Market Street Wealth Management Advisors LLC Purchases Shares of 1,528 Alphabet Inc. $GOOG

Market Street Wealth Management Advisors LLC purchased a new stake in Alphabet Inc. (NASDAQ:GOOG) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 1,528 shares of the information services provider’s stock, valued at approximately $271,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Veracity Capital LLC lifted its holdings in shares of Alphabet by 7.1% in the second quarter. Veracity Capital LLC now owns 8,615 shares of the information services provider’s stock valued at $1,528,000 after purchasing an additional 570 shares in the last quarter. Key Client Fiduciary Advisors LLC lifted its holdings in shares of Alphabet by 6.4% in the second quarter. Key Client Fiduciary Advisors LLC now owns 4,688 shares of the information services provider’s stock valued at $832,000 after purchasing an additional 283 shares in the last quarter. Riversedge Advisors LLC lifted its holdings in shares of Alphabet by 17.9% in the second quarter. Riversedge Advisors LLC now owns 6,924 shares of the information services provider’s stock valued at $1,228,000 after purchasing an additional 1,053 shares in the last quarter. WestHill Financial Advisors Inc. lifted its holdings in shares of Alphabet by 39.1% in the second quarter. WestHill Financial Advisors Inc. now owns 3,641 shares of the information services provider’s stock valued at $646,000 after purchasing an additional 1,024 shares in the last quarter. Finally, Westmount Partners LLC lifted its holdings in shares of Alphabet by 1.8% in the second quarter. Westmount Partners LLC now owns 13,812 shares of the information services provider’s stock valued at $2,450,000 after purchasing an additional 239 shares in the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Insiders Place Their Bets

In other news, Director Kavitark Ram Shriram sold 18,566 shares of the company’s stock in a transaction on Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the transaction, the director directly owned 243,400 shares in the company, valued at approximately $45,213,984. This represents a 7.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Kent Walker sold 23,820 shares of the company’s stock in a transaction on 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 completion of the transaction, the insider owned 42,999 shares of the company’s stock, valued at $8,371,905.30. This trade represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 225,588 shares of company stock valued at $44,296,554. Corporate insiders own 12.99% of the company’s stock.

Alphabet Price Performance

Alphabet stock opened at $251.42 on Wednesday. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $253.23. The firm has a fifty day moving average of $205.68 and a 200-day moving average of $179.98. The firm has a market capitalization of $3.04 trillion, a P/E ratio of 26.78, a PEG ratio of 1.69 and a beta of 1.01. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.19. The business had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The business’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.89 earnings per share. As a group, analysts predict that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Dividend Announcement

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

Analyst Ratings Changes

GOOG has been the subject of a number of analyst reports. BNP Paribas lowered shares of Alphabet from a “strong-buy” rating to a “hold” rating in a research report on Thursday, June 26th. Scotiabank boosted their price objective on shares of Alphabet from $200.00 to $240.00 and gave the company a “sector outperform” rating in a research report on Tuesday, July 22nd. Phillip Securities lowered shares of Alphabet from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, September 8th. Cowen reissued a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, Piper Sandler reissued a “neutral” rating on shares of Alphabet in a research report on Wednesday, July 9th. 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 stock. According to MarketBeat, Alphabet has an average rating of “Moderate Buy” and a consensus price target of $227.56.

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.