Patten Group Inc. Sells 2,185 Shares of Alphabet Inc. $GOOG

Patten Group Inc. lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 12.3% in the 2nd quarter, Holdings Channel reports. The firm owned 15,582 shares of the information services provider’s stock after selling 2,185 shares during the period. Patten Group Inc.’s holdings in Alphabet were worth $2,764,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in GOOG. MorganRosel Wealth Management LLC purchased a new stake in Alphabet in the 1st quarter worth about $26,000. IFS Advisors LLC raised its position in Alphabet by 400.0% in the 2nd quarter. IFS Advisors LLC now owns 150 shares of the information services provider’s stock worth $27,000 after purchasing an additional 120 shares during the period. Robbins Farley raised its position in Alphabet by 60.0% in the 2nd quarter. Robbins Farley now owns 160 shares of the information services provider’s stock worth $28,000 after purchasing an additional 60 shares during the period. WestEnd Advisors LLC raised its position in Alphabet by 58.7% in the 2nd quarter. WestEnd Advisors LLC now owns 165 shares of the information services provider’s stock worth $29,000 after purchasing an additional 61 shares during the period. Finally, Fairman Group LLC raised its position in Alphabet by 121.3% in the 2nd quarter. Fairman Group LLC now owns 177 shares of the information services provider’s stock worth $31,000 after purchasing an additional 97 shares during the period. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Price Performance

Shares of GOOG opened at $260.51 on Friday. The company has a 50 day moving average of $237.33 and a two-hundred day moving average of $196.32. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $262.51. The company has a market cap of $3.15 trillion, a price-to-earnings ratio of 27.74, a price-to-earnings-growth ratio of 1.71 and a beta of 1.00.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.19. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The business had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. During the same period in the previous year, the company earned $1.89 earnings per share. The business’s revenue for the quarter was up 13.8% on a year-over-year basis. As a group, analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Alphabet news, CAO Amie Thuener O’toole sold 2,778 shares of Alphabet stock in a transaction on Monday, September 15th. The shares were sold at an average price of $245.00, for a total value of $680,610.00. Following the transaction, the chief accounting officer directly owned 17,293 shares of the company’s stock, valued at approximately $4,236,785. The trade was a 13.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the transaction, the insider directly owned 42,999 shares in the company, valued at $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 246,150 shares of company stock valued at $55,805,379. 12.99% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on GOOG shares. Raymond James Financial set a $275.00 price objective on shares of Alphabet and gave the stock an “outperform” rating in a research report on Friday. Pivotal Research raised their target price on shares of Alphabet from $245.00 to $300.00 and gave the stock a “buy” rating in a research report on Wednesday, September 3rd. Hsbc Global Res raised shares of Alphabet to a “strong-buy” rating in a research report on Tuesday, October 7th. Morgan Stanley raised their target price on shares of Alphabet from $210.00 to $270.00 and gave the stock an “overweight” rating in a research report on Thursday, October 2nd. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating on shares of Alphabet in a research report on Wednesday, July 9th. Six investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $249.68.

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