Manchester Financial Inc. Cuts Stock Position in Alphabet Inc (NASDAQ:GOOG)

Manchester Financial Inc. lessened its stake in shares of Alphabet Inc (NASDAQ:GOOG) by 21.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 142 shares of the information services provider’s stock after selling 38 shares during the quarter. Manchester Financial Inc.’s holdings in Alphabet were worth $209,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Chelsea Counsel Co. raised its stake in shares of Alphabet by 6.4% during the first quarter. Chelsea Counsel Co. now owns 4,759 shares of the information services provider’s stock worth $5,534,000 after purchasing an additional 285 shares during the last quarter. Verition Fund Management LLC purchased a new stake in shares of Alphabet during the second quarter worth approximately $11,845,000. Adams Asset Advisors LLC purchased a new stake in shares of Alphabet during the second quarter worth approximately $1,484,000. Telemus Capital LLC raised its stake in shares of Alphabet by 2.6% during the second quarter. Telemus Capital LLC now owns 7,909 shares of the information services provider’s stock worth $12,193,000 after purchasing an additional 198 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV raised its stake in shares of Alphabet by 11.9% during the first quarter. Mercer Global Advisors Inc. ADV now owns 7,487 shares of the information services provider’s stock worth $8,706,000 after purchasing an additional 798 shares during the last quarter. Institutional investors and hedge funds own 32.42% of the company’s stock.

GOOG has been the subject of several research analyst reports. JPMorgan Chase & Co. increased their price objective on Alphabet from $1,505.00 to $1,700.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. UBS Group reiterated a “buy” rating and issued a $1,970.00 price objective (up previously from $1,600.00) on shares of Alphabet in a research report on Tuesday, August 25th. BidaskClub cut Alphabet from a “buy” rating to a “hold” rating in a research report on Wednesday, September 9th. KeyCorp initiated coverage on Alphabet in a research report on Monday, September 14th. They issued an “overweight” rating for the company. Finally, Raymond James increased their price objective on Alphabet from $1,425.00 to $1,700.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Four research 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 company. The company currently has an average rating of “Buy” and an average target price of $1,703.33.

In related news, Director Ann Mather sold 22 shares of the firm’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $1,484.27, for a total transaction of $32,653.94. Following the sale, the director now owns 1,134 shares of the company’s stock, valued at approximately $1,683,162.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John L. Hennessy sold 60 shares of the firm’s stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $1,538.29, for a total value of $92,297.40. Following the sale, the director now directly owns 517 shares in the company, valued at approximately $795,295.93. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 142 shares of company stock worth $213,357. 12.99% of the stock is owned by corporate insiders.

Shares of Alphabet stock opened at $1,573.01 on Friday. Alphabet Inc has a 12-month low of $1,013.54 and a 12-month high of $1,733.18. The company has a quick ratio of 3.40, a current ratio of 3.41 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $1,069.90 billion, a PE ratio of 34.59, a price-to-earnings-growth ratio of 2.16 and a beta of 1.10. The stock’s fifty day moving average is $1,525.61 and its 200-day moving average is $1,436.75.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Thursday, July 30th. The information services provider reported $10.13 earnings per share for the quarter, topping analysts’ consensus estimates of $8.43 by $1.70. Alphabet had a return on equity of 15.62% and a net margin of 18.99%. The company had revenue of $31.60 billion during the quarter, compared to analysts’ expectations of $30.58 billion. Analysts expect that Alphabet Inc will post 44.84 EPS for the current year.

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.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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