Alphabet Inc. $GOOG Position Trimmed by Perfromance Wealth Partners LLC

Key Points

• Performance Wealth Partners LLC reduced its holdings in Alphabet Inc. by 2.1%, now holding 825,653 shares worth approximately $146.5 million.
• Wall Street analysts have increased their price targets for Alphabet, with Morgan Stanley raising it to $270.00 and Scotiabank setting it at $310.00, indicating a bullish outlook.
• Insider trading reports show significant sales by executives, including John Kent Walker and Sundar Pichai, raising concerns about insider sentiment amid overall positive performance metrics.

Perfromance Wealth Partners LLC lessened its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 2.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 825,653 shares of the information services provider's stock after selling 17,525 shares during the quarter. Alphabet comprises 4.7% of Perfromance Wealth Partners LLC's portfolio, making the stock its 6th largest position. Perfromance Wealth Partners LLC's holdings in Alphabet were worth $146,463,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Axxcess Wealth Management LLC grew its holdings in Alphabet by 3.0% in the second quarter. Axxcess Wealth Management LLC now owns 118,661 shares of the information services provider's stock worth $19,873,000 after purchasing an additional 3,421 shares during the period. Acorn Financial Advisory Services Inc. ADV purchased a new stake in Alphabet in the second quarter worth about $319,000. Cornerstone Wealth Group LLC grew its holdings in Alphabet by 8.7% in the second quarter. Cornerstone Wealth Group LLC now owns 19,147 shares of the information services provider's stock worth $3,396,000 after purchasing an additional 1,528 shares during the period. Kellett Wealth Advisors LLC grew its holdings in Alphabet by 11.7% in the second quarter. Kellett Wealth Advisors LLC now owns 2,928 shares of the information services provider's stock worth $519,000 after purchasing an additional 307 shares during the period. Finally, NorthRock Partners LLC grew its holdings in shares of Alphabet by 4.1% during the second quarter. NorthRock Partners LLC now owns 67,031 shares of the information services provider's stock valued at $11,891,000 after buying an additional 2,654 shares during the last quarter. Hedge funds and other institutional investors own 27.26% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on GOOG shares. Morgan Stanley increased their price target on shares of Alphabet from $210.00 to $270.00 and gave the company an "overweight" rating in a report on Thursday, October 2nd. Scotiabank reiterated an "outperform" rating and set a $310.00 price target on shares of Alphabet in a report on Thursday. Piper Sandler reiterated a "neutral" rating on shares of Alphabet in a report on Wednesday, July 9th. Roth Capital reiterated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Finally, Citizens Jmp upgraded shares of Alphabet from a "hold" rating to a "strong-buy" rating in a report on Thursday, June 26th. Six investment 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. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $244.68.

Insider Buying and Selling at Alphabet

In other Alphabet news, insider John Kent Walker sold 23,820 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the transaction, the insider directly owned 42,999 shares in the company, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total transaction of $8,108,750.00. Following the completion of the transaction, the chief executive officer owned 2,397,392 shares in the company, valued at $598,149,304. The trade was a 1.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 243,372 shares of company stock valued at $55,110,740 over the last three months. Insiders own 12.99% of the company's stock.

Alphabet Stock Up 0.8%

Shares of Alphabet stock opened at $253.79 on Friday. 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 Inc. has a twelve month low of $142.66 and a twelve month high of $257.58. The company has a market cap of $3.07 trillion, a price-to-earnings ratio of 27.03, a price-to-earnings-growth ratio of 1.70 and a beta of 1.00. The company's 50 day moving average is $232.18 and its 200 day moving average is $192.73.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings results 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. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The business had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.67 billion. During the same period last year, the firm earned $1.89 earnings per share. The company's quarterly revenue was up 13.8% on a year-over-year basis. Research analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were given a $0.21 dividend. 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 (DPR) is presently 8.95%.

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.

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