Graves Light Lenhart Wealth Inc. cut its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 3.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 77,131 shares of the information services provider's stock after selling 2,406 shares during the quarter. Alphabet makes up approximately 1.6% of Graves Light Lenhart Wealth Inc.'s portfolio, making the stock its 16th largest holding. Graves Light Lenhart Wealth Inc.'s holdings in Alphabet were worth $13,593,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of GOOGL. Mystic Asset Management Inc. boosted its stake in shares of Alphabet by 6.7% in the first quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider's stock worth $4,400,000 after acquiring an additional 1,791 shares during the last quarter. Harbour Trust & Investment Management Co lifted its holdings in Alphabet by 0.3% in the 1st quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider's stock valued at $4,187,000 after purchasing an additional 80 shares in the last quarter. Cypress Capital LLC boosted its stake in Alphabet by 4.1% during the 1st quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock worth $2,213,000 after purchasing an additional 563 shares during the last quarter. Bridgeway Capital Management LLC boosted its stake in Alphabet by 17.9% during the 1st quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider's stock worth $13,637,000 after purchasing an additional 13,371 shares during the last quarter. Finally, Alaethes Wealth LLC grew its holdings in shares of Alphabet by 1.1% during the first quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider's stock worth $1,182,000 after buying an additional 84 shares in the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.
Alphabet Stock Up 1.0%
Alphabet stock opened at $252.03 on Friday. The stock has a market cap of $3.05 trillion, a PE ratio of 26.84, a P/E/G ratio of 1.68 and a beta of 1.01. 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 stock's fifty day moving average is $207.87 and its two-hundred day moving average is $179.73. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $253.99.
Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.16. The business had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. On average, sell-side analysts expect that Alphabet Inc. will post 8.9 EPS for the current fiscal year.
Alphabet Dividend Announcement
The business also recently declared 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. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date was Monday, September 8th. Alphabet's dividend payout ratio (DPR) is currently 8.95%.
Analysts Set New Price Targets
A number of research firms recently weighed in on GOOGL. Citizens Jmp upgraded shares of Alphabet from a "market perform" rating to an "outperform" rating and set a $220.00 price target on the stock in a research report on Friday, June 27th. Oppenheimer restated an "outperform" rating and set a $270.00 target price (up from $235.00) on shares of Alphabet in a report on Tuesday, September 2nd. Tigress Financial increased their price target on Alphabet from $240.00 to $280.00 and gave the company a "strong-buy" rating in a report on Friday, September 5th. Needham & Company LLC boosted their price objective on Alphabet from $220.00 to $260.00 and gave the stock a "buy" rating in a research note on Wednesday, September 3rd. Finally, Westpark Capital raised their target price on Alphabet from $210.00 to $220.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $224.51.
Read Our Latest Research Report on Alphabet
Insider Transactions at Alphabet
In other news, Director Kavitark Ram Shriram sold 15,000 shares of the stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $2,786,400.00. Following the completion of the sale, the director directly owned 240,400 shares of the company's stock, valued at approximately $44,656,704. This represents a 5.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction 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 transaction, the chief executive officer directly 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 sold 258,088 shares of company stock valued at $52,405,304 over the last quarter. 11.64% of the stock is owned by corporate insiders.
Alphabet Profile
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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.
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