Alphabet Inc. $GOOG is Monetta Financial Services Inc.’s 6th Largest Position

Monetta Financial Services Inc. lessened its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 33.3% during the second quarter, HoldingsChannel reports. The institutional investor owned 34,000 shares of the information services provider’s stock after selling 17,000 shares during the quarter. Alphabet accounts for about 4.4% of Monetta Financial Services Inc.’s holdings, making the stock its 6th biggest position. Monetta Financial Services Inc.’s holdings in Alphabet were worth $6,031,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. RDA Financial Network boosted its stake in shares of Alphabet by 5.3% during the second quarter. RDA Financial Network now owns 11,094 shares of the information services provider’s stock worth $1,968,000 after buying an additional 554 shares during the period. Bleakley Financial Group LLC grew its stake in shares of Alphabet by 1.4% in the 2nd quarter. Bleakley Financial Group LLC now owns 170,020 shares of the information services provider’s stock valued at $30,160,000 after purchasing an additional 2,304 shares during the last quarter. Oldfather Financial Services LLC acquired a new position in shares of Alphabet in the second quarter valued at approximately $213,000. Tower View Wealth Management LLC raised its stake in shares of Alphabet by 6.9% during the second quarter. Tower View Wealth Management LLC now owns 27,644 shares of the information services provider’s stock worth $4,904,000 after purchasing an additional 1,776 shares during the last quarter. Finally, Dock Street Asset Management Inc. lifted its holdings in shares of Alphabet by 0.8% during the second quarter. Dock Street Asset Management Inc. now owns 234,306 shares of the information services provider’s stock worth $41,563,000 after purchasing an additional 1,970 shares during the period. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Insider Activity at Alphabet

In related news, Director John L. Hennessy sold 600 shares of the business’s stock in a transaction dated Monday, October 13th. The stock was sold at an average price of $242.92, for a total value of $145,752.00. Following the transaction, the director owned 5,116 shares in the company, valued at approximately $1,242,778.72. The trade was a 10.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Frances Arnold sold 112 shares of the company’s stock in a transaction that occurred on Thursday, October 30th. The shares were sold at an average price of $291.80, for a total value of $32,681.60. Following the completion of the transaction, the director directly owned 18,004 shares in the company, valued at approximately $5,253,567.20. The trade was a 0.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 221,796 shares of company stock valued at $53,983,001. 12.99% of the stock is currently owned by insiders.

Alphabet Trading Down 2.9%

Shares of GOOG stock opened at $279.12 on Friday. The firm’s 50 day moving average price is $257.00 and its two-hundred day moving average price is $208.69. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $292.36. The stock has a market cap of $3.37 trillion, a price-to-earnings ratio of 27.53, a price-to-earnings-growth ratio of 1.86 and a beta of 1.05.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Thursday, October 30th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.58. The firm had revenue of $102.35 billion during the quarter, compared to the consensus estimate of $99.90 billion. Alphabet had a return on equity of 36.08% and a net margin of 32.23%.The firm’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.12 EPS. On average, analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 8th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Monday, December 8th. Alphabet’s dividend payout ratio (DPR) is presently 8.28%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on GOOG. Sanford C. Bernstein lifted their target price on shares of Alphabet from $260.00 to $305.00 and gave the company an “outperform” rating in a report on Thursday, October 30th. KeyCorp reaffirmed an “overweight” rating and set a $330.00 price target on shares of Alphabet in a research note on Thursday, October 30th. Piper Sandler upped their target price on Alphabet from $285.00 to $330.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. Bank of America upped their target price on shares of Alphabet from $280.00 to $335.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Finally, Barclays raised their price objective on Alphabet from $250.00 to $315.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Six investment analysts have rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating, four have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, Alphabet currently has an average rating of “Moderate Buy” and a consensus price target of $324.81.

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.