Waypoint Wealth Partners Inc. Sells 2,363 Shares of Alphabet Inc. $GOOG

Key Points

• Waypoint Wealth Partners Inc. reduced its stake in Alphabet Inc. by 13.1%, now holding 15,687 shares valued at approximately $2,783,000, making Alphabet its 16th largest position.
• Alphabet reported strong financials with $2.31 EPS for the last quarter, surpassing the estimated $2.12, and achieving a 13.8% year-over-year revenue growth.
• The company recently announced a quarterly dividend of $0.21 per share, representing an annualized yield of 0.3% and a payout ratio of 8.95%.

Waypoint Wealth Partners Inc. lowered its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 13.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 15,687 shares of the information services provider's stock after selling 2,363 shares during the quarter. Alphabet accounts for about 0.7% of Waypoint Wealth Partners Inc.'s investment portfolio, making the stock its 16th largest position. Waypoint Wealth Partners Inc.'s holdings in Alphabet were worth $2,783,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. NCM Capital Management LLC grew its holdings in Alphabet by 2.2% in the 1st quarter. NCM Capital Management LLC now owns 2,802 shares of the information services provider's stock valued at $438,000 after buying an additional 60 shares during the last quarter. Legacy Private Trust Co. grew its holdings in Alphabet by 0.6% in the 2nd quarter. Legacy Private Trust Co. now owns 9,956 shares of the information services provider's stock valued at $1,766,000 after buying an additional 60 shares during the last quarter. Faithward Advisors LLC grew its holdings in Alphabet by 2.5% in the 1st quarter. Faithward Advisors LLC now owns 2,505 shares of the information services provider's stock valued at $391,000 after buying an additional 61 shares during the last quarter. SK Wealth Management LLC grew its holdings in Alphabet by 4.4% in the 2nd quarter. SK Wealth Management LLC now owns 1,436 shares of the information services provider's stock valued at $255,000 after buying an additional 61 shares during the last quarter. Finally, Objectivity Squared LLC grew its holdings in Alphabet by 0.4% in the 1st quarter. Objectivity Squared LLC now owns 16,342 shares of the information services provider's stock valued at $2,605,000 after buying an additional 62 shares during the last quarter. Institutional investors and hedge funds own 27.26% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on GOOG. Raymond James Financial reissued an "outperform" rating and set a $210.00 price objective (up previously from $185.00) on shares of Alphabet in a report on Thursday, July 24th. Scotiabank lifted their price objective on Alphabet from $200.00 to $240.00 and gave the stock a "sector outperform" rating in a report on Tuesday, July 22nd. UBS Group lifted their price objective on Alphabet from $186.00 to $192.00 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. Barclays reissued a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Finally, Phillip Securities lowered Alphabet from a "strong-buy" rating to a "moderate buy" rating in a report on Monday, September 8th. Four analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $227.56.

Insiders Place Their Bets

In other news, CAO Amie Thuener O'toole sold 2,778 shares of the business's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $245.00, for a total transaction of $680,610.00. Following the completion of the sale, the chief accounting officer owned 17,293 shares in the company, valued at $4,236,785. The trade was a 13.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of the business's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the sale, the director owned 243,400 shares of the company's stock, valued at approximately $45,213,984. The trade was a 7.09% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 258,088 shares of company stock worth $52,405,304. 12.99% of the stock is owned by company insiders.

Alphabet Price Performance

Shares of Alphabet stock traded up $2.91 during midday trading on Friday, hitting $255.24. 41,503,403 shares of the company were exchanged, compared to its average volume of 24,489,492. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The firm has a market cap of $3.09 trillion, a P/E ratio of 27.18, a PEG ratio of 1.70 and a beta of 1.01. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $256.70. The firm has a 50 day simple moving average of $210.08 and a 200-day simple moving average of $181.61.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The firm had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. During the same quarter in the previous year, the company posted $1.89 EPS. The business's revenue for the quarter was up 13.8% compared to the same quarter last year. Research analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Dividend Announcement

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

Alphabet 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.