Financial Gravity Asset Management Inc. Has $26,000 Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Financial Gravity Asset Management Inc. cut its position in Alphabet Inc. (NASDAQ:GOOGL) by 90.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 140 shares of the information services provider’s stock after selling 1,331 shares during the quarter. Financial Gravity Asset Management Inc.’s holdings in Alphabet were worth $26,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Christopher J. Hasenberg Inc lifted its position in shares of Alphabet by 75.0% in the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after buying an additional 60 shares during the last quarter. Vermillion & White Wealth Management Group LLC bought a new stake in Alphabet in the 4th quarter valued at $30,000. Tributary Capital Management LLC acquired a new stake in Alphabet during the 1st quarter valued at $30,000. Kings Path Partners LLC bought a new position in Alphabet during the second quarter worth $36,000. Finally, Denver PWM LLC acquired a new position in shares of Alphabet in the second quarter valued at $41,000. 40.03% of the stock is owned by institutional investors.

Alphabet Stock Up 0.9 %

GOOGL stock opened at $163.59 on Friday. The firm has a 50-day moving average price of $164.72 and a 200-day moving average price of $165.55. Alphabet Inc. has a 12 month low of $120.21 and a 12 month high of $191.75. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $2.02 trillion, a P/E ratio of 25.09, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04.

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

Alphabet Announces Dividend

The company also recently disclosed 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 dividend yield of 0.49%. The ex-dividend date of this dividend was Monday, September 9th. Alphabet’s dividend payout ratio (DPR) is 12.27%.

Insider Buying and Selling

In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $183.47, for a total value of $125,126.54. Following the completion of the transaction, the chief accounting officer now directly owns 30,650 shares in the company, valued at $5,623,355.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Alphabet news, SVP Prabhakar Raghavan sold 3,262 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were 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 approximately $1,655.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $183.47, for a total transaction of $125,126.54. Following the completion of the transaction, the chief accounting officer now owns 30,650 shares of the company’s stock, valued at $5,623,355.50. The disclosure for this sale can be found here. Insiders have sold 180,167 shares of company stock worth $29,762,606 in the last 90 days. Insiders own 11.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on GOOGL. Loop Capital restated a “hold” rating and set a $170.00 target price on shares of Alphabet in a research note on Wednesday, July 3rd. Jefferies Financial Group raised their price objective on shares of Alphabet from $215.00 to $220.00 in a research report on Tuesday, July 9th. Royal Bank of Canada upped their target price on Alphabet from $200.00 to $204.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Piper Sandler dropped their price target on Alphabet from $206.00 to $200.00 and set an “overweight” rating for the company in a report on Tuesday, September 10th. Finally, TD Securities upped their price objective on Alphabet from $200.00 to $220.00 in a report on Wednesday, July 10th. Eight investment analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $201.08.

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.