Atria Wealth Solutions Inc. Sells 148,711 Shares of Alphabet Inc. $GOOG

Key Points

• Atria Wealth Solutions Inc. reduced its stake in Alphabet Inc. by 62.6%, selling 148,711 shares and leaving it with 89,025 shares worth approximately $15.84 million.
• Several hedge funds increased their holdings in Alphabet, including IFS Advisors LLC which lifted its stake by 400% during the same quarter.
• Alphabet reported a net margin of 31.12% for the last quarter, with a revenue of $96.43 billion, surpassing the consensus estimate of $93.67 billion.

Atria Wealth Solutions Inc. trimmed its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 62.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 89,025 shares of the information services provider's stock after selling 148,711 shares during the quarter. Atria Wealth Solutions Inc.'s holdings in Alphabet were worth $15,842,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in GOOG. MorganRosel Wealth Management LLC bought a new stake in Alphabet in the first quarter worth $26,000. IFS Advisors LLC lifted its holdings in shares of Alphabet by 400.0% during the second 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 lifted its holdings in shares of Alphabet by 60.0% during the second 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 lifted its holdings in shares of Alphabet by 58.7% during the second 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 first quarter valued at $32,000. 27.26% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Morgan Stanley upped their price target on Alphabet from $210.00 to $270.00 and gave the company an "overweight" rating in a report on Thursday, October 2nd. KeyCorp set a $265.00 price target on Alphabet in a report on Wednesday, September 3rd. BNP Paribas downgraded Alphabet from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 26th. Pivotal Research upped their price target on Alphabet from $245.00 to $300.00 and gave the company a "buy" rating in a report on Wednesday, September 3rd. Finally, JPMorgan Chase & Co. increased their target price on Alphabet from $232.00 to $260.00 and gave the company an "overweight" rating in a report on Wednesday, September 3rd. Six 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $244.68.

Alphabet Stock Up 0.1%

GOOG stock opened at $251.88 on Friday. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $257.58. The business's 50-day moving average is $231.15 and its two-hundred day moving average is $192.08. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The company has a market cap of $3.05 trillion, a price-to-earnings ratio of 26.82, a P/E/G ratio of 1.70 and a beta of 1.00.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping the consensus estimate of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The firm had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.67 billion. During the same quarter last year, the company earned $1.89 earnings per share. The business's revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Announces Dividend

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

Insider Buying and Selling

In other news, Director John L. Hennessy sold 1,000 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $200.00, for a total value of $200,000.00. Following the transaction, the director owned 6,916 shares of the company's stock, valued at $1,383,200. This trade represents a 12.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Amie Thuener O'toole sold 2,778 shares of the firm's 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 transaction, the chief accounting officer directly owned 17,293 shares in the company, valued at $4,236,785. This trade represents a 13.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold 210,872 shares of company stock worth $46,980,865 over the last ninety days. 12.99% of the stock is owned by corporate insiders.

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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