New Wave Wealth Advisors LLC Has $371,000 Holdings in Alphabet Inc. $GOOG

Key Points

• New Wave Wealth Advisors LLC reduced its stake in Alphabet Inc. by 82.0%, now holding shares worth $371,000 after selling 9,496 shares in the second quarter.
• Alphabet announced a quarterly dividend of $0.21 per share, resulting in an annualized dividend yield of 0.3%. The firm’s dividend payout ratio is currently 8.95%.
• Alphabet beat earnings estimates with $2.31 EPS, surpassing projections by $0.19, and reported revenues of $96.43 billion for the quarter, up 13.8% year-over-year.

New Wave Wealth Advisors LLC lessened its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 82.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,090 shares of the information services provider's stock after selling 9,496 shares during the quarter. New Wave Wealth Advisors LLC's holdings in Alphabet were worth $371,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Robbins Farley raised its stake in Alphabet by 60.0% during the second quarter. Robbins Farley now owns 160 shares of the information services provider's stock worth $28,000 after acquiring an additional 60 shares in the last quarter. Principia Wealth Advisory LLC raised its stake in Alphabet by 111.8% during the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after acquiring an additional 85 shares in the last quarter. MorganRosel Wealth Management LLC acquired a new position in Alphabet during the first quarter worth about $26,000. Greykasell Wealth Strategies Inc. acquired a new position in Alphabet during the first quarter worth about $32,000. Finally, Goodman Advisory Group LLC acquired a new position in Alphabet during the first quarter worth about $32,000. Institutional investors and hedge funds own 27.26% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on GOOG. BNP Paribas downgraded Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 26th. Lake Street Capital reaffirmed a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Jefferies Financial Group upped their price objective on Alphabet from $230.00 to $285.00 and gave the company a "buy" rating in a research note on Thursday. Oppenheimer reaffirmed an "outperform" rating and issued a $270.00 price objective (up previously from $235.00) on shares of Alphabet in a research note on Wednesday, September 3rd. Finally, Robert W. Baird upped their price objective on Alphabet from $215.00 to $275.00 and gave the company an "outperform" rating in a research note on Monday, September 22nd. Five investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, five have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $235.33.

Insiders Place Their Bets

In other Alphabet news, Director Kavitark Ram Shriram sold 18,566 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 transaction of $3,448,820.16. Following the transaction, the director directly owned 243,400 shares in the company, valued at approximately $45,213,984. This represents a 7.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $184.38, for a total value of $5,992,350.00. Following the transaction, the chief executive officer owned 2,527,392 shares in the company, valued at $466,000,536.96. The trade was a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 276,738 shares of company stock worth $59,135,475. Corporate insiders own 12.99% of the company's stock.

Alphabet Stock Performance

NASDAQ:GOOG opened at $246.45 on Friday. The company has a market capitalization of $2.98 trillion, a PE ratio of 26.25, a P/E/G ratio of 1.66 and a beta of 1.00. The company has a 50 day simple moving average of $221.89 and a two-hundred day simple moving average of $187.01. 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 fifty-two week low of $142.66 and a fifty-two week high of $256.70.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating analysts' consensus estimates of $2.12 by $0.19. The business had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.89 EPS. Research analysts anticipate that Alphabet Inc. will post 8.89 earnings per share 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 issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Monday, September 8th. Alphabet's dividend payout ratio is presently 8.95%.

Alphabet Company 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.

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