Lockheed Martin Investment Management Co. cut its stake in Alphabet Inc. (NASDAQ:GOOG) by 39.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,500 shares of the information services provider’s stock after selling 1,600 shares during the quarter. Lockheed Martin Investment Management Co.’s holdings in Alphabet were worth $2,272,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Grandfield & Dodd LLC lifted its stake in Alphabet by 13.7% in the 2nd quarter. Grandfield & Dodd LLC now owns 1,387 shares of the information services provider’s stock valued at $1,260,000 after buying an additional 167 shares in the last quarter. David R. Rahn & Associates Inc. lifted its stake in Alphabet by 0.4% in the 2nd quarter. David R. Rahn & Associates Inc. now owns 1,270 shares of the information services provider’s stock valued at $1,154,000 after buying an additional 5 shares in the last quarter. Lee Financial Co lifted its stake in Alphabet by 19.8% in the 2nd quarter. Lee Financial Co now owns 278 shares of the information services provider’s stock valued at $253,000 after buying an additional 46 shares in the last quarter. Lourd Capital LLC lifted its stake in Alphabet by 26.7% in the 2nd quarter. Lourd Capital LLC now owns 1,253 shares of the information services provider’s stock valued at $1,139,000 after buying an additional 264 shares in the last quarter. Finally, Heritage Wealth Advisors lifted its stake in Alphabet by 15.9% in the 2nd quarter. Heritage Wealth Advisors now owns 990 shares of the information services provider’s stock valued at $901,000 after buying an additional 136 shares in the last quarter. 34.53% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Inc. (NASDAQ:GOOG) opened at 989.68 on Friday. The firm has a market capitalization of $685.73 billion, a price-to-earnings ratio of 35.87 and a beta of 0.94. Alphabet Inc. has a 12 month low of $727.54 and a 12 month high of $997.21. The firm’s 50-day moving average is $942.11 and its 200 day moving average is $924.40.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Monday, July 24th. The information services provider reported $5.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $4.43 by $0.58. The company had revenue of $26.01 billion for the quarter, compared to analysts’ expectations of $25.61 billion. Alphabet had a net margin of 19.49% and a return on equity of 13.66%. The business’s revenue was up 21.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $8.42 EPS. Equities analysts predict that Alphabet Inc. will post $30.62 earnings per share for the current year.

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In other news, CEO Sundar Pichai sold 4,000 shares of Alphabet stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $969.92, for a total value of $3,879,680.00. Following the transaction, the chief executive officer now owns 1,536 shares of the company’s stock, valued at approximately $1,489,797.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ann Mather sold 629 shares of Alphabet stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $932.28, for a total transaction of $586,404.12. Following the completion of the transaction, the director now directly owns 1,781 shares in the company, valued at approximately $1,660,390.68. The disclosure for this sale can be found here. Insiders sold a total of 40,694 shares of company stock worth $38,042,264 in the last ninety days. Corporate insiders own 13.92% of the company’s stock.

A number of brokerages recently weighed in on GOOG. J P Morgan Chase & Co reaffirmed a “buy” rating on shares of Alphabet in a research note on Tuesday, July 25th. Canaccord Genuity reaffirmed a “hold” rating and issued a $1,000.00 price target on shares of Alphabet in a research note on Thursday, July 27th. SunTrust Banks, Inc. began coverage on shares of Alphabet in a research note on Wednesday, August 16th. They issued a “buy” rating and a $1,100.00 price target on the stock. UBS AG reaffirmed a “buy” rating and issued a $1,080.00 price target on shares of Alphabet in a research note on Tuesday, July 25th. Finally, MKM Partners reaffirmed a “buy” rating and issued a $1,210.00 price target (up from $1,170.00) on shares of Alphabet in a research note on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirty-nine have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $1,034.07.

Alphabet Company Profile

Alphabet Inc is a holding company. The Company’s businesses include Google Inc (Google) and its Internet products, such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo and X. The Company’s segments include Google and Other Bets. The Google segment includes its Internet products, such as Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome and Google Play, as well as its hardware initiatives.

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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