Alphabet (NASDAQ:GOOGL) Shares Down 0.7% – Here’s What Happened

Shares of Alphabet Inc. (NASDAQ:GOOGL) were down 0.7% during trading on Monday . The company traded as low as $200.10 and last traded at $202.64. Approximately 9,430,375 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 24,200,850 shares. The stock had previously closed at $204.02.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on GOOGL. Sanford C. Bernstein raised their target price on Alphabet from $180.00 to $185.00 and gave the company a “market perform” rating in a research note on Wednesday, October 30th. Roth Mkm raised their price objective on Alphabet from $206.00 to $212.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Wells Fargo & Company upped their target price on Alphabet from $187.00 to $190.00 and gave the company an “equal weight” rating in a research report on Monday, January 13th. Morgan Stanley upped their price target on shares of Alphabet from $205.00 to $215.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Finally, Robert W. Baird reissued an “outperform” rating and set a $205.00 price objective on shares of Alphabet in a report on Tuesday, December 10th. Nine equities research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, Alphabet has an average rating of “Moderate Buy” and a consensus price target of $211.00.

Alphabet Price Performance

The business has a fifty day moving average price of $188.97 and a 200 day moving average price of $174.03. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95. The company has a market capitalization of $2.47 trillion, a price-to-earnings ratio of 26.83, a price-to-earnings-growth ratio of 1.31 and a beta of 0.99.

Insider Buying and Selling at Alphabet

In related news, CAO Amie Thuener O’toole sold 2,834 shares of Alphabet stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $197.55, for a total transaction of $559,856.70. Following the transaction, the chief accounting officer now directly owns 20,681 shares of the company’s stock, valued at $4,085,531.55. The trade was a 12.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $176.67, for a total transaction of $3,975,075.00. Following the completion of the sale, the chief executive officer now directly owns 2,061,806 shares of the company’s stock, valued at $364,259,266.02. The trade was a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 121,189 shares of company stock valued at $22,182,696. Company insiders own 11.55% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in GOOGL. Schear Investment Advisers LLC boosted its stake in Alphabet by 17.0% in the 3rd quarter. Schear Investment Advisers LLC now owns 33,751 shares of the information services provider’s stock worth $5,598,000 after purchasing an additional 4,905 shares during the period. Trinity Financial Advisors LLC lifted its holdings in shares of Alphabet by 4.5% in the third quarter. Trinity Financial Advisors LLC now owns 4,423 shares of the information services provider’s stock valued at $771,000 after purchasing an additional 190 shares in the last quarter. Landscape Capital Management L.L.C. boosted its position in shares of Alphabet by 27.9% in the third quarter. Landscape Capital Management L.L.C. now owns 25,275 shares of the information services provider’s stock worth $4,192,000 after buying an additional 5,516 shares during the period. abrdn plc grew its holdings in shares of Alphabet by 10.7% during the third quarter. abrdn plc now owns 6,305,717 shares of the information services provider’s stock valued at $1,037,196,000 after buying an additional 611,233 shares in the last quarter. Finally, StoneCrest Wealth Management Inc. raised its position in Alphabet by 0.7% during the third quarter. StoneCrest Wealth Management Inc. now owns 21,509 shares of the information services provider’s stock valued at $3,567,000 after buying an additional 140 shares during the period. Institutional investors and hedge funds own 40.03% of the company’s stock.

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.