Spire Wealth Management Sells 15,879 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Spire Wealth Management trimmed its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 6.0% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 250,568 shares of the information services provider’s stock after selling 15,879 shares during the period. Alphabet accounts for approximately 1.6% of Spire Wealth Management’s portfolio, making the stock its 9th largest position. Spire Wealth Management’s holdings in Alphabet were worth $45,614,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Weatherly Asset Management L. P. raised its stake in shares of Alphabet by 0.7% during the 2nd quarter. Weatherly Asset Management L. P. now owns 104,417 shares of the information services provider’s stock worth $19,020,000 after buying an additional 723 shares in the last quarter. Cutter & CO Brokerage Inc. grew its holdings in shares of Alphabet by 1.0% in the 2nd quarter. Cutter & CO Brokerage Inc. now owns 8,747 shares of the information services provider’s stock worth $1,593,000 after acquiring an additional 83 shares during the period. Sage Mountain Advisors LLC increased its stake in Alphabet by 16.0% in the 2nd quarter. Sage Mountain Advisors LLC now owns 39,543 shares of the information services provider’s stock valued at $7,203,000 after purchasing an additional 5,448 shares in the last quarter. Anfield Capital Management LLC boosted its position in shares of Alphabet by 246.1% in the 2nd quarter. Anfield Capital Management LLC now owns 1,111 shares of the information services provider’s stock worth $202,000 after buying an additional 790 shares in the last quarter. Finally, Catalytic Wealth RIA LLC grew its stake in Alphabet by 1.0% in the 2nd quarter. Catalytic Wealth RIA LLC now owns 50,792 shares of the information services provider’s stock valued at $9,252,000 after acquiring an additional 493 shares during the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.

Insider Buying and Selling at Alphabet

In other news, CAO Amie Thuener O’toole sold 2,835 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total transaction of $429,587.55. Following the sale, the chief accounting officer now directly owns 29,182 shares in the company, valued at approximately $4,421,948.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 2,835 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total transaction of $429,587.55. Following the completion of the transaction, the chief accounting officer now owns 29,182 shares in the company, valued at approximately $4,421,948.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $177.40, for a total transaction of $3,991,500.00. Following the sale, the chief executive officer now owns 2,213,011 shares in the company, valued at $392,588,151.40. The disclosure for this sale can be found here. Insiders sold a total of 179,367 shares of company stock worth $30,016,931 over the last 90 days. Insiders own 11.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on GOOGL shares. Piper Sandler dropped their price objective on shares of Alphabet from $206.00 to $200.00 and set an “overweight” rating for the company in a research note on Tuesday. Wedbush reiterated an “outperform” rating and set a $205.00 price target on shares of Alphabet in a report on Thursday, September 5th. Mizuho upped their price objective on shares of Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. DA Davidson assumed coverage on Alphabet in a research note on Tuesday. They issued a “neutral” rating and a $170.00 target price for the company. Finally, JMP Securities reissued a “market outperform” rating and issued a $200.00 price target on shares of Alphabet in a research note on Tuesday, July 30th. Eight research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $201.76.

Alphabet Stock Performance

Alphabet stock opened at $154.69 on Friday. Alphabet Inc. has a 12-month low of $120.21 and a 12-month high of $191.75. The company has a market capitalization of $1.91 trillion, a price-to-earnings ratio of 23.73, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08. The firm’s fifty day moving average price is $168.12 and its 200 day moving average price is $164.36.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS 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 firm had revenue of $84.74 billion during the quarter, compared to the consensus estimate of $70.60 billion. During the same quarter in the prior year, the business posted $1.44 earnings per share. On average, research analysts forecast 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 will be paid on Monday, September 16th. Shareholders of record on Monday, September 9th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.52%. The ex-dividend date is Monday, September 9th. Alphabet’s payout ratio is currently 12.27%.

Alphabet Company 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.