Steel Grove Capital Advisors LLC Sells 4,470 Shares of Alphabet Inc. (NASDAQ:GOOG)

Steel Grove Capital Advisors LLC trimmed its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 21.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 16,499 shares of the information services provider’s stock after selling 4,470 shares during the period. Alphabet accounts for 0.4% of Steel Grove Capital Advisors LLC’s portfolio, making the stock its 23rd largest holding. Steel Grove Capital Advisors LLC’s holdings in Alphabet were worth $3,026,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Richardson Financial Services Inc. purchased a new stake in shares of Alphabet during the 4th quarter worth approximately $34,000. 1620 Investment Advisors Inc. purchased a new position in Alphabet during the 2nd quarter valued at $37,000. Slocum Gordon & Co LLP purchased a new position in Alphabet in the 2nd quarter worth about $44,000. Hoese & Co LLP grew its stake in Alphabet by 62.5% in the 2nd quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock worth $45,000 after acquiring an additional 100 shares in the last quarter. Finally, Iron Horse Wealth Management LLC bought a new position in Alphabet in the second quarter worth approximately $48,000. 27.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on GOOG shares. Wolfe Research raised shares of Alphabet to a “strong-buy” rating in a research report on Tuesday, July 16th. Oppenheimer lifted their target price on Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. TD Cowen increased their price target on shares of Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. DA Davidson upgraded shares of Alphabet to a “hold” rating in a research note on Tuesday, September 10th. Finally, Cantor Fitzgerald upgraded shares of Alphabet to a “hold” rating in a research note on Thursday, September 5th. Three 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $182.86.

Alphabet Trading Up 0.9 %

Alphabet stock opened at $164.64 on Monday. The stock has a 50-day moving average price of $166.26 and a 200 day moving average price of $167.26. The company has a market capitalization of $2.03 trillion, a price-to-earnings ratio of 25.25, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04. Alphabet Inc. has a 52 week low of $121.46 and a 52 week high of $193.31. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOG) last posted its earnings results 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 business had revenue of $84.74 billion for the quarter, compared to analyst estimates of $84.22 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The company’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.44 EPS. Sell-side analysts anticipate that Alphabet Inc. will post 7.63 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, September 9th were given 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 dividend yield of 0.49%. Alphabet’s dividend payout ratio (DPR) is 12.27%.

Insider Activity at Alphabet

In other news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction dated 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 owns 2,227,385 shares in the company, valued at $415,941,874.90. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director John L. Hennessy sold 800 shares of Alphabet stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $153.75, for a total value of $123,000.00. Following the sale, the director now directly owns 28,524 shares of the company’s stock, valued at $4,385,565. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was 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 owns 2,227,385 shares of the company’s stock, valued at $415,941,874.90. The disclosure for this sale can be found here. In the last quarter, insiders have sold 202,667 shares of company stock valued at $33,964,256. 12.99% of the stock is owned by company 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.