Oak Associates Ltd. OH Cuts Stock Position in Alphabet Inc. $GOOG

Oak Associates Ltd. OH cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 11.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 497,589 shares of the information services provider’s stock after selling 62,654 shares during the quarter. Alphabet makes up 5.8% of Oak Associates Ltd. OH’s portfolio, making the stock its 2nd largest position. Oak Associates Ltd. OH’s holdings in Alphabet were worth $77,738,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of GOOG. Brighton Jones LLC raised its holdings in Alphabet by 5.6% in the 4th quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider’s stock valued at $22,901,000 after acquiring an additional 6,410 shares during the period. Bank Pictet & Cie Europe AG raised its holdings in Alphabet by 4.3% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 506,535 shares of the information services provider’s stock valued at $96,465,000 after acquiring an additional 20,855 shares during the period. Schonfeld Strategic Advisors LLC raised its holdings in Alphabet by 1,522.4% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 70,410 shares of the information services provider’s stock valued at $13,409,000 after acquiring an additional 66,070 shares during the period. Evergreen Wealth Solutions LLC bought a new position in Alphabet in the 4th quarter valued at about $286,000. Finally, Bridgewealth Advisory Group LLC grew its position in shares of Alphabet by 20.2% during the 4th quarter. Bridgewealth Advisory Group LLC now owns 2,127 shares of the information services provider’s stock worth $400,000 after purchasing an additional 358 shares in the last quarter. 27.26% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on GOOG shares. Wells Fargo & Company restated an “equal weight” rating on shares of Alphabet in a research report on Wednesday, July 9th. Needham & Company LLC lowered shares of Alphabet from a “buy” rating to a “cautious” rating in a research report on Friday, May 2nd. Citizens Jmp upgraded shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Thursday, June 26th. Roth Capital reissued a “buy” rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $220.00 price objective on shares of Alphabet in a research note on Monday, June 2nd. Five research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $215.19.

Alphabet Price Performance

Shares of NASDAQ GOOG opened at $208.21 on Thursday. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $211.09. The company has a market capitalization of $2.52 trillion, a PE ratio of 22.17, a P/E/G ratio of 1.40 and a beta of 1.02. The firm has a fifty day simple moving average of $189.63 and a 200 day simple moving average of $175.22. 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 released its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share 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 for the quarter, compared to analysts’ expectations of $93.67 billion. During the same period in the previous year, the company earned $1.89 earnings per share. The firm’s revenue for the quarter was up 13.8% compared to the same quarter last year. On average, sell-side analysts forecast that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Announces Dividend

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 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Monday, September 8th. Alphabet’s payout ratio is presently 8.95%.

Insider Activity at Alphabet

In related news, insider John Kent Walker sold 23,820 shares of the company’s stock in a transaction that occurred 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 sale, the insider directly owned 42,999 shares in the company, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director John L. Hennessy sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $200.00, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 254,719 shares of company stock valued at $47,223,172 in the last three months. Insiders own 12.99% of the company’s stock.

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.