Alphabet Inc. (NASDAQ:GOOGL) Shares Sold by Wealth Effects LLC

Wealth Effects LLC cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 0.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 35,351 shares of the information services provider’s stock after selling 191 shares during the period. Alphabet makes up approximately 2.3% of Wealth Effects LLC’s holdings, making the stock its 7th biggest position. Wealth Effects LLC’s holdings in Alphabet were worth $6,439,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Christopher J. Hasenberg Inc lifted its position in shares of Alphabet by 75.0% in the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after acquiring an additional 60 shares in the last quarter. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of Alphabet in the 4th quarter valued at approximately $30,000. Tributary Capital Management LLC purchased a new stake in shares of Alphabet in the 1st quarter valued at approximately $30,000. Kings Path Partners LLC purchased a new stake in shares of Alphabet in the 2nd quarter valued at approximately $36,000. Finally, CarsonAllaria Wealth Management Ltd. lifted its position in shares of Alphabet by 59.2% in the 1st quarter. CarsonAllaria Wealth Management Ltd. now owns 293 shares of the information services provider’s stock valued at $44,000 after acquiring an additional 109 shares in the last quarter. 40.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Royal Bank of Canada upped their price objective on shares of Alphabet from $200.00 to $204.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Argus upped their price objective on shares of Alphabet from $200.00 to $215.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. JPMorgan Chase & Co. upped their price objective on shares of Alphabet from $200.00 to $208.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. BMO Capital Markets restated an “outperform” rating and set a $222.00 price target on shares of Alphabet in a research note on Monday. Finally, JMP Securities restated a “market outperform” rating and set a $200.00 price target on shares of Alphabet in a research note on Monday. Eight research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $201.08.

Alphabet Price Performance

Shares of Alphabet stock opened at $159.32 on Wednesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. The firm’s 50-day simple moving average is $166.25 and its 200-day simple moving average is $165.17. Alphabet Inc. has a twelve month low of $120.21 and a twelve month high of $191.75. The firm has a market cap of $1.97 trillion, a P/E ratio of 24.44, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04.

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

Alphabet Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Monday, September 9th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.50%. The ex-dividend date of this dividend was Monday, September 9th. Alphabet’s dividend payout ratio is currently 12.27%.

Insider Activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $177.40, for a total value of $3,991,500.00. Following the completion of the transaction, the chief executive officer now directly owns 2,213,011 shares of the company’s stock, valued at $392,588,151.40. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $177.40, for a total transaction of $3,991,500.00. Following the completion of the sale, the chief executive officer now directly owns 2,213,011 shares of the company’s stock, valued at $392,588,151.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Prabhakar Raghavan sold 3,262 shares of the business’s stock in a transaction that occurred 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 sale, the senior vice president now directly owns 9 shares of the company’s stock, valued at $1,655.91. The disclosure for this sale can be found here. Insiders sold 180,167 shares of company stock valued at $30,139,931 in the last ninety days. Insiders own 11.55% 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.