Alphabet Inc. $GOOG Holdings Cut by 1858 Wealth Management LLC

Key Points

• 1858 Wealth Management LLC has reduced its stake in Alphabet Inc. by 19.0%, now owning 12,556 shares valued at approximately $2.23 million.
• Insiders, including CAO Amie Thuener O'toole and Director Frances Arnold, have sold shares recently, contributing to a total of 243,838 shares worth over $53 million sold in the past 90 days.
• Alphabet reported quarterly earnings of $2.31 per share, exceeding estimates, with revenue of $96.43 billion, reflecting a year-over-year growth of 13.8%.

1858 Wealth Management LLC decreased its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 19.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,556 shares of the information services provider's stock after selling 2,941 shares during the quarter. Alphabet makes up about 1.6% of 1858 Wealth Management LLC's holdings, making the stock its 20th biggest position. 1858 Wealth Management LLC's holdings in Alphabet were worth $2,227,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GOOG. MorganRosel Wealth Management LLC bought a new position in shares of Alphabet during the 1st quarter valued at $26,000. IFS Advisors LLC raised its holdings in shares of Alphabet by 400.0% during the 2nd quarter. IFS Advisors LLC now owns 150 shares of the information services provider's stock valued at $27,000 after purchasing an additional 120 shares in the last quarter. Robbins Farley raised its holdings in shares of Alphabet by 60.0% during the 2nd quarter. Robbins Farley now owns 160 shares of the information services provider's stock valued at $28,000 after purchasing an additional 60 shares in the last quarter. WestEnd Advisors LLC raised its holdings in shares of Alphabet by 58.7% during the 2nd quarter. WestEnd Advisors LLC now owns 165 shares of the information services provider's stock valued at $29,000 after purchasing an additional 61 shares in the last quarter. Finally, Goodman Advisory Group LLC bought a new position in shares of Alphabet during the 1st quarter valued at $32,000. Hedge funds and other institutional investors own 27.26% of the company's stock.

Insider Buying and Selling at Alphabet

In other news, CAO Amie Thuener O'toole sold 953 shares of Alphabet stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $241.20, for a total transaction of $229,863.60. Following the sale, the chief accounting officer directly owned 17,294 shares in the company, valued at approximately $4,171,312.80. The trade was a 5.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frances Arnold sold 103 shares of Alphabet stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $243.13, for a total transaction of $25,042.39. Following the sale, the director owned 17,284 shares in the company, valued at approximately $4,202,258.92. This trade represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 243,838 shares of company stock worth $53,070,333 in the last 90 days. 12.99% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Roth Capital reiterated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Piper Sandler reiterated a "neutral" rating on shares of Alphabet in a report on Wednesday, July 9th. BNP Paribas downgraded shares of Alphabet from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 26th. Citizens Jmp upgraded shares of Alphabet from a "hold" rating to a "strong-buy" rating in a report on Thursday, June 26th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Alphabet from $232.00 to $260.00 and gave the stock an "overweight" rating in a report on Wednesday, September 3rd. Six investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Alphabet presently has an average rating of "Moderate Buy" and an average target price of $241.00.

Alphabet Stock Performance

NASDAQ GOOG opened at $246.19 on Wednesday. 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 capitalization of $2.98 trillion, a price-to-earnings ratio of 26.22, a P/E/G ratio of 1.65 and a beta of 1.00. The company's fifty day moving average is $228.96 and its two-hundred day moving average is $191.00. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $256.70.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.19. The company had revenue of $96.43 billion for 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 business's quarterly revenue was up 13.8% on a year-over-year basis. During the same period last year, the business posted $1.89 EPS. Equities research analysts forecast that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Dividend Announcement

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

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.

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