Alphabet (NASDAQ:GOOGL) Shares Gap Down on Insider Selling

Alphabet Inc. (NASDAQ:GOOGLGet Free Report)’s stock price gapped down prior to trading on Wednesday following insider selling activity. The stock had previously closed at $151.46, but opened at $143.62. Alphabet shares last traded at $142.77, with a volume of 17,353,985 shares traded.

Specifically, SVP Prabhakar Raghavan sold 16,088 shares of the business’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $139.10, for a total transaction of $2,237,840.80. Following the completion of the transaction, the senior vice president now owns 52,440 shares of the company’s stock, valued at approximately $7,294,404. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP Prabhakar Raghavan sold 16,088 shares of the business’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $139.10, for a total transaction of $2,237,840.80. Following the completion of the transaction, the senior vice president now owns 52,440 shares of the company’s stock, valued at approximately $7,294,404. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John L. Hennessy sold 200 shares of the company’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $132.92, for a total value of $26,584.00. Following the completion of the transaction, the director now directly owns 7,184 shares of the company’s stock, valued at approximately $954,897.28. The disclosure for this sale can be found here. In the last 90 days, insiders sold 189,674 shares of company stock valued at $25,994,026. Insiders own 0.88% of the company’s stock.

Wall Street Analysts Forecast Growth

GOOGL has been the subject of several recent research reports. Tigress Financial upped their price target on Alphabet from $172.00 to $176.00 and gave the company a “strong-buy” rating in a report on Tuesday, November 21st. Monness Crespi & Hardt lowered Alphabet from a “buy” rating to a “neutral” rating in a research note on Wednesday, October 25th. Royal Bank of Canada reiterated an “outperform” rating and issued a $155.00 price objective on shares of Alphabet in a research note on Wednesday. Piper Sandler upped their price objective on Alphabet from $147.00 to $150.00 and gave the company an “overweight” rating in a research note on Wednesday, October 25th. Finally, Barclays lowered their price objective on Alphabet from $180.00 to $173.00 and set an “overweight” rating on the stock in a research note on Wednesday. Five analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $152.86.

Check Out Our Latest Stock Analysis on GOOGL

Alphabet Price Performance

The company has a market cap of $1.77 trillion, a P/E ratio of 24.34, a PEG ratio of 1.33 and a beta of 1.05. The company has a fifty day moving average price of $139.50 and a two-hundred day moving average price of $134.65. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.01 and a current ratio of 2.04.

Alphabet (NASDAQ:GOOGLGet Free Report) last announced its quarterly earnings data on Tuesday, January 30th. The information services provider reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.04. The company had revenue of $86.31 billion during the quarter, compared to analysts’ expectations of $70.77 billion. Alphabet had a return on equity of 27.63% and a net margin of 24.01%. During the same quarter last year, the company earned $1.05 EPS. On average, sell-side analysts anticipate that Alphabet Inc. will post 6.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Alphabet

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Spreng Capital Management Inc. grew its holdings in Alphabet by 4.0% during the first quarter. Spreng Capital Management Inc. now owns 131 shares of the information services provider’s stock worth $364,000 after purchasing an additional 5 shares during the period. Maple Capital Management Inc. lifted its position in Alphabet by 2.1% during the first quarter. Maple Capital Management Inc. now owns 296 shares of the information services provider’s stock worth $823,000 after acquiring an additional 6 shares during the last quarter. West Family Investments Inc. lifted its position in Alphabet by 0.3% during the first quarter. West Family Investments Inc. now owns 1,754 shares of the information services provider’s stock worth $4,878,000 after acquiring an additional 6 shares during the last quarter. Private Advisory Group LLC lifted its position in Alphabet by 1.8% during the first quarter. Private Advisory Group LLC now owns 401 shares of the information services provider’s stock worth $1,115,000 after acquiring an additional 7 shares during the last quarter. Finally, Weik Capital Management lifted its position in Alphabet by 0.5% during the first quarter. Weik Capital Management now owns 1,533 shares of the information services provider’s stock worth $4,264,000 after acquiring an additional 8 shares during the last quarter. Institutional investors own 35.08% of the company’s stock.

Alphabet Company Profile

(Get 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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