Alphabet (NASDAQ:GOOG) Trading Down 0.5% – Here’s What Happened

Alphabet Inc. (NASDAQ:GOOG) dropped 0.5% during mid-day trading on Wednesday . The company traded as low as $165.54 and last traded at $165.94. Approximately 3,085,750 shares traded hands during trading, a decline of 84% from the average daily volume of 19,457,166 shares. The stock had previously closed at $166.82.

Analysts Set New Price Targets

A number of research analysts recently weighed in on GOOG shares. Cantor Fitzgerald upgraded shares of Alphabet to a “hold” rating in a research report on Thursday, September 5th. UBS Group lowered their price target on Alphabet from $204.00 to $187.00 and set a “neutral” rating on the stock in a report on Monday, October 7th. Scotiabank assumed coverage on Alphabet in a report on Friday, October 11th. They issued a “sector outperform” rating and a $212.00 target price on the stock. TD Cowen boosted their price target on Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Finally, Pivotal Research initiated coverage on shares of Alphabet in a research note on Tuesday, October 1st. They issued a “buy” rating and a $215.00 price objective on the stock. Four investment 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 stock. According to data from MarketBeat, Alphabet presently has a consensus rating of “Moderate Buy” and an average target price of $186.90.

Alphabet Price Performance

The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The firm’s 50-day moving average price is $163.31 and its 200-day moving average price is $169.88. The stock has a market capitalization of $2.06 trillion, a PE ratio of 25.63, a PEG ratio of 1.21 and a beta of 1.04.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data 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 business had revenue of $84.74 billion during the quarter, compared to analyst estimates of $84.22 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The company’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same period last year, the company earned $1.44 EPS. On average, equities analysts forecast that Alphabet Inc. will post 7.64 EPS for the current fiscal year.

Insider Buying and Selling at Alphabet

In related news, SVP Prabhakar Raghavan sold 34,257 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was 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 of the company’s stock, valued at approximately $50,765,346. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider John Kent Walker sold 21,467 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $160.35, for a total transaction of $3,442,233.45. Following the transaction, the insider now owns 39,334 shares in the company, valued at approximately $6,307,206.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Prabhakar Raghavan sold 34,257 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was 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 of the company’s stock, valued at approximately $50,765,346. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 220,426 shares of company stock worth $35,993,340 over the last quarter. Insiders own 12.99% of the company’s stock.

Hedge Funds Weigh In On Alphabet

Several institutional investors have recently bought and sold shares of the business. Abich Financial Wealth Management LLC boosted its position in shares of Alphabet by 9,200.0% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock worth $34,000 after purchasing an additional 184 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new position in shares of Alphabet in the 2nd quarter valued at approximately $37,000. HWG Holdings LP acquired a new stake in Alphabet in the 2nd quarter worth approximately $40,000. Slocum Gordon & Co LLP purchased a new stake in Alphabet during the 2nd quarter worth approximately $44,000. Finally, Hoese & Co LLP raised its holdings in shares of Alphabet by 62.5% in the second quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock worth $45,000 after buying an additional 100 shares during the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

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.