Pinnacle Wealth Management Advisory Group LLC Reduces Holdings in Alphabet Inc. (NASDAQ:GOOG)

Pinnacle Wealth Management Advisory Group LLC lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 2.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,848 shares of the information services provider’s stock after selling 627 shares during the quarter. Pinnacle Wealth Management Advisory Group LLC’s holdings in Alphabet were worth $3,220,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in GOOG. JPMorgan Chase & Co. raised its stake in Alphabet by 11.3% during the third quarter. JPMorgan Chase & Co. now owns 95,941,129 shares of the information services provider’s stock valued at $12,649,838,000 after purchasing an additional 9,703,425 shares in the last quarter. International Assets Investment Management LLC bought a new stake in shares of Alphabet in the 4th quarter valued at approximately $11,600,970,000. FMR LLC raised its holdings in Alphabet by 3.8% during the 3rd quarter. FMR LLC now owns 120,234,117 shares of the information services provider’s stock valued at $15,852,868,000 after buying an additional 4,348,188 shares during the period. Cerity Partners LLC increased its position in Alphabet by 198.7% during the fourth quarter. Cerity Partners LLC now owns 3,882,882 shares of the information services provider’s stock valued at $547,215,000 after acquiring an additional 2,583,128 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in shares of Alphabet by 93.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 4,591,383 shares of the information services provider’s stock valued at $647,064,000 after acquiring an additional 2,222,950 shares during the period. Institutional investors own 27.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on GOOG shares. Oppenheimer boosted their target price on Alphabet from $172.00 to $185.00 and gave the company an “outperform” rating in a research report on Monday, April 8th. Susquehanna lifted their price target on shares of Alphabet from $150.00 to $170.00 and gave the company a “positive” rating in a research note on Wednesday, January 31st. Raymond James lifted their target price on Alphabet from $150.00 to $160.00 and gave the company an “outperform” rating in a research report on Wednesday, January 24th. Morgan Stanley reiterated an “overweight” rating and set a $165.00 target price on shares of Alphabet in a report on Thursday, April 11th. Finally, Stifel Nicolaus boosted their price objective on shares of Alphabet from $154.00 to $174.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, Alphabet presently has a consensus rating of “Buy” and an average target price of $165.67.

Insider Buying and Selling

In related news, CFO Ruth Porat sold 48,077 shares of the stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $137.22, for a total value of $6,597,125.94. Following the completion of the transaction, the chief financial officer now directly owns 1,777,106 shares in the company, valued at $243,854,485.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Ruth Porat sold 48,077 shares of the firm’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $137.22, for a total transaction of $6,597,125.94. Following the completion of the transaction, the chief financial officer now directly owns 1,777,106 shares in the company, valued at $243,854,485.32. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director John L. Hennessy sold 800 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $149.73, for a total value of $119,784.00. Following the transaction, the director now owns 7,164 shares of the company’s stock, valued at $1,072,665.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 252,629 shares of company stock worth $37,091,240. Insiders own 12.99% of the company’s stock.

Alphabet Stock Down 1.1 %

Alphabet stock traded down $1.82 during midday trading on Wednesday, reaching $171.16. The company’s stock had a trading volume of 13,649,296 shares, compared to its average volume of 22,634,053. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.15 and a quick ratio of 2.15. The stock has a market capitalization of $2.12 trillion, a P/E ratio of 26.25, a PEG ratio of 1.26 and a beta of 1.02. Alphabet Inc. has a 52-week low of $107.72 and a 52-week high of $176.42. The stock’s 50-day simple moving average is $152.74 and its 200-day simple moving average is $144.21.

Alphabet (NASDAQ:GOOG) last issued its earnings results on Thursday, April 25th. The information services provider reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.51 by $0.38. The business had revenue of $80.54 billion during the quarter, compared to analysts’ expectations of $78.75 billion. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. The company’s quarterly revenue was up 15.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.17 earnings per share. On average, sell-side analysts expect that Alphabet Inc. will post 7.66 EPS for the current year.

Alphabet Announces Dividend

The company also recently declared a — dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 10th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, June 10th.

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.