Krane Funds Advisors LLC Cuts Position in Alphabet Inc. (NASDAQ:GOOG)

Krane Funds Advisors LLC cut its stake in Alphabet Inc. (NASDAQ:GOOG) by 30.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,168 shares of the information services provider’s stock after selling 501 shares during the period. Alphabet comprises approximately 0.2% of Krane Funds Advisors LLC’s portfolio, making the stock its 28th largest position. Krane Funds Advisors LLC’s holdings in Alphabet were worth $195,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Twelve Points Wealth Management LLC raised its stake in shares of Alphabet by 0.7% during the 2nd quarter. Twelve Points Wealth Management LLC now owns 7,985 shares of the information services provider’s stock worth $1,465,000 after acquiring an additional 55 shares in the last quarter. PCG Wealth Advisors LLC raised its stake in shares of Alphabet by 3.1% during the 2nd quarter. PCG Wealth Advisors LLC now owns 1,880 shares of the information services provider’s stock worth $345,000 after acquiring an additional 57 shares in the last quarter. Investment Advisory Services Inc. TX ADV grew its position in Alphabet by 1.6% during the 2nd quarter. Investment Advisory Services Inc. TX ADV now owns 3,636 shares of the information services provider’s stock worth $667,000 after purchasing an additional 57 shares during the last quarter. Advisors Management Group Inc. ADV grew its position in Alphabet by 2.0% during the 2nd quarter. Advisors Management Group Inc. ADV now owns 2,944 shares of the information services provider’s stock worth $540,000 after purchasing an additional 58 shares during the last quarter. Finally, Mark Sheptoff Financial Planning LLC grew its position in Alphabet by 11.1% during the 1st quarter. Mark Sheptoff Financial Planning LLC now owns 600 shares of the information services provider’s stock worth $91,000 after purchasing an additional 60 shares during the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Performance

Shares of NASDAQ GOOG opened at $165.05 on Friday. The company’s fifty day moving average price is $163.18 and its 200 day moving average price is $169.58. Alphabet Inc. has a 1 year low of $121.46 and a 1 year high of $193.31. The company has a market capitalization of $2.04 trillion, a PE ratio of 25.31, a price-to-earnings-growth ratio of 1.21 and a beta of 1.04. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The firm had revenue of $84.74 billion for the quarter, compared to the consensus estimate of $84.22 billion. During the same period in the prior year, the firm posted $1.44 earnings per share. The firm’s quarterly revenue was up 13.6% compared to the same quarter last year. On average, research analysts predict that Alphabet Inc. will post 7.64 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have weighed in on GOOG shares. Scotiabank started coverage on shares of Alphabet in a research report on Friday, October 11th. They set a “sector outperform” rating and a $212.00 target price on the stock. Oppenheimer dropped their target price on shares of Alphabet from $210.00 to $185.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 25th. Pivotal Research started coverage on shares of Alphabet in a research report on Tuesday, October 1st. They set a “buy” rating and a $215.00 target price on the stock. TD Cowen boosted their target price on shares of Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Finally, Wolfe Research raised shares of Alphabet to a “strong-buy” rating in a research report on Tuesday, July 16th. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Alphabet currently has a consensus rating of “Moderate Buy” and a consensus price target of $186.90.

Insider Buying and Selling

In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $168.00, for a total transaction of $114,576.00. Following the completion of the transaction, the chief accounting officer now directly owns 31,334 shares in the company, valued at approximately $5,264,112. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $166.30, for a total transaction of $3,741,750.00. Following the completion of the transaction, the chief executive officer now directly owns 2,106,806 shares in the company, valued at approximately $350,361,837.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $168.00, for a total transaction of $114,576.00. Following the transaction, the chief accounting officer now owns 31,334 shares of the company’s stock, valued at $5,264,112. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 220,426 shares of company stock valued at $35,993,340. Corporate insiders own 12.99% of the company’s stock.

Alphabet Company Profile

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.