Zevenbergen Capital Investments LLC Trims Holdings in Alphabet Inc. $GOOG

Key Points

• Zevenbergen Capital Investments LLC reduced its stake in Alphabet Inc. by 2.8%, selling 18,195 shares to hold a total of 636,235 shares valued at approximately $112.86 million.
• Alphabet's recent earnings report showed an EPS of $2.31, exceeding estimates, with revenue reaching $96.43 billion, marking a 13.8% increase year-over-year.
• The company recently announced a quarterly dividend of $0.21 per share, with a payout ratio of 8.95%, highlighting its commitment to returning value to shareholders.

Zevenbergen Capital Investments LLC decreased its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 2.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 636,235 shares of the information services provider's stock after selling 18,195 shares during the period. Alphabet comprises approximately 2.2% of Zevenbergen Capital Investments LLC's holdings, making the stock its 15th largest holding. Zevenbergen Capital Investments LLC's holdings in Alphabet were worth $112,862,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Modus Advisors LLC increased its stake in Alphabet by 0.6% in the second quarter. Modus Advisors LLC now owns 39,927 shares of the information services provider's stock worth $7,083,000 after purchasing an additional 254 shares during the period. Insight Wealth Strategies LLC grew its position in shares of Alphabet by 1.0% during the 2nd quarter. Insight Wealth Strategies LLC now owns 11,996 shares of the information services provider's stock worth $2,122,000 after buying an additional 120 shares in the last quarter. Greenfield Savings Bank grew its position in shares of Alphabet by 2.1% during the 2nd quarter. Greenfield Savings Bank now owns 26,233 shares of the information services provider's stock worth $4,653,000 after buying an additional 536 shares in the last quarter. Nova Wealth Management Inc. grew its position in shares of Alphabet by 28.1% during the 2nd quarter. Nova Wealth Management Inc. now owns 510 shares of the information services provider's stock worth $90,000 after buying an additional 112 shares in the last quarter. Finally, OMNI 360 Wealth Inc. grew its position in shares of Alphabet by 12.3% during the 2nd quarter. OMNI 360 Wealth Inc. now owns 5,416 shares of the information services provider's stock worth $961,000 after buying an additional 594 shares in the last quarter. Hedge funds and other institutional investors own 27.26% of the company's stock.

Insider Buying and Selling

In other news, Director Kavitark Ram Shriram sold 18,566 shares of the business's stock in a transaction dated 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 sale, the director owned 243,400 shares in the company, valued at approximately $45,213,984. The trade was a 7.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 1,000 shares of the business's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $200.00, for a total value of $200,000.00. Following the sale, the director owned 6,916 shares in the company, valued at $1,383,200. The trade was a 12.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 254,710 shares of company stock worth $49,208,380 over the last ninety days. 12.99% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

GOOG has been the topic of a number of recent research reports. Phillip Securities downgraded Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday, September 8th. JPMorgan Chase & Co. increased their price target on Alphabet from $232.00 to $260.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 3rd. Roth Capital reissued a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Piper Sandler reissued a "neutral" rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, BNP Paribas downgraded Alphabet from a "strong-buy" rating to a "hold" rating in a research report on Thursday, June 26th. Four analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, Alphabet currently has an average rating of "Moderate Buy" and an average price target of $227.56.

Alphabet Price Performance

GOOG opened at $241.38 on Friday. The business's 50-day moving average is $202.67 and its two-hundred day moving average is $178.86. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $242.57. 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 capitalization of $2.92 trillion, a PE ratio of 25.71, a price-to-earnings-growth ratio of 1.62 and a beta of 1.01.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its earnings results 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 company had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. During the same quarter in the previous year, the firm earned $1.89 earnings per share. The firm's quarterly revenue was up 13.8% compared to the same quarter last year. Research analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date is Monday, September 8th. Alphabet's payout ratio is 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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