International Assets Investment Management LLC Sells 3,243 Shares of Alphabet Inc. $GOOG

Key Points

• International Assets Investment Management LLC reduced its stake in Alphabet Inc. by 5.7%, selling 3,243 shares in the second quarter, bringing their total holdings to 53,274 shares worth approximately $9,450,000.
• Alphabet's CEO, Sundar Pichai, sold 32,500 shares valued at over $8 million, decreasing his ownership by 1.34%, while insiders collectively sold 246,150 shares worth around $55 million in the last three months.
• The company reported a 13.8% year-over-year increase in quarterly revenue, with earnings per share (EPS) of $2.31, exceeding analysts' expectations of $2.12.

International Assets Investment Management LLC trimmed its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 5.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 53,274 shares of the information services provider's stock after selling 3,243 shares during the period. International Assets Investment Management LLC's holdings in Alphabet were worth $9,450,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. RDA Financial Network raised its holdings in shares of Alphabet by 5.3% in the second quarter. RDA Financial Network now owns 11,094 shares of the information services provider's stock worth $1,968,000 after buying an additional 554 shares during the period. Tower View Wealth Management LLC raised its holdings in shares of Alphabet by 6.9% in the second quarter. Tower View Wealth Management LLC now owns 27,644 shares of the information services provider's stock worth $4,904,000 after buying an additional 1,776 shares during the period. Oldfather Financial Services LLC purchased a new stake in shares of Alphabet in the second quarter worth approximately $213,000. Dock Street Asset Management Inc. raised its holdings in shares of Alphabet by 0.8% in the second quarter. Dock Street Asset Management Inc. now owns 234,306 shares of the information services provider's stock worth $41,563,000 after buying an additional 1,970 shares during the period. Finally, Truist Financial Corp raised its holdings in shares of Alphabet by 0.4% in the second quarter. Truist Financial Corp now owns 3,626,927 shares of the information services provider's stock worth $643,381,000 after buying an additional 15,065 shares during the period. 27.26% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total value of $8,108,750.00. Following the transaction, the chief executive officer directly owned 2,397,392 shares in the company, valued at approximately $598,149,304. This trade represents a 1.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 completion of the transaction, the chief accounting officer owned 17,293 shares in the company, valued at $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 246,150 shares of company stock worth $55,805,379 in the last ninety days. 12.99% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

GOOG has been the topic of several recent analyst reports. Piper Sandler reiterated a "neutral" rating on shares of Alphabet in a report on Wednesday, July 9th. Roth Capital reiterated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Citizens Jmp upgraded Alphabet from a "hold" rating to a "strong-buy" rating in a report on Thursday, June 26th. KeyCorp set a $265.00 price target on Alphabet in a report on Wednesday, September 3rd. Finally, Lake Street Capital restated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Six analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $246.26.

Alphabet Trading Down 2.2%

GOOG opened at $251.34 on Wednesday. The stock's fifty day moving average is $234.23 and its two-hundred day moving average is $194.41. The company has a market capitalization of $3.04 trillion, a P/E ratio of 26.77, a PEG ratio of 1.74 and a beta of 1.00. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $257.88. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOG - Get Free Report) last released 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. The company had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.Alphabet's quarterly revenue was up 13.8% on a year-over-year basis. During the same period last year, the business posted $1.89 EPS. Analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current year.

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.

Want to see what other hedge funds are holding GOOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.