Summit Place Financial Advisors LLC Trims Stock Position in Alphabet Inc. $GOOG

Key Points

• Summit Place Financial Advisors LLC has reduced its holdings in Alphabet Inc. by 46.6%, now owning 1,174 shares valued at approximately $208,000.
• Several analysts have assigned Alphabet ratings ranging from "Strong Buy" to "Sell," with an average consensus price target of $241.00.
• Alphabet reported a quarterly revenue of $96.43 billion, exceeding the consensus estimate, and achieved an EPS of $2.31, above expectations.

Summit Place Financial Advisors LLC cut its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 46.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,174 shares of the information services provider's stock after selling 1,025 shares during the quarter. Summit Place Financial Advisors LLC's holdings in Alphabet were worth $208,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. MorganRosel Wealth Management LLC purchased a new position in Alphabet during the first quarter valued at approximately $26,000. IFS Advisors LLC increased its holdings in Alphabet by 400.0% during the second quarter. IFS Advisors LLC now owns 150 shares of the information services provider's stock valued at $27,000 after buying an additional 120 shares during the period. Robbins Farley increased its holdings in Alphabet by 60.0% during the second quarter. Robbins Farley now owns 160 shares of the information services provider's stock valued at $28,000 after buying an additional 60 shares during the period. WestEnd Advisors LLC increased its holdings in Alphabet by 58.7% during the second quarter. WestEnd Advisors LLC now owns 165 shares of the information services provider's stock valued at $29,000 after buying an additional 61 shares during the period. Finally, Goodman Advisory Group LLC purchased a new position in Alphabet during the first quarter valued at approximately $32,000. 27.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Cowen reissued a "buy" rating on shares of Alphabet in a report on Wednesday, October 8th. UBS Group set a $255.00 price target on shares of Alphabet and gave the stock a "neutral" rating in a report on Thursday. Wells Fargo & Company reaffirmed an "equal weight" rating on shares of Alphabet in a report on Wednesday, July 9th. Piper Sandler reaffirmed a "neutral" rating on shares of Alphabet in a report on Wednesday, July 9th. Finally, Morgan Stanley lifted their price target on shares of Alphabet from $210.00 to $270.00 and gave the stock an "overweight" rating in a report on Thursday, October 2nd. Six analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have given a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, Alphabet presently has an average rating of "Moderate Buy" and a consensus target price of $241.00.

Alphabet Trading Up 3.0%

NASDAQ:GOOG opened at $244.64 on Tuesday. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $256.70. The firm has a fifty day simple moving average of $227.94 and a 200-day simple moving average of $190.61. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $2.96 trillion, a P/E ratio of 26.05, a PEG ratio of 1.60 and a beta of 1.00.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted 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. 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 the consensus estimate of $93.67 billion. During the same period in the previous year, the firm posted $1.89 earnings per share. The business's revenue for the quarter was up 13.8% compared to the same quarter last year. On average, equities research analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Monday, September 8th. Alphabet's payout ratio is presently 8.95%.

Insider Buying and Selling at Alphabet

In other news, CAO Amie Thuener O'toole sold 953 shares of Alphabet stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $241.20, for a total transaction of $229,863.60. Following the completion of the sale, the chief accounting officer directly owned 17,294 shares in the company, valued at approximately $4,171,312.80. The trade was a 5.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction on Monday, September 15th. The stock was sold at an average price of $249.44, for a total transaction of $149,664.00. Following the sale, the director owned 5,716 shares of the company's stock, valued at $1,425,799.04. The trade was a 9.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 276,338 shares of company stock valued at $59,062,683. Company insiders own 12.99% of the company's stock.

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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