Grove Bank & Trust Sells 2,262 Shares of Alphabet Inc. $GOOG

Key Points

• Grove Bank & Trust reduced its holdings in Alphabet Inc. by 5.9%, selling 2,262 shares and owning 36,254 shares worth approximately $6.43 million as of the latest SEC filing.
• In the first quarter, institutional investors like Nuveen LLC and GAMMA Investing LLC made significant moves, with GAMMA increasing its stake by 18,562.3%, now owning over 14 million shares.
• Alphabet recently reported earnings of $2.31 per share, exceeding estimates and reflecting a 13.8% year-over-year revenue increase to $96.43 billion.

Grove Bank & Trust reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 5.9% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 36,254 shares of the information services provider's stock after selling 2,262 shares during the period. Grove Bank & Trust's holdings in Alphabet were worth $6,431,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. NCM Capital Management LLC boosted its position in Alphabet by 2.2% in the first quarter. NCM Capital Management LLC now owns 2,802 shares of the information services provider's stock valued at $438,000 after buying an additional 60 shares in the last quarter. Legacy Private Trust Co. raised its holdings in Alphabet by 0.6% in the second quarter. Legacy Private Trust Co. now owns 9,956 shares of the information services provider's stock worth $1,766,000 after purchasing an additional 60 shares during the period. Faithward Advisors LLC raised its holdings in Alphabet by 2.5% in the first quarter. Faithward Advisors LLC now owns 2,505 shares of the information services provider's stock worth $391,000 after purchasing an additional 61 shares during the period. SK Wealth Management LLC increased its position in shares of Alphabet by 4.4% during the second quarter. SK Wealth Management LLC now owns 1,436 shares of the information services provider's stock worth $255,000 after acquiring an additional 61 shares in the last quarter. Finally, Objectivity Squared LLC increased its position in shares of Alphabet by 0.4% during the first quarter. Objectivity Squared LLC now owns 16,342 shares of the information services provider's stock worth $2,605,000 after acquiring an additional 62 shares in the last quarter. Institutional investors and hedge funds own 27.26% of the company's stock.

Analysts Set New Price Targets

GOOG has been the subject of a number of analyst reports. Piper Sandler reissued a "neutral" rating on shares of Alphabet in a research report on Wednesday, July 9th. KeyCorp set a $265.00 price target on shares of Alphabet in a report on Wednesday, September 3rd. Wells Fargo & Company reiterated an "equal weight" rating on shares of Alphabet in a research report on Wednesday, July 9th. Pivotal Research upped their price target 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. Finally, Barclays restated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Four investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $230.35.

Insider Activity

In related news, CAO Amie Thuener O'toole sold 2,778 shares of Alphabet stock in a transaction on Monday, September 15th. The shares were sold at an average price of $245.00, for a total value of $680,610.00. Following the transaction, the chief accounting officer directly owned 17,293 shares of the company's stock, valued at $4,236,785. The trade was a 13.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the transaction, the insider directly owned 42,999 shares in the company, valued at approximately $8,371,905.30. The trade was a 35.65% 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 in the last three months. Corporate insiders own 12.99% of the company's stock.

Alphabet Price Performance

Shares of GOOG stock traded down $0.17 during trading hours on Tuesday, reaching $252.71. The stock had a trading volume of 4,719,605 shares, compared to its average volume of 23,911,719. The stock's fifty day simple moving average is $211.48 and its 200 day simple moving average is $182.24. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $256.70. The firm has a market capitalization of $3.06 trillion, a PE ratio of 26.89, a PEG ratio of 1.72 and a beta of 1.01.

Alphabet (NASDAQ:GOOG - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $93.67 billion. During the same period in the previous year, the business posted $1.89 earnings per share. Alphabet's revenue for the quarter was up 13.8% on a year-over-year basis. On average, equities research analysts predict that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were paid a dividend of $0.21 per share. 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%.

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.