HB Wealth Management LLC cut its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 4.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 368,470 shares of the information services provider's stock after selling 18,332 shares during the quarter. Alphabet accounts for 0.5% of HB Wealth Management LLC's portfolio, making the stock its 28th biggest holding. HB Wealth Management LLC's holdings in Alphabet were worth $64,936,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also added to or reduced their stakes in the company. Mystic Asset Management Inc. raised 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 valued at $4,400,000 after acquiring an additional 1,791 shares during the last quarter. Harbour Trust & Investment Management Co raised its stake in shares of Alphabet by 0.3% in the first quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider's stock valued at $4,187,000 after acquiring an additional 80 shares during the last quarter. Cypress Capital LLC raised its stake in shares of Alphabet by 4.1% in the first quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock valued at $2,213,000 after acquiring an additional 563 shares during the last quarter. Bridgeway Capital Management LLC raised its stake in shares of Alphabet by 17.9% in the first quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider's stock valued at $13,637,000 after acquiring an additional 13,371 shares during the last quarter. Finally, Alaethes Wealth LLC raised its stake in shares of Alphabet by 1.1% in the first quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider's stock valued at $1,182,000 after acquiring an additional 84 shares during the last quarter. 40.03% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of research firms have recently issued reports on GOOGL. Oppenheimer reiterated an "outperform" rating and issued a $270.00 target price (up previously from $235.00) on shares of Alphabet in a research note on Tuesday, September 2nd. Cantor Fitzgerald restated a "neutral" rating and issued a $201.00 price objective on shares of Alphabet in a research report on Wednesday, September 24th. Canaccord Genuity Group boosted their price objective on shares of Alphabet from $230.00 to $270.00 and gave the stock a "buy" rating in a research report on Thursday, September 4th. Phillip Securities cut shares of Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday, September 8th. Finally, Susquehanna boosted their price objective on shares of Alphabet from $220.00 to $225.00 and gave the stock a "positive" rating in a research report on Thursday, July 24th. Four research analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $240.76.
Read Our Latest Stock Report on Alphabet
Insider Activity
In other news, insider John Kent Walker sold 23,820 shares of the business's stock in a transaction 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 completion of the transaction, the insider owned 42,999 shares of the company's stock, valued at $8,371,905.30. The trade was a 35.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $184.38, for a total transaction of $5,992,350.00. Following the completion of the transaction, the chief executive officer directly owned 2,527,392 shares of the company's stock, valued at $466,000,536.96. This trade represents a 1.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold 276,738 shares of company stock valued at $59,135,475 in the last quarter. Company insiders own 11.55% of the company's stock.
Alphabet Price Performance
GOOGL opened at $245.35 on Monday. The company has a fifty day moving average price of $221.25 and a two-hundred day moving average price of $186.12. 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 Inc. has a 52 week low of $140.53 and a 52 week high of $256.00. The firm has a market capitalization of $2.97 trillion, a PE ratio of 26.13, a P/E/G ratio of 1.66 and a beta of 1.00.
Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly 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 $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.60 billion. As a group, analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current year.
Alphabet Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were issued 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 payout ratio is 8.95%.
Alphabet Profile
(
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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