Washington Trust Advisors Inc. Sells 5,938 Shares of Alphabet Inc. $GOOGL

Washington Trust Advisors Inc. trimmed its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 3.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 172,728 shares of the information services provider’s stock after selling 5,938 shares during the period. Alphabet accounts for about 2.5% of Washington Trust Advisors Inc.’s investment portfolio, making the stock its 13th biggest holding. Washington Trust Advisors Inc.’s holdings in Alphabet were worth $30,440,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Guardian Wealth Management Inc. increased its holdings in Alphabet by 242.9% in the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider’s stock valued at $26,000 after purchasing an additional 119 shares during the last quarter. IMA Advisory Services Inc. bought a new stake in Alphabet in the first quarter valued at about $28,000. von Borstel & Associates Inc. bought a new stake in Alphabet in the first quarter valued at about $28,000. NBZ Investment Advisors LLC increased its holdings in Alphabet by 85.7% in the first quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock valued at $30,000 after purchasing an additional 90 shares during the last quarter. Finally, CarsonAllaria Wealth Management Ltd. increased its holdings in Alphabet by 36.4% in the second quarter. CarsonAllaria Wealth Management Ltd. now owns 251 shares of the information services provider’s stock valued at $44,000 after purchasing an additional 67 shares during the last quarter. 40.03% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Melius Research upped their target price on shares of Alphabet from $220.00 to $255.00 in a research note on Thursday, September 25th. China Renaissance upped their target price on shares of Alphabet from $207.00 to $330.00 and gave the company a “buy” rating in a research note on Friday, October 31st. CIBC upped their target price on shares of Alphabet to $315.00 in a research note on Monday, October 20th. Mizuho set a $325.00 target price on shares of Alphabet in a research note on Thursday, October 30th. Finally, Truist Financial upped their target price on shares of Alphabet from $285.00 to $320.00 and gave the company a “buy” rating in a research note on Thursday, October 30th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, Alphabet currently has an average rating of “Moderate Buy” and an average price target of $303.09.

Alphabet Stock Down 2.2%

Alphabet stock opened at $277.54 on Wednesday. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock 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. The company has a 50 day moving average of $246.91 and a 200-day moving average of $202.13. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $291.59.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings data on Wednesday, October 29th. The information services provider reported $2.87 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.58. The company had revenue of $102.35 billion during the quarter, compared to analysts’ expectations of $99.90 billion. Alphabet had a return on equity of 36.08% and a net margin of 32.23%. On average, equities research analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Insider Transactions at Alphabet

In related news, CAO Amie Thuener O’toole sold 2,778 shares of the stock in a transaction on Monday, September 15th. The shares were sold at an average price of $245.00, for a total transaction of $680,610.00. Following the completion of the transaction, the chief accounting officer owned 17,293 shares in the company, valued at approximately $4,236,785. This represents a 13.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John Kent Walker sold 17,816 shares of the stock in a transaction on Monday, September 29th. The stock was sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the transaction, 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 SEC filing for this sale provides additional information. Insiders sold 190,896 shares of company stock valued at $45,092,175 over the last three months. 11.64% of the stock is currently owned by corporate insiders.

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.