Acorn Financial Advisory Services Inc. ADV Cuts Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Acorn Financial Advisory Services Inc. ADV lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 3.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,135 shares of the information services provider’s stock after selling 475 shares during the period. Alphabet makes up about 0.5% of Acorn Financial Advisory Services Inc. ADV’s investment portfolio, making the stock its 24th largest holding. Acorn Financial Advisory Services Inc. ADV’s holdings in Alphabet were worth $2,757,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the stock. Collaborative Wealth Managment Inc. purchased a new position in Alphabet in the 4th quarter worth approximately $213,000. Johnson Investment Counsel Inc. increased its holdings in shares of Alphabet by 2.3% in the 4th quarter. Johnson Investment Counsel Inc. now owns 1,343,499 shares of the information services provider’s stock worth $187,673,000 after purchasing an additional 30,212 shares in the last quarter. Strategic Advocates LLC raised its stake in shares of Alphabet by 48.0% in the fourth quarter. Strategic Advocates LLC now owns 14,092 shares of the information services provider’s stock worth $1,969,000 after purchasing an additional 4,571 shares during the last quarter. Invst LLC lifted its holdings in shares of Alphabet by 3.2% during the fourth quarter. Invst LLC now owns 24,479 shares of the information services provider’s stock valued at $3,527,000 after purchasing an additional 753 shares in the last quarter. Finally, QRG Capital Management Inc. increased its holdings in Alphabet by 9.0% in the 4th quarter. QRG Capital Management Inc. now owns 812,598 shares of the information services provider’s stock worth $113,512,000 after buying an additional 66,859 shares in the last quarter. 40.03% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Alphabet news, CAO Amie Thuener O’toole sold 2,835 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total value of $429,587.55. Following the completion of the sale, the chief accounting officer now directly owns 29,182 shares of the company’s stock, valued at approximately $4,421,948.46. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $158.68, for a total transaction of $3,570,300.00. Following the completion of the sale, the chief executive officer now directly owns 2,137,385 shares of the company’s stock, valued at approximately $339,160,251.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 2,835 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total value of $429,587.55. Following the transaction, the chief accounting officer now directly owns 29,182 shares in the company, valued at approximately $4,421,948.46. The disclosure for this sale can be found here. Insiders have sold 179,367 shares of company stock valued at $30,016,931 in the last 90 days. Company insiders own 11.55% of the company’s stock.

Wall Street Analysts Forecast Growth

GOOGL has been the topic of a number of research analyst reports. BMO Capital Markets restated an “outperform” rating and set a $222.00 price objective on shares of Alphabet in a research report on Tuesday, August 6th. Truist Financial raised their price target on Alphabet from $190.00 to $196.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Tigress Financial upped their price objective on Alphabet from $176.00 to $210.00 and gave the company a “strong-buy” rating in a research report on Friday, May 24th. UBS Group raised their target price on Alphabet from $200.00 to $204.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. Finally, Argus upped their price target on shares of Alphabet from $200.00 to $215.00 and gave the company a “buy” rating in a research report on Tuesday, July 16th. Eight research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $201.76.

Alphabet Stock Up 1.8 %

Shares of NASDAQ:GOOGL opened at $157.46 on Monday. The firm has a market capitalization of $1.94 trillion, a PE ratio of 24.15, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04. The business has a 50 day simple moving average of $167.46 and a two-hundred day simple moving average of $164.87. Alphabet Inc. has a 1 year low of $120.21 and a 1 year high of $191.75. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The company had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $70.60 billion. During the same quarter in the previous year, the business earned $1.44 EPS. On average, equities analysts predict that Alphabet Inc. will post 7.64 EPS for the current year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 9th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date of this dividend is Monday, September 9th. Alphabet’s payout ratio is presently 12.27%.

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.