Destiny Wealth Partners LLC Trims Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Destiny Wealth Partners LLC reduced its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 10.0% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 42,904 shares of the information services provider’s stock after selling 4,776 shares during the quarter. Alphabet comprises about 1.4% of Destiny Wealth Partners LLC’s portfolio, making the stock its 26th biggest position. Destiny Wealth Partners LLC’s holdings in Alphabet were worth $7,815,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of GOOGL. Norges Bank purchased a new position in Alphabet during the 4th quarter worth $15,441,917,000. Capital Research Global Investors increased its holdings in Alphabet by 14.4% during the 1st quarter. Capital Research Global Investors now owns 57,803,291 shares of the information services provider’s stock worth $8,724,251,000 after purchasing an additional 7,275,757 shares during the period. Vanguard Group Inc. increased its holdings in Alphabet by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 493,810,251 shares of the information services provider’s stock worth $68,980,354,000 after purchasing an additional 6,374,756 shares during the period. Public Employees Retirement Association of Colorado increased its holdings in Alphabet by 39,754.9% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 6,025,667 shares of the information services provider’s stock worth $841,725,000 after purchasing an additional 6,010,548 shares during the period. Finally, PineStone Asset Management Inc. increased its holdings in Alphabet by 143.7% during the 2nd quarter. PineStone Asset Management Inc. now owns 7,072,197 shares of the information services provider’s stock worth $1,288,201,000 after purchasing an additional 4,170,229 shares during the period. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $176.58, for a total value of $3,973,050.00. Following the completion of the transaction, the chief executive officer now owns 2,235,511 shares in the company, valued at approximately $394,746,532.38. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $176.58, for a total transaction of $3,973,050.00. Following the completion of the sale, the chief executive officer now directly owns 2,235,511 shares in the company, valued at approximately $394,746,532.38. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $183.47, for a total value of $125,126.54. Following the sale, 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 sold a total of 155,883 shares of company stock worth $26,705,320 in the last 90 days. Corporate insiders own 11.55% of the company’s stock.

Alphabet Stock Performance

NASDAQ GOOGL opened at $163.38 on Tuesday. The stock has a 50-day simple moving average of $173.13 and a two-hundred day simple moving average of $164.05. The firm has a market capitalization of $2.01 trillion, a P/E ratio of 25.06, a PEG ratio of 1.22 and a beta of 1.05. Alphabet Inc. has a fifty-two week low of $120.21 and a fifty-two week high of $191.75. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The business had revenue of $84.74 billion during the quarter, compared to analyst estimates of $70.60 billion. During the same quarter last year, the business posted $1.44 EPS. On average, equities analysts forecast that Alphabet Inc. will post 7.63 earnings per share for the current year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be paid a $0.20 dividend. The ex-dividend date is Monday, September 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.49%. Alphabet’s dividend payout ratio is presently 12.27%.

Wall Street Analyst Weigh In

GOOGL has been the topic of a number of analyst reports. Evercore ISI lifted their price target on Alphabet from $220.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday, June 11th. TD Securities lifted their price target on Alphabet from $200.00 to $220.00 in a report on Wednesday, July 10th. Morgan Stanley lifted their price target on Alphabet from $195.00 to $210.00 and gave the company an “overweight” rating in a report on Tuesday, July 23rd. Royal Bank of Canada lifted their price target on Alphabet from $200.00 to $204.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Finally, JPMorgan Chase & Co. lifted their price target on Alphabet from $200.00 to $208.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Six investment analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $203.74.

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.