Alphabet Inc. (NASDAQ:GOOG) Shares Sold by King Luther Capital Management Corp

King Luther Capital Management Corp cut its stake in Alphabet Inc. (NASDAQ:GOOG) by 1.9% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,562,699 shares of the information services provider’s stock after selling 50,049 shares during the period. Alphabet makes up 2.1% of King Luther Capital Management Corp’s investment portfolio, making the stock its 7th largest position. King Luther Capital Management Corp’s holdings in Alphabet were worth $470,050,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of GOOG. Elite Wealth Management Inc. boosted its holdings in Alphabet by 33.1% in the second quarter. Elite Wealth Management Inc. now owns 46,609 shares of the information services provider’s stock valued at $8,549,000 after acquiring an additional 11,602 shares during the last quarter. Simplify Asset Management Inc. acquired a new position in shares of Alphabet in the 2nd quarter valued at about $233,000. Waters Parkerson & CO. LLC grew its holdings in shares of Alphabet by 2.5% during the 2nd quarter. Waters Parkerson & CO. LLC now owns 23,516 shares of the information services provider’s stock worth $4,313,000 after purchasing an additional 582 shares during the period. Bridges Investment Management Inc. increased its position in Alphabet by 56.1% during the 2nd quarter. Bridges Investment Management Inc. now owns 438,366 shares of the information services provider’s stock worth $80,405,000 after purchasing an additional 157,453 shares in the last quarter. Finally, Callan Capital LLC raised its holdings in Alphabet by 36.8% in the second quarter. Callan Capital LLC now owns 21,029 shares of the information services provider’s stock valued at $3,857,000 after buying an additional 5,657 shares during the period. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Up 0.9 %

Shares of NASDAQ GOOG opened at $164.64 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. Alphabet Inc. has a 1 year low of $121.46 and a 1 year high of $193.31. The stock’s 50-day simple moving average is $166.26 and its 200-day simple moving average is $166.79. The firm has a market cap of $2.03 trillion, a price-to-earnings ratio of 25.25, a PEG ratio of 1.13 and a beta of 1.04.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.04. The company had revenue of $84.74 billion for the quarter, compared to the consensus estimate of $84.22 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. Alphabet’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.44 EPS. As a group, equities analysts anticipate that Alphabet Inc. will post 7.63 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Monday, September 9th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, September 9th. This represents a $0.80 dividend on an annualized basis and a yield of 0.49%. Alphabet’s dividend payout ratio (DPR) is 12.27%.

Insiders Place Their Bets

In other news, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $183.47, for a total transaction of $125,126.54. Following the transaction, the chief accounting officer now owns 30,650 shares of the company’s stock, valued at $5,623,355.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $183.47, for a total transaction of $125,126.54. Following the sale, the chief accounting officer now owns 30,650 shares in the company, valued at $5,623,355.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $186.74, for a total value of $4,201,650.00. Following the sale, the chief executive officer now directly owns 2,227,385 shares in the company, valued at $415,941,874.90. The disclosure for this sale can be found here. Insiders sold a total of 202,667 shares of company stock valued at $33,964,256 in the last ninety days. Corporate insiders own 12.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Rosenblatt Securities lowered shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective for the company. in a research report on Friday, June 28th. TD Cowen increased their price target on Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. Oppenheimer boosted their price objective on Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Wolfe Research upgraded Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. Finally, DA Davidson raised Alphabet to a “hold” rating in a research report on Tuesday, September 10th. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Alphabet presently has a consensus rating of “Moderate Buy” and an average price target of $182.86.

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.