Sheets Smith Wealth Management trimmed its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 7.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 113,674 shares of the information services provider's stock after selling 8,597 shares during the period. Alphabet accounts for about 2.4% of Sheets Smith Wealth Management's holdings, making the stock its 5th biggest holding. Sheets Smith Wealth Management's holdings in Alphabet were worth $20,165,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GOOG. Brighton Jones LLC boosted its position in Alphabet by 5.6% in the 4th quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider's stock valued at $22,901,000 after buying an additional 6,410 shares during the last quarter. Wood Tarver Financial Group LLC purchased a new position in Alphabet in the 4th quarter valued at about $241,000. Copia Wealth Management purchased a new position in Alphabet in the 4th quarter valued at about $68,000. Mattson Financial Services LLC boosted its position in Alphabet by 8.7% in the 4th quarter. Mattson Financial Services LLC now owns 44,709 shares of the information services provider's stock valued at $8,514,000 after buying an additional 3,578 shares during the last quarter. Finally, Old North State Trust LLC boosted its position in Alphabet by 9.5% in the 4th quarter. Old North State Trust LLC now owns 4,040 shares of the information services provider's stock valued at $769,000 after buying an additional 350 shares during the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $249.50, for a total value of $8,108,750.00. Following the sale, the chief executive officer owned 2,397,392 shares in the company, valued at approximately $598,149,304. This trade represents a 1.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kavitark Ram Shriram sold 15,000 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the completion of the sale, the director owned 240,400 shares in the company, valued at $44,656,704. The trade was a 5.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 258,088 shares of company stock valued at $52,405,304 over the last quarter. Corporate insiders own 12.99% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms have weighed in on GOOG. Pivotal Research upped their price objective on shares of Alphabet from $245.00 to $300.00 and gave the company a "buy" rating in a research report on Wednesday, September 3rd. BNP Paribas lowered shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 26th. KeyCorp set a $265.00 target price on shares of Alphabet in a research note on Wednesday, September 3rd. Piper Sandler restated a "neutral" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, JPMorgan Chase & Co. upped their target price on shares of Alphabet from $232.00 to $260.00 and gave the company an "overweight" rating in a research note on Wednesday, September 3rd. Four analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $230.35.
View Our Latest Report on Alphabet
Alphabet Price Performance
GOOG opened at $247.83 on Thursday. The firm has a market cap of $3.00 trillion, a price-to-earnings ratio of 26.39, a price-to-earnings-growth ratio of 1.70 and a beta of 1.01. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $256.70. The company's 50-day moving average price is $214.14 and its 200 day moving average price is $183.18. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.
Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.19. The firm 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%. Alphabet's quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.89 earnings per share. As a group, sell-side analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current year.
Alphabet Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were paid a dividend of $0.21 per share. The ex-dividend date was Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.3%. Alphabet's dividend payout ratio is 8.95%.
About Alphabet
(
Free Report)
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.
See Also
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).
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