Precedent Wealth Partners LLC Reduces Stock Position in Alphabet Inc. (NASDAQ:GOOG)

Precedent Wealth Partners LLC cut its stake in Alphabet Inc. (NASDAQ:GOOG) by 5.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,388 shares of the information services provider’s stock after selling 204 shares during the quarter. Precedent Wealth Partners LLC’s holdings in Alphabet were worth $645,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. IMS Capital Management boosted its stake in shares of Alphabet by 4.4% during the 2nd quarter. IMS Capital Management now owns 33,745 shares of the information services provider’s stock worth $5,702,000 after acquiring an additional 1,426 shares during the last quarter. Advisory Alpha LLC lifted its position in Alphabet by 9.2% during the second quarter. Advisory Alpha LLC now owns 15,536 shares of the information services provider’s stock valued at $2,850,000 after purchasing an additional 1,310 shares in the last quarter. Ted Buchan & Co bought a new stake in Alphabet during the second quarter valued at about $2,930,000. Granite Bay Wealth Management LLC grew its holdings in Alphabet by 8.4% during the second quarter. Granite Bay Wealth Management LLC now owns 28,585 shares of the information services provider’s stock valued at $5,243,000 after purchasing an additional 2,219 shares during the period. Finally, SPC Financial Inc. purchased a new stake in Alphabet in the second quarter worth about $287,000. 27.26% of the stock is owned by hedge funds and other institutional investors.

Alphabet Price Performance

Alphabet stock opened at $197.07 on Wednesday. Alphabet Inc. has a 52-week low of $131.55 and a 52-week high of $203.84. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.04. The firm’s fifty day moving average is $188.29 and its 200 day moving average is $175.13. The company has a market cap of $2.41 trillion, a price-to-earnings ratio of 26.14, a PEG ratio of 1.27 and a beta of 0.99.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.29. The firm had revenue of $88.27 billion for the quarter, compared to analysts’ expectations of $86.39 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The business’s revenue was up 15.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.55 EPS. Sell-side analysts forecast that Alphabet Inc. will post 8.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other Alphabet news, CAO Amie Thuener O’toole sold 1,367 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $171.42, for a total transaction of $234,331.14. Following the transaction, the chief accounting officer now owns 26,349 shares in the company, valued at $4,516,745.58. The trade was a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Frances Arnold sold 441 shares of the stock in a transaction on Monday, November 4th. The shares were sold at an average price of $171.06, for a total transaction of $75,437.46. Following the completion of the sale, the director now directly owns 16,490 shares in the company, valued at approximately $2,820,779.40. This represents a 2.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 122,887 shares of company stock valued at $22,470,464 over the last ninety days. 12.99% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

GOOG has been the subject of a number of recent research reports. Pivotal Research boosted their price objective on Alphabet from $215.00 to $225.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Canaccord Genuity Group upped their price target on shares of Alphabet from $220.00 to $225.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Seaport Res Ptn upgraded shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 29th. Scotiabank upped their target price on shares of Alphabet from $212.00 to $240.00 and gave the stock a “sector outperform” rating in a report on Friday, January 24th. Finally, Oppenheimer raised their price target on Alphabet from $185.00 to $215.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Six equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $205.13.

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.