Mengis Capital Management Inc. Lowers Stake in Alphabet Inc. (NASDAQ:GOOG)

Mengis Capital Management Inc. trimmed its position in Alphabet Inc. (NASDAQ:GOOGFree Report) by 5.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 71,030 shares of the information services provider’s stock after selling 4,070 shares during the quarter. Alphabet accounts for approximately 1.9% of Mengis Capital Management Inc.’s holdings, making the stock its 9th biggest holding. Mengis Capital Management Inc.’s holdings in Alphabet were worth $9,365,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of GOOG. Tolleson Wealth Management Inc. purchased a new position in Alphabet during the second quarter worth $411,000. Westshore Wealth LLC grew its stake in Alphabet by 31.2% in the second quarter. Westshore Wealth LLC now owns 15,700 shares of the information services provider’s stock valued at $1,887,000 after purchasing an additional 3,730 shares during the last quarter. Washington Trust Bank boosted its stake in Alphabet by 33.0% in the third quarter. Washington Trust Bank now owns 7,359 shares of the information services provider’s stock valued at $970,000 after acquiring an additional 1,826 shares in the last quarter. Woodley Farra Manion Portfolio Management Inc. increased its position in Alphabet by 20.0% during the 2nd quarter. Woodley Farra Manion Portfolio Management Inc. now owns 5,986 shares of the information services provider’s stock valued at $724,000 after buying an additional 996 shares in the last quarter. Finally, Blue Barn Wealth LLC grew its position in Alphabet by 2.0% during the 2nd quarter. Blue Barn Wealth LLC now owns 6,148 shares of the information services provider’s stock worth $744,000 after purchasing an additional 121 shares during the last quarter. 27.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on GOOG. Raymond James upped their target price on Alphabet from $150.00 to $160.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 24th. Oppenheimer reiterated an “outperform” rating and set a $160.00 price target on shares of Alphabet in a research report on Wednesday, October 25th. Finally, Susquehanna upped their target price on shares of Alphabet from $150.00 to $170.00 and gave the stock a “positive” rating in a research note on Wednesday, January 31st. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $146.33.

Check Out Our Latest Report on Alphabet

Alphabet Trading Down 1.0 %

NASDAQ:GOOG traded down $1.49 during trading hours on Monday, reaching $148.73. 17,181,700 shares of the company were exchanged, compared to its average volume of 21,462,955. Alphabet Inc. has a 52-week low of $88.86 and a 52-week high of $155.20. The stock has a 50 day simple moving average of $142.15 and a 200 day simple moving average of $136.93. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.10 and a quick ratio of 2.10. The firm has a market cap of $1.86 trillion, a price-to-earnings ratio of 25.90, a PEG ratio of 1.39 and a beta of 1.06.

Alphabet (NASDAQ:GOOGGet Free Report) last posted its quarterly earnings data on Tuesday, January 30th. The information services provider reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.04. The company had revenue of $86.31 billion for the quarter, compared to the consensus estimate of $85.28 billion. Alphabet had a return on equity of 27.22% and a net margin of 24.01%. The company’s quarterly revenue was up 13.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.05 EPS. As a group, analysts predict that Alphabet Inc. will post 6.76 EPS for the current year.

Insiders Place Their Bets

In other Alphabet news, Director Frances Arnold sold 230 shares of the stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $154.06, for a total transaction of $35,433.80. Following the transaction, the director now owns 15,104 shares in the company, valued at $2,326,922.24. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 420 shares of the business’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $133.32, for a total value of $55,994.40. Following the transaction, the chief accounting officer now directly owns 26,833 shares in the company, valued at $3,577,375.56. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Frances Arnold sold 230 shares of the company’s stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $154.06, for a total transaction of $35,433.80. Following the transaction, the director now owns 15,104 shares in the company, valued at approximately $2,326,922.24. The disclosure for this sale can be found here. Insiders have sold 136,974 shares of company stock valued at $19,427,217 over the last three months. 12.99% of the stock is currently owned by insiders.

Alphabet Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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