Moss Adams Wealth Advisors LLC Sells 7,284 Shares of Alphabet Inc. (NASDAQ:GOOG)

Moss Adams Wealth Advisors LLC cut its stake in Alphabet Inc. (NASDAQ:GOOG) by 24.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,948 shares of the information services provider’s stock after selling 7,284 shares during the period. Alphabet comprises approximately 0.4% of Moss Adams Wealth Advisors LLC’s holdings, making the stock its 22nd largest holding. Moss Adams Wealth Advisors LLC’s holdings in Alphabet were worth $3,837,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of GOOG. Gulf International Bank UK Ltd raised its stake in shares of Alphabet by 0.4% in the first quarter. Gulf International Bank UK Ltd now owns 436,334 shares of the information services provider’s stock valued at $66,436,000 after acquiring an additional 1,752 shares during the last quarter. O Connor Financial Group LLC acquired a new position in Alphabet in the first quarter worth $215,000. MJP Associates Inc. ADV grew its holdings in shares of Alphabet by 20.8% during the first quarter. MJP Associates Inc. ADV now owns 9,741 shares of the information services provider’s stock worth $1,483,000 after purchasing an additional 1,677 shares during the last quarter. Running Oak Capital LLC increased its stake in shares of Alphabet by 10.3% in the first quarter. Running Oak Capital LLC now owns 72,683 shares of the information services provider’s stock valued at $11,067,000 after buying an additional 6,759 shares in the last quarter. Finally, Sanders Morris Harris LLC raised its holdings in shares of Alphabet by 8.2% in the first quarter. Sanders Morris Harris LLC now owns 20,886 shares of the information services provider’s stock valued at $3,180,000 after buying an additional 1,576 shares during the last quarter. Institutional investors own 27.26% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $168.00, for a total transaction of $114,576.00. Following the transaction, the chief accounting officer now owns 31,334 shares in the company, valued at $5,264,112. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Alphabet news, insider John Kent Walker sold 21,467 shares of Alphabet stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $160.35, for a total value of $3,442,233.45. Following the sale, the insider now owns 39,334 shares of the company’s stock, valued at $6,307,206.90. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $168.00, for a total value of $114,576.00. Following the transaction, the chief accounting officer now directly owns 31,334 shares of the company’s stock, valued at $5,264,112. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 220,426 shares of company stock worth $35,993,340 over the last ninety days. 12.99% of the stock is currently owned by corporate insiders.

Alphabet Stock Performance

Shares of NASDAQ:GOOG opened at $165.05 on Friday. The company has a market capitalization of $2.04 trillion, a price-to-earnings ratio of 25.31, a P/E/G ratio of 1.21 and a beta of 1.04. The firm’s 50 day simple moving average is $163.18 and its 200 day simple moving average is $169.67. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08. Alphabet Inc. has a fifty-two week low of $121.46 and a fifty-two week high of $193.31.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.04. The company had revenue of $84.74 billion during the quarter, compared to analyst estimates of $84.22 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The firm’s revenue was up 13.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.44 EPS. As a group, sell-side analysts forecast that Alphabet Inc. will post 7.64 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on GOOG. Rosenblatt Securities lowered shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective on the stock. in a report on Friday, June 28th. Scotiabank started coverage on shares of Alphabet in a report on Friday, October 11th. They issued a “sector outperform” rating and a $212.00 price target for the company. DA Davidson raised Alphabet to a “hold” rating in a report on Tuesday, September 10th. Wolfe Research upgraded Alphabet to a “strong-buy” rating in a research report on Tuesday, July 16th. Finally, Pivotal Research began coverage on Alphabet in a research report on Tuesday, October 1st. They set a “buy” rating and a $215.00 target price for the company. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $186.90.

About Alphabet

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.