Alphabet Inc. $GOOGL Shares Sold by Edge Wealth Management LLC

Key Points

• Edge Wealth Management LLC reduced its stake in Alphabet Inc. (NASDAQ:GOOGL) by 1.4%, selling 2,611 shares to own 183,173 shares valued at approximately $32.28 million.
• In the second quarter, other institutional investors made significant adjustments, with Abound Wealth Management increasing its stake by 30.6%, owning 5,240 shares now valued at $923,000.
• Alphabet recently reported earnings of $2.31 EPS, exceeding estimates, with revenues of $96.43 billion, and declared a quarterly dividend of $0.21 per share.

Edge Wealth Management LLC lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 1.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 183,173 shares of the information services provider's stock after selling 2,611 shares during the quarter. Alphabet makes up approximately 6.2% of Edge Wealth Management LLC's holdings, making the stock its 4th largest position. Edge Wealth Management LLC's holdings in Alphabet were worth $32,281,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Abacus Wealth Partners LLC boosted its holdings in shares of Alphabet by 5.5% during the second quarter. Abacus Wealth Partners LLC now owns 3,770 shares of the information services provider's stock valued at $664,000 after acquiring an additional 197 shares during the period. Southland Equity Partners LLC boosted its holdings in shares of Alphabet by 8.2% during the second quarter. Southland Equity Partners LLC now owns 2,434 shares of the information services provider's stock valued at $429,000 after acquiring an additional 185 shares during the period. Abound Wealth Management boosted its stake in Alphabet by 30.6% during the 2nd quarter. Abound Wealth Management now owns 5,240 shares of the information services provider's stock valued at $923,000 after purchasing an additional 1,229 shares during the period. Capstone Wealth Management LLC boosted its stake in Alphabet by 7.1% during the 2nd quarter. Capstone Wealth Management LLC now owns 1,567 shares of the information services provider's stock valued at $276,000 after purchasing an additional 104 shares during the period. Finally, Palacios Wealth Management LLC boosted its stake in Alphabet by 134.6% during the 2nd quarter. Palacios Wealth Management LLC now owns 12,852 shares of the information services provider's stock valued at $2,265,000 after purchasing an additional 7,374 shares during the period. Institutional investors and hedge funds own 40.03% of the company's stock.

Alphabet Price Performance

Shares of NASDAQ:GOOGL opened at $251.66 on Wednesday. Alphabet Inc. has a one year low of $140.53 and a one year high of $256.00. The stock has a fifty day moving average of $212.18 and a 200-day moving average of $181.45. The company has a market capitalization of $3.04 trillion, a PE ratio of 26.80, a price-to-earnings-growth ratio of 1.70 and a beta of 1.01. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating the consensus estimate of $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The business had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.60 billion. As a group, equities analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

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

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating on shares of Alphabet in a research report on Wednesday, September 3rd. Wall Street Zen downgraded shares of Alphabet from a "buy" rating to a "hold" rating in a report on Sunday. BNP Paribas Exane reaffirmed a "neutral" rating and issued a $172.00 price objective on shares of Alphabet in a report on Friday, June 27th. Wells Fargo & Company upped their price objective on shares of Alphabet from $184.00 to $187.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 29th. Finally, Oppenheimer reaffirmed an "outperform" rating and issued a $270.00 price target (up from $235.00) on shares of Alphabet in a research note on Tuesday, September 2nd. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $231.31.

Insiders Place Their Bets

In other news, insider John Kent Walker sold 23,820 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the sale, the insider owned 42,999 shares in the company, valued at $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Amie Thuener O'toole sold 2,778 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the sale, the chief accounting officer directly owned 17,293 shares of the company's stock, valued at approximately $4,236,785. This represents a 13.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 258,088 shares of company stock worth $52,405,304 in the last quarter. Corporate insiders own 11.55% 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.

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