Private Wealth Asset Management LLC Sells 2,757 Shares of Alphabet Inc. $GOOG

Key Points

• Private Wealth Asset Management LLC reduced its stake in Alphabet Inc. by 13.5%, selling 2,757 shares during the second quarter, now holding 17,676 shares worth approximately $3.14 million.
• Numerous large investors have increased their positions in Alphabet, with Brighton Jones LLC raising its stake by 5.6% and other firms like Revisor Wealth Management and GAMMA Investing significantly boosting theirs.
• Analysts have given Alphabet stock an average rating of "Moderate Buy" with a consensus price target of $244.68, including a recent price increase from JPMorgan Chase & Co. to $260.00.

Private Wealth Asset Management LLC trimmed its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 13.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,676 shares of the information services provider's stock after selling 2,757 shares during the quarter. Private Wealth Asset Management LLC's holdings in Alphabet were worth $3,136,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Brighton Jones LLC increased its stake in Alphabet by 5.6% during the fourth quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider's stock worth $22,901,000 after acquiring an additional 6,410 shares during the last quarter. Revisor Wealth Management LLC increased its stake in Alphabet by 107.9% during the first quarter. Revisor Wealth Management LLC now owns 3,659 shares of the information services provider's stock worth $572,000 after acquiring an additional 1,899 shares during the last quarter. GAMMA Investing LLC increased its stake in Alphabet by 19.5% during the first quarter. GAMMA Investing LLC now owns 91,681 shares of the information services provider's stock worth $14,323,000 after acquiring an additional 14,931 shares during the last quarter. Spirit of America Management Corp NY increased its stake in Alphabet by 10.9% during the first quarter. Spirit of America Management Corp NY now owns 3,050 shares of the information services provider's stock worth $477,000 after acquiring an additional 300 shares during the last quarter. Finally, Meriwether Wealth & Planning LLC increased its stake in Alphabet by 7.2% during the first quarter. Meriwether Wealth & Planning LLC now owns 12,100 shares of the information services provider's stock worth $1,890,000 after acquiring an additional 809 shares during the last quarter. 27.26% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on GOOG shares. Barclays reissued a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Raymond James Financial restated an "outperform" rating and set a $210.00 target price (up previously from $185.00) on shares of Alphabet in a research report on Thursday, July 24th. Piper Sandler restated a "neutral" rating on shares of Alphabet in a research report on Wednesday, July 9th. Phillip Securities lowered Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday, September 8th. Finally, JPMorgan Chase & Co. boosted their target price on Alphabet from $232.00 to $260.00 and gave the company an "overweight" rating in a research report on Wednesday, September 3rd. Six research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $244.68.

Insider Transactions at Alphabet

In related news, Director Frances Arnold sold 103 shares of the business's stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $243.13, for a total value of $25,042.39. Following the completion of the transaction, the director owned 17,284 shares of the company's stock, valued at $4,202,258.92. The trade was a 0.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John L. Hennessy sold 600 shares of the business's stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $242.92, for a total transaction of $145,752.00. Following the completion of the transaction, the director directly owned 5,116 shares of the company's stock, valued at $1,242,778.72. This trade represents a 10.50% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 243,372 shares of company stock valued at $55,110,740 in the last ninety days. Corporate insiders own 12.99% of the company's stock.

Alphabet Stock Up 0.8%

Shares of NASDAQ GOOG opened at $253.79 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The firm has a market capitalization of $3.07 trillion, a price-to-earnings ratio of 27.03, a PEG ratio of 1.71 and a beta of 1.00. The stock has a 50 day moving average price of $232.18 and a 200 day moving average price of $192.97. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $257.58.

Alphabet (NASDAQ:GOOG - 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 analysts' consensus estimates of $2.12 by $0.19. The firm had revenue of $96.43 billion during the quarter, compared to analyst estimates 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 quarter in the previous year, the business earned $1.89 earnings per share. Sell-side analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were issued a $0.21 dividend. The ex-dividend date was Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet's payout ratio is presently 8.95%.

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.

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