Alphabet Inc. (NASDAQ:GOOGL) Shares Sold by Nexus Investment Management ULC

Nexus Investment Management ULC lowered its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 31.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,180 shares of the information services provider's stock after selling 4,229 shares during the quarter. Nexus Investment Management ULC's holdings in Alphabet were worth $1,523,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Christopher J. Hasenberg Inc increased its position in shares of Alphabet by 75.0% during the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider's stock worth $26,000 after purchasing an additional 60 shares during the last quarter. Kings Path Partners LLC acquired a new stake in shares of Alphabet during the second quarter valued at about $36,000. Tributary Capital Management LLC acquired a new stake in shares of Alphabet during the first quarter valued at about $30,000. Denver PWM LLC acquired a new position in shares of Alphabet in the 2nd quarter worth approximately $41,000. Finally, Quarry LP acquired a new position in shares of Alphabet in the 2nd quarter worth approximately $53,000. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, SVP Prabhakar Raghavan sold 34,257 shares of the business's stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the sale, the senior vice president now owns 312,210 shares of the company's stock, valued at approximately $50,765,346. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CAO Amie Thuener O'toole sold 682 shares of the business's stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $168.00, for a total value of $114,576.00. Following the sale, the chief accounting officer now directly 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Prabhakar Raghavan sold 34,257 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the completion of the sale, the senior vice president now directly owns 312,210 shares in the company, valued at approximately $50,765,346. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 220,426 shares of company stock worth $35,993,340. 11.55% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on GOOGL. Tigress Financial increased their target price on Alphabet from $210.00 to $220.00 and gave the stock a "strong-buy" rating in a research note on Thursday, September 26th. Wedbush reiterated an "outperform" rating and set a $205.00 target price on shares of Alphabet in a report on Thursday. Jefferies Financial Group raised their price target on shares of Alphabet from $215.00 to $220.00 in a research report on Tuesday, July 9th. Morgan Stanley reduced their price objective on Alphabet from $205.00 to $190.00 and set an "overweight" rating on the stock in a research note on Tuesday, September 3rd. Finally, UBS Group lifted their target price on Alphabet from $200.00 to $204.00 and gave the company a "neutral" rating in a report on Wednesday, July 24th. Eight research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $201.76.

Alphabet Stock Performance

NASDAQ GOOGL traded up $2.55 during trading hours on Friday, hitting $165.27. 19,805,220 shares of the stock were exchanged, compared to its average volume of 26,842,152. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04. The company has a market cap of $2.04 trillion, a price-to-earnings ratio of 25.35, a price-to-earnings-growth ratio of 1.21 and a beta of 1.04. Alphabet Inc. has a 12-month low of $120.21 and a 12-month high of $191.75. The stock has a 50-day moving average of $161.90 and a 200 day moving average of $168.36.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, beating the consensus estimate of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The business had revenue of $84.74 billion during the quarter, compared to analysts' expectations of $70.60 billion. During the same period last year, the firm earned $1.44 EPS. As a group, equities research analysts forecast that Alphabet Inc. will post 7.64 earnings per share for the current year.

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.