Suncoast Equity Management Sells 642 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Suncoast Equity Management reduced its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 0.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 158,039 shares of the information services provider’s stock after selling 642 shares during the quarter. Alphabet accounts for about 3.0% of Suncoast Equity Management’s holdings, making the stock its 17th biggest position. Suncoast Equity Management’s holdings in Alphabet were worth $26,211,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. MorganRosel Wealth Management LLC increased its holdings in shares of Alphabet by 3.6% in the second quarter. MorganRosel Wealth Management LLC now owns 1,620 shares of the information services provider’s stock worth $295,000 after purchasing an additional 57 shares during the period. Hengehold Capital Management LLC grew its holdings in shares of Alphabet by 0.8% during the 2nd quarter. Hengehold Capital Management LLC now owns 7,224 shares of the information services provider’s stock valued at $1,316,000 after purchasing an additional 60 shares during the last quarter. Christopher J. Hasenberg Inc lifted its stake in shares of Alphabet by 75.0% in the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after acquiring an additional 60 shares during the last quarter. First PREMIER Bank grew its holdings in shares of Alphabet by 3.8% in the third quarter. First PREMIER Bank now owns 1,655 shares of the information services provider’s stock worth $275,000 after purchasing an additional 61 shares during the last quarter. Finally, MKT Advisors LLC raised its stake in shares of Alphabet by 0.8% during the third quarter. MKT Advisors LLC now owns 7,363 shares of the information services provider’s stock valued at $1,221,000 after acquiring an additional 62 shares during the last quarter. 40.03% of the stock is owned by institutional investors.

Insider Activity

In other news, SVP Prabhakar Raghavan sold 34,257 shares of Alphabet stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $162.60, for a total value of $5,570,188.20. Following the transaction, the senior vice president now owns 312,210 shares of the company’s stock, valued at $50,765,346. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $162.35, for a total transaction of $3,652,875.00. Following the completion of the transaction, the chief executive officer now directly owns 2,182,385 shares of the company’s stock, valued at approximately $354,310,204.75. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Prabhakar Raghavan sold 34,257 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the transaction, the senior vice president now owns 312,210 shares of the company’s stock, valued at $50,765,346. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 220,426 shares of company stock worth $35,993,340. Corporate insiders own 11.55% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Royal Bank of Canada upped their price objective on shares of Alphabet from $204.00 to $210.00 and gave the stock an “outperform” rating in a report on Wednesday. Guggenheim raised their price target on shares of Alphabet from $195.00 to $205.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. JMP Securities raised their price target on shares of Alphabet from $200.00 to $220.00 and gave the company a “market outperform” rating in a report on Wednesday. Rosenblatt Securities reissued a “neutral” rating and issued a $181.00 target price on shares of Alphabet in a report on Wednesday, July 24th. Finally, Morgan Stanley lifted their target price on Alphabet from $190.00 to $205.00 and gave the company an “overweight” rating in a research report on Wednesday. Seven research analysts have rated the stock with a hold rating, thirty have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $205.51.

Alphabet Price Performance

Alphabet stock opened at $174.46 on Thursday. Alphabet Inc. has a 12-month low of $122.68 and a 12-month high of $191.75. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $2.16 trillion, a PE ratio of 26.76, a price-to-earnings-growth ratio of 1.27 and a beta of 1.04. The firm has a 50-day moving average price of $162.17 and a 200-day moving average price of $168.78.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.29. The firm had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $72.85 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. During the same quarter in the previous year, the firm posted $1.55 earnings per share. As a group, equities research analysts forecast that Alphabet Inc. will post 7.65 EPS for the current year.

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.