Insight Inv LLC Cuts Stock Position in Alphabet Inc. $GOOG

Insight Inv LLC cut its holdings in Alphabet Inc. (NASDAQ:GOOG) by 7.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,554 shares of the information services provider’s stock after selling 205 shares during the quarter. Insight Inv LLC’s holdings in Alphabet were worth $453,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. RDA Financial Network boosted its stake in Alphabet by 5.3% during the second quarter. RDA Financial Network now owns 11,094 shares of the information services provider’s stock worth $1,968,000 after buying an additional 554 shares during the period. Tower View Wealth Management LLC boosted its stake in Alphabet by 6.9% during the second quarter. Tower View Wealth Management LLC now owns 27,644 shares of the information services provider’s stock worth $4,904,000 after buying an additional 1,776 shares during the period. Oldfather Financial Services LLC purchased a new position in Alphabet during the second quarter worth $213,000. Truist Financial Corp boosted its stake in Alphabet by 0.4% during the second quarter. Truist Financial Corp now owns 3,626,927 shares of the information services provider’s stock worth $643,381,000 after buying an additional 15,065 shares during the period. Finally, GC Wealth Management RIA LLC boosted its stake in Alphabet by 115.7% during the second quarter. GC Wealth Management RIA LLC now owns 214,392 shares of the information services provider’s stock worth $38,031,000 after buying an additional 115,003 shares during the period. 27.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on GOOG. Raymond James Financial reaffirmed an “outperform” rating and set a $210.00 price objective (up from $185.00) on shares of Alphabet in a research note on Thursday, July 24th. Mizuho raised shares of Alphabet to a “strong-buy” rating in a research note on Monday, September 29th. Pivotal Research boosted their target price on shares of Alphabet from $245.00 to $300.00 and gave the company a “buy” rating in a research note on Wednesday, September 3rd. KeyCorp set a $265.00 target price on shares of Alphabet in a research note on Wednesday, September 3rd. Finally, Scotiabank boosted their target price on shares of Alphabet from $200.00 to $240.00 and gave the company a “sector outperform” rating in a research note on Tuesday, July 22nd. Six research 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 issued a Sell rating to the stock. According to MarketBeat.com, Alphabet currently has a consensus rating of “Moderate Buy” and a consensus price target of $241.00.

Insider Activity

In other news, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $184.38, for a total transaction 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. This represents a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider John Kent Walker sold 23,820 shares of the company’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the transaction, the insider owned 42,999 shares in the company, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 276,738 shares of company stock worth $59,135,475 over the last 90 days. 12.99% of the stock is currently owned by corporate insiders.

Alphabet Stock Performance

GOOG opened at $237.49 on Friday. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $256.70. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a market cap of $2.87 trillion, a P/E ratio of 25.29, a price-to-earnings-growth ratio of 1.60 and a beta of 1.00. The firm’s 50-day moving average price is $226.97 and its 200-day moving average price is $189.81.

Alphabet (NASDAQ:GOOG) last posted 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 net margin of 31.12% and a return on equity of 34.31%. The firm had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.67 billion. During the same quarter in the prior year, the company posted $1.89 earnings per share. The company’s revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, equities analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current fiscal 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 issued a dividend of $0.21 per share. The ex-dividend date was Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.4%. Alphabet’s dividend payout ratio is 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.