Pinnacle Wealth Management Group Inc. Has $787,000 Position in Alphabet Inc. $GOOGL

Pinnacle Wealth Management Group Inc. lowered its stake in Alphabet Inc. (NASDAQ:GOOGL) by 7.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,467 shares of the information services provider’s stock after selling 360 shares during the period. Pinnacle Wealth Management Group Inc.’s holdings in Alphabet were worth $787,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Gimbal Financial lifted its stake in shares of Alphabet by 1.9% during the second quarter. Gimbal Financial now owns 2,776 shares of the information services provider’s stock valued at $489,000 after acquiring an additional 53 shares during the period. Missouri Trust & Investment Co lifted its stake in shares of Alphabet by 0.3% during the second quarter. Missouri Trust & Investment Co now owns 16,916 shares of the information services provider’s stock valued at $2,981,000 after acquiring an additional 55 shares during the period. AM Investment Strategies LLC lifted its stake in shares of Alphabet by 0.9% during the second quarter. AM Investment Strategies LLC now owns 6,477 shares of the information services provider’s stock valued at $1,141,000 after acquiring an additional 57 shares during the period. Bfsg LLC increased its holdings in Alphabet by 0.6% in the second quarter. Bfsg LLC now owns 10,428 shares of the information services provider’s stock valued at $1,838,000 after purchasing an additional 59 shares during the last quarter. Finally, Financial Council LLC increased its holdings in Alphabet by 1.0% in the second quarter. Financial Council LLC now owns 5,800 shares of the information services provider’s stock valued at $1,022,000 after purchasing an additional 60 shares during the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.

Alphabet Stock Performance

GOOGL opened at $277.54 on Wednesday. The business has a fifty day simple moving average of $246.91 and a 200 day simple moving average of $202.13. The company has a market capitalization of $3.36 trillion, a PE ratio of 27.37, a price-to-earnings-growth ratio of 1.86 and a beta of 1.00. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $291.59. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.58. The business had revenue of $102.35 billion during the quarter, compared to the consensus estimate of $99.90 billion. Alphabet had a return on equity of 36.08% and a net margin of 32.23%. Research analysts expect that Alphabet Inc. will post 8.9 EPS for the current year.

Insider Buying and Selling

In other Alphabet news, CAO Amie Thuener O’toole sold 2,778 shares of the firm’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $245.00, for a total transaction of $680,610.00. Following the transaction, the chief accounting officer owned 17,293 shares in the company, valued at $4,236,785. This trade represents a 13.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John L. Hennessy sold 1,000 shares of the company’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $200.00, for a total value of $200,000.00. Following the sale, the director owned 6,916 shares of the company’s stock, valued at approximately $1,383,200. The trade was a 12.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 190,896 shares of company stock worth $45,092,175 in the last quarter. Insiders own 11.64% of the company’s stock.

Wall Street Analysts Forecast Growth

GOOGL has been the topic of several analyst reports. Wedbush reissued an “outperform” rating and issued a $320.00 target price (up previously from $245.00) on shares of Alphabet in a research note on Thursday, October 30th. Citigroup reaffirmed a “buy” rating and set a $343.00 price target (up previously from $280.00) on shares of Alphabet in a research report on Thursday, October 30th. Phillip Securities lowered Alphabet from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, September 8th. Wolfe Research reissued an “outperform” rating and issued a $350.00 target price (up previously from $290.00) on shares of Alphabet in a research report on Thursday, October 30th. Finally, Cantor Fitzgerald raised their price target on Alphabet from $265.00 to $310.00 and gave the company a “neutral” rating in a research note on Thursday, October 30th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $303.09.

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.