Peregrine Capital Management LLC Cuts Stake in Alphabet Inc. $GOOG

Peregrine Capital Management LLC lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 50.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 81,936 shares of the information services provider’s stock after selling 82,630 shares during the quarter. Peregrine Capital Management LLC’s holdings in Alphabet were worth $14,535,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Alphabet by 2.4% during the first quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider’s stock valued at $64,299,725,000 after purchasing an additional 9,687,855 shares during the period. Kingstone Capital Partners Texas LLC boosted its stake in shares of Alphabet by 580,897.4% during the second quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider’s stock valued at $23,963,208,000 after purchasing an additional 135,064,454 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Alphabet by 9.9% during the first quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider’s stock valued at $15,971,861,000 after purchasing an additional 9,243,959 shares during the period. Deutsche Bank AG boosted its stake in shares of Alphabet by 5.4% during the first quarter. Deutsche Bank AG now owns 21,345,784 shares of the information services provider’s stock valued at $3,334,852,000 after purchasing an additional 1,098,996 shares during the period. Finally, Invesco Ltd. boosted its stake in shares of Alphabet by 2.2% during the first quarter. Invesco Ltd. now owns 20,380,073 shares of the information services provider’s stock valued at $3,183,979,000 after purchasing an additional 440,526 shares during the period. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Alphabet Price Performance

Shares of Alphabet stock opened at $275.17 on Thursday. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a market cap of $3.33 trillion, a PE ratio of 29.30, a P/E/G ratio of 1.81 and a beta of 1.00. The business has a 50 day moving average of $241.46 and a 200 day moving average of $199.27. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $275.97.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Wednesday, October 29th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The business’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period in the prior year, the business earned $2.12 earnings per share. As a group, equities research analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current year.

Analyst Upgrades and Downgrades

GOOG has been the subject of a number of analyst reports. Phillip Securities lowered Alphabet from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, September 8th. Scotiabank reissued an “outperform” rating and set a $310.00 price objective on shares of Alphabet in a research note on Thursday, October 16th. Oppenheimer set a $300.00 target price on Alphabet and gave the company an “outperform” rating in a report on Monday, October 20th. JPMorgan Chase & Co. upped their target price on Alphabet from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday. Finally, Barclays restated a “buy” rating on shares of Alphabet in a report on Wednesday, July 9th. Five equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $297.56.

Insiders Place Their Bets

In other Alphabet news, CAO Amie Thuener O’toole sold 2,778 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the transaction, the chief accounting officer owned 17,293 shares in the company, valued at approximately $4,236,785. This represents a 13.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Kent Walker sold 23,820 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the transaction, the insider owned 42,999 shares of the company’s stock, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 246,150 shares of company stock worth $55,805,379. 12.99% of the stock is owned by corporate insiders.

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.