Allspring Global Investments Holdings LLC Decreases Stock Holdings in Alphabet Inc. $GOOG

Key Points

• Allspring Global Investments Holdings LLC has reduced its stake in Alphabet Inc. by 0.6%, owning 2,256,752 shares after selling 13,757 shares during the second quarter.
• Insider John Kent Walker sold 23,820 shares of Alphabet, resulting in a 35.65% decrease in his ownership of the stock, while the company also declared a quarterly dividend of $0.21.
• Alphabet's stock had a market cap of $3.05 trillion and reported earnings of $2.31 per share last quarter, beating analysts' expectations significantly.

Allspring Global Investments Holdings LLC lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 0.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,256,752 shares of the information services provider's stock after selling 13,757 shares during the period. Alphabet comprises 0.7% of Allspring Global Investments Holdings LLC's portfolio, making the stock its 17th largest holding. Allspring Global Investments Holdings LLC's holdings in Alphabet were worth $399,242,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. RDA Financial Network boosted its holdings in Alphabet by 5.3% during the second quarter. RDA Financial Network now owns 11,094 shares of the information services provider's stock worth $1,968,000 after buying an additional 554 shares in the last quarter. Tower View Wealth Management LLC raised its position in Alphabet by 6.9% during the second quarter. Tower View Wealth Management LLC now owns 27,644 shares of the information services provider's stock worth $4,904,000 after acquiring an additional 1,776 shares during the last quarter. Oldfather Financial Services LLC acquired a new stake in shares of Alphabet in the second quarter valued at approximately $213,000. Truist Financial Corp grew its position in shares of Alphabet by 0.4% in the second quarter. Truist Financial Corp now owns 3,626,927 shares of the information services provider's stock valued at $643,381,000 after purchasing an additional 15,065 shares during the last quarter. Finally, GC Wealth Management RIA LLC increased its stake in shares of Alphabet by 115.7% during the 2nd quarter. GC Wealth Management RIA LLC now owns 214,392 shares of the information services provider's stock worth $38,031,000 after purchasing an additional 115,003 shares in the last quarter. Hedge funds and other institutional investors own 27.26% of the company's stock.

Insider Activity

In related news, insider John Kent Walker sold 23,820 shares of the company's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the transaction, the insider owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Amie Thuener O'toole sold 2,778 shares of the company's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $245.00, for a total transaction of $680,610.00. Following the transaction, the chief accounting officer directly owned 17,293 shares of the company's stock, valued at $4,236,785. This trade represents a 13.84% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 210,872 shares of company stock worth $46,980,865. Corporate insiders own 12.99% of the company's stock.

Alphabet Stock Performance

NASDAQ:GOOG opened at $251.88 on Friday. The firm has a 50 day simple moving average of $231.15 and a 200-day simple moving average of $192.08. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The firm has a market cap of $3.05 trillion, a PE ratio of 26.82, a P/E/G ratio of 1.70 and a beta of 1.00. Alphabet Inc. has a 1-year low of $142.66 and a 1-year high of $257.58.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating analysts' consensus estimates of $2.12 by $0.19. The business had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company's revenue was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.89 earnings per share. On average, equities analysts expect that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, September 8th. Alphabet's payout ratio is currently 8.95%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GOOG. Robert W. Baird lifted their price objective on Alphabet from $215.00 to $275.00 and gave the stock an "outperform" rating in a research report on Monday, September 22nd. Pivotal Research lifted their price objective on Alphabet from $245.00 to $300.00 and gave the stock a "buy" rating in a research report on Wednesday, September 3rd. Mizuho upgraded Alphabet to a "strong-buy" rating in a research report on Monday, September 29th. Piper Sandler restated a "neutral" rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, UBS Group set a $255.00 price objective on Alphabet and gave the stock a "neutral" rating in a research report on Thursday, October 9th. Six equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $244.68.

Alphabet 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.

Want to see what other hedge funds are holding GOOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.