Alphabet Inc. $GOOG Shares Sold by HB Wealth Management LLC

HB Wealth Management LLC trimmed its stake in Alphabet Inc. (NASDAQ:GOOG) by 6.9% during the second quarter, HoldingsChannel.com reports. The fund owned 322,372 shares of the information services provider’s stock after selling 23,999 shares during the period. HB Wealth Management LLC’s holdings in Alphabet were worth $57,186,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Alphabet by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider’s stock worth $64,299,725,000 after acquiring an additional 9,687,855 shares during the last quarter. Kingstone Capital Partners Texas LLC grew its holdings in shares of Alphabet by 580,897.4% during the second quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider’s stock valued at $23,963,208,000 after buying an additional 135,064,454 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Alphabet by 9.9% during the first quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider’s stock valued at $15,971,861,000 after buying an additional 9,243,959 shares in the last quarter. Deutsche Bank AG grew its holdings in shares of Alphabet by 5.4% during the first quarter. Deutsche Bank AG now owns 21,345,784 shares of the information services provider’s stock valued at $3,334,852,000 after buying an additional 1,098,996 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Alphabet by 2.2% during the first quarter. Invesco Ltd. now owns 20,380,073 shares of the information services provider’s stock valued at $3,183,979,000 after buying an additional 440,526 shares in the last quarter. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Alphabet news, Director Frances Arnold sold 103 shares of the business’s stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $243.13, for a total value of $25,042.39. Following the completion of the sale, the director owned 17,284 shares of the company’s stock, valued at $4,202,258.92. The trade was a 0.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total value of $8,108,750.00. Following the completion of the sale, the chief executive officer directly owned 2,397,392 shares of the company’s stock, valued at $598,149,304. This represents a 1.34% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 243,285 shares of company stock valued at $50,994,787. 12.99% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

GOOG has been the topic of a number of research analyst reports. Oppenheimer reiterated an “outperform” rating and set a $270.00 price target (up previously from $235.00) on shares of Alphabet in a report on Wednesday, September 3rd. Wells Fargo & Company reiterated an “equal weight” rating on shares of Alphabet in a report on Wednesday, July 9th. Lake Street Capital reiterated a “buy” rating on shares of Alphabet in a report on Wednesday, July 9th. Pivotal Research lifted their price target on Alphabet from $245.00 to $300.00 and gave the company a “buy” rating in a report on Wednesday, September 3rd. Finally, Citizens Jmp upgraded Alphabet from a “hold” rating to a “strong-buy” rating in a report on Thursday, June 26th. Five research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and a consensus target price of $230.35.

Alphabet Stock Performance

Shares of NASDAQ GOOG opened at $245.54 on Thursday. The business’s 50-day moving average price is $219.78 and its two-hundred day moving average price is $185.88. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. Alphabet Inc. has a one year low of $142.66 and a one year high of $256.70. The company has a market capitalization of $2.97 trillion, a P/E ratio of 26.15, a price-to-earnings-growth ratio of 1.64 and a beta of 1.00.

Alphabet (NASDAQ:GOOG) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The firm had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.67 billion. During the same quarter in the previous year, the company posted $1.89 earnings per share. The business’s quarterly revenue was up 13.8% compared to the same quarter last year. Analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were given a $0.21 dividend. The ex-dividend date of this dividend was Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet’s payout ratio is currently 8.95%.

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.