PFG Investments LLC Sells 6,894 Shares of Alphabet Inc. (NASDAQ:GOOGL)

PFG Investments LLC trimmed its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 8.4% in the second quarter, according to its most recent filing with the SEC. The firm owned 75,184 shares of the information services provider’s stock after selling 6,894 shares during the period. Alphabet makes up about 1.0% of PFG Investments LLC’s investment portfolio, making the stock its 14th biggest position. PFG Investments LLC’s holdings in Alphabet were worth $13,695,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in GOOGL. Capital Research Global Investors increased its position in shares of Alphabet by 14.4% during the 1st quarter. Capital Research Global Investors now owns 57,803,291 shares of the information services provider’s stock worth $8,724,251,000 after purchasing an additional 7,275,757 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Alphabet by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 493,810,251 shares of the information services provider’s stock worth $68,980,354,000 after purchasing an additional 6,374,756 shares in the last quarter. Public Employees Retirement Association of Colorado increased its position in shares of Alphabet by 39,754.9% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 6,025,667 shares of the information services provider’s stock worth $841,725,000 after purchasing an additional 6,010,548 shares in the last quarter. PineStone Asset Management Inc. increased its position in shares of Alphabet by 143.7% during the 2nd quarter. PineStone Asset Management Inc. now owns 7,072,197 shares of the information services provider’s stock worth $1,288,201,000 after purchasing an additional 4,170,229 shares in the last quarter. Finally, National Bank of Canada FI increased its position in shares of Alphabet by 91.0% during the 2nd quarter. National Bank of Canada FI now owns 7,928,470 shares of the information services provider’s stock worth $1,450,599,000 after purchasing an additional 3,777,527 shares in the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.

Alphabet Stock Up 0.9 %

Alphabet stock opened at $163.59 on Monday. 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 Inc. has a fifty-two week low of $120.21 and a fifty-two week high of $191.75. The company’s 50 day simple moving average is $164.72 and its 200 day simple moving average is $165.79. The firm has a market capitalization of $2.02 trillion, a price-to-earnings ratio of 25.09, a PEG ratio of 1.13 and a beta of 1.04.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The firm had revenue of $84.74 billion for the quarter, compared to analyst estimates of $70.60 billion. During the same quarter in the previous year, the firm posted $1.44 earnings per share. As a group, sell-side analysts anticipate that Alphabet Inc. will post 7.64 EPS for the current year.

Alphabet Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Evercore ISI lowered their price objective on shares of Alphabet from $225.00 to $200.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Piper Sandler lowered their price objective on shares of Alphabet from $206.00 to $200.00 and set an “overweight” rating for the company in a research report on Tuesday, September 10th. JPMorgan Chase & Co. raised their price objective on shares of Alphabet from $200.00 to $208.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. JMP Securities restated a “market outperform” rating and issued a $200.00 price objective on shares of Alphabet in a research report on Monday, September 16th. Finally, Loop Capital restated a “hold” rating and issued a $170.00 price objective on shares of Alphabet in a research report on Wednesday, July 3rd. Eight investment analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and an average target price of $201.08.

Insider Buying and Selling at Alphabet

In other Alphabet news, SVP Prabhakar Raghavan sold 3,262 shares of Alphabet stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $183.99, for a total value of $600,175.38. Following the transaction, the senior vice president now owns 9 shares of the company’s stock, valued at $1,655.91. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider John Kent Walker sold 21,467 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $160.35, for a total value of $3,442,233.45. Following the sale, the insider now owns 39,334 shares of the company’s stock, valued at $6,307,206.90. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Prabhakar Raghavan sold 3,262 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $183.99, for a total transaction of $600,175.38. Following the completion of the sale, the senior vice president now directly owns 9 shares in the company, valued at approximately $1,655.91. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 180,167 shares of company stock valued at $29,762,606. 11.55% of the stock is currently owned by corporate insiders.

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.