Ocean Capital Management LLC Cuts Stock Position in Alphabet Inc (NASDAQ:GOOG)

Ocean Capital Management LLC reduced its stake in Alphabet Inc (NASDAQ:GOOG) by 0.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,207 shares of the information services provider’s stock after selling 7 shares during the quarter. Alphabet comprises approximately 4.7% of Ocean Capital Management LLC’s holdings, making the stock its 6th largest position. Ocean Capital Management LLC’s holdings in Alphabet were worth $7,361,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of GOOG. Advisor Group Holdings Inc. bought a new stake in shares of Alphabet in the 1st quarter worth approximately $73,436,000. Copper Rock Capital Partners LLC boosted its position in shares of Alphabet by 6,302.5% in the 2nd quarter. Copper Rock Capital Partners LLC now owns 594,344 shares of the information services provider’s stock worth $798,166,000 after purchasing an additional 585,061 shares in the last quarter. Baupost Group LLC MA purchased a new position in Alphabet in the 1st quarter worth approximately $349,424,000. BlackRock Inc. raised its holdings in Alphabet by 1.5% in the 1st quarter. BlackRock Inc. now owns 20,264,225 shares of the information services provider’s stock worth $23,563,444,000 after acquiring an additional 295,467 shares during the last quarter. Finally, Capital International Investors raised its holdings in Alphabet by 5.0% in the 1st quarter. Capital International Investors now owns 4,555,880 shares of the information services provider’s stock worth $5,297,617,000 after acquiring an additional 218,823 shares during the last quarter. 32.91% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities analysts recently weighed in on GOOG shares. Goldman Sachs Group restated a “buy” rating on shares of Alphabet in a report on Friday. Pivotal Research boosted their price objective on shares of Alphabet from $1,575.00 to $1,725.00 and gave the stock a “buy” rating in a report on Friday. Barclays boosted their price objective on shares of Alphabet from $1,600.00 to $1,800.00 and gave the stock an “overweight” rating in a report on Friday. Robert W. Baird boosted their price objective on shares of Alphabet from $1,650.00 to $1,675.00 in a report on Friday. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Alphabet from $1,505.00 to $1,700.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Four investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $1,671.00.

Shares of NASDAQ:GOOG traded down $48.49 during midday trading on Friday, hitting $1,482.96. The company had a trading volume of 3,429,036 shares, compared to its average volume of 1,408,813. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.66 and a quick ratio of 3.64. The company has a market cap of $1,012.30 billion, a price-to-earnings ratio of 32.61, a PEG ratio of 2.34 and a beta of 1.05. Alphabet Inc has a 12-month low of $1,013.54 and a 12-month high of $1,586.99. The company has a fifty day moving average of $1,474.19 and a two-hundred day moving average of $1,377.20.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Thursday, July 30th. The information services provider reported $10.13 EPS for the quarter, topping the consensus estimate of $8.43 by $1.70. The firm had revenue of $31.60 billion during the quarter, compared to analyst estimates of $30.58 billion. Alphabet had a return on equity of 15.77% and a net margin of 18.99%. Research analysts expect that Alphabet Inc will post 42.07 earnings per share for the current fiscal year.

In related news, Director John L. Hennessy sold 60 shares of the company’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $1,363.61, for a total value of $81,816.60. Following the completion of the transaction, the director now owns 592 shares of the company’s stock, valued at approximately $807,257.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ann Mather sold 32 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $1,418.39, for a total transaction of $45,388.48. Following the completion of the transaction, the director now directly owns 1,119 shares of the company’s stock, valued at approximately $1,587,178.41. The disclosure for this sale can be found here. Insiders sold a total of 212 shares of company stock valued at $303,047 in the last ninety days. 12.99% of the stock is currently owned by insiders.

About Alphabet

Alphabet Inc provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It offers performance and brand advertising services. The company operates through Google and Other Bets segments. The Google segment offers products, such as Ads, Android, Chrome, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure.

Recommended Story: Understanding debt-to-equity ratio in fundamental analysis

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

Receive News & Ratings for Alphabet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet and related companies with MarketBeat.com's FREE daily email newsletter.