Beese Fulmer Investment Management Inc. Cuts Position in Alphabet Inc. (NASDAQ:GOOG)

Beese Fulmer Investment Management Inc. decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 2.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 141,375 shares of the information services provider’s stock after selling 2,909 shares during the period. Alphabet accounts for about 1.8% of Beese Fulmer Investment Management Inc.’s portfolio, making the stock its 9th biggest position. Beese Fulmer Investment Management Inc.’s holdings in Alphabet were worth $17,102,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Moneta Group Investment Advisors LLC boosted its holdings in Alphabet by 61,587.1% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 130,046,253 shares of the information services provider’s stock worth $11,539,004,000 after acquiring an additional 129,835,437 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Alphabet by 1,807.4% in the third quarter. Bank of New York Mellon Corp now owns 57,069,444 shares of the information services provider’s stock worth $5,487,226,000 after acquiring an additional 54,077,519 shares in the last quarter. Norges Bank bought a new position in Alphabet in the fourth quarter worth approximately $3,059,614,000. GQG Partners LLC bought a new position in Alphabet in the first quarter worth approximately $2,170,024,000. Finally, Morgan Stanley boosted its holdings in Alphabet by 37.6% in the fourth quarter. Morgan Stanley now owns 71,779,112 shares of the information services provider’s stock worth $6,368,961,000 after acquiring an additional 19,612,974 shares in the last quarter. Institutional investors own 27.13% of the company’s stock.

Insiders Place Their Bets

In other Alphabet news, Director John L. Hennessy sold 200 shares of the firm’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $137.30, for a total value of $27,460.00. Following the completion of the sale, the director now directly owns 7,584 shares of the company’s stock, valued at $1,041,283.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Alphabet news, CAO Amie Thuener O’toole sold 3,749 shares of the firm’s stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $136.28, for a total value of $510,913.72. Following the completion of the sale, the chief accounting officer now directly owns 25,568 shares of the company’s stock, valued at $3,484,407.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John L. Hennessy sold 200 shares of the firm’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $137.30, for a total value of $27,460.00. Following the completion of the sale, the director now directly owns 7,584 shares of the company’s stock, valued at $1,041,283.20. The disclosure for this sale can be found here. Insiders sold 96,092 shares of company stock valued at $12,221,941 over the last ninety days. 12.99% of the stock is currently owned by insiders.

Alphabet Stock Performance

Shares of GOOG opened at $138.96 on Tuesday. The company has a current ratio of 2.17, a quick ratio of 2.14 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $1.75 trillion, a price-to-earnings ratio of 29.44, a PEG ratio of 1.59 and a beta of 1.06. The stock has a 50 day moving average of $130.22 and a 200 day moving average of $118.50. Alphabet Inc. has a 12 month low of $83.45 and a 12 month high of $139.93.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Tuesday, July 25th. The information services provider reported $1.44 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.12. Alphabet had a return on equity of 23.49% and a net margin of 21.05%. The company had revenue of $74.60 billion during the quarter, compared to the consensus estimate of $72.85 billion. During the same period last year, the business posted $1.21 earnings per share. Alphabet’s revenue was up 7.1% on a year-over-year basis. As a group, sell-side analysts forecast that Alphabet Inc. will post 5.68 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Susquehanna increased their price target on Alphabet from $120.00 to $150.00 in a report on Wednesday, July 26th. Oppenheimer increased their price objective on Alphabet from $145.00 to $160.00 in a research note on Wednesday, July 26th. Robert W. Baird increased their price objective on Alphabet from $123.00 to $140.00 in a research note on Wednesday, July 26th. Finally, Wedbush started coverage on Alphabet in a research note on Monday, August 21st. They issued an “outperform” rating for the company. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat.com, Alphabet has an average rating of “Buy” and an average price target of $130.94.

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