alphabet by 1,900.6% in the third quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock valued at $20,770,809,000 after acquiring an additional 206,300,042 shares in the last quarter. Moneta Group Investment Advisors LLC increased its position in shares of Alphabet by 111,197.8% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 170,420,243 shares of the information services provider’s stock worth $15,036,178,000 after purchasing an additional 170,267,122 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Alphabet by 1,759.2% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 116,116,066 shares of the information services provider’s stock valued at $11,106,502,000 after purchasing an additional 109,870,525 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Alphabet in the 4th quarter worth $8,335,063,000. Institutional investors own 35.08% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Roth Mkm upped their target price on Alphabet from $146.00 to $152.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Sanford C. Bernstein lifted their target price on shares of Alphabet from $130.00 to $135.00 in a research note on Wednesday, July 26th. Wedbush restated an “outperform” rating and set a $160.00 price target on shares of Alphabet in a research note on Wednesday, October 25th. Rosenblatt Securities lifted their price objective on shares of Alphabet from $163.00 to $174.00 and gave the stock a “buy” rating in a research note on Wednesday, October 25th. Finally, Needham & Company LLC upped their target price on Alphabet from $140.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Five analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $147.00.

Insider Buying and Selling at Alphabet

In other news, Director Kavitark Ram Shriram sold 75,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $131.09, for a total value of $9,831,750.00. Following the completion of the sale, the director now directly owns 104,364 shares in the company, valued at $13,681,076.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Kavitark Ram Shriram sold 75,000 shares of the business’s stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $131.09, for a total transaction of $9,831,750.00. Following the transaction, the director now owns 104,364 shares of the company’s stock, valued at approximately $13,681,076.76. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John L. Hennessy sold 200 shares of the firm’s stock in a transaction dated Tuesday, October 10th. The stock was sold at an average price of $139.93, for a total transaction of $27,986.00. Following the sale, the director now owns 7,384 shares of the company’s stock, valued at $1,033,243.12. The disclosure for this sale can be found here. In the last quarter, insiders sold 176,576 shares of company stock worth $23,425,367. Insiders own 0.88% of the company’s stock.

Alphabet Stock Performance

NASDAQ GOOGL opened at $135.31 on Monday. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.04 and a quick ratio of 2.01. Alphabet Inc. has a 1-year low of $84.86 and a 1-year high of $141.22. The company has a market cap of $1.69 trillion, a PE ratio of 25.97, a price-to-earnings-growth ratio of 1.51 and a beta of 1.05. The stock’s 50 day simple moving average is $133.44 and its 200-day simple moving average is $127.65.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Tuesday, October 24th. The information services provider reported $1.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.10. The company had revenue of $64.05 billion for the quarter, compared to analysts’ expectations of $63.13 billion. Alphabet had a net margin of 22.46% and a return on equity of 25.24%. As a group, equities research analysts anticipate that Alphabet Inc. will post 5.74 EPS for the current fiscal year.

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, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.