Cim Investment Management Inc. Lowers Holdings in Alphabet Inc. (NASDAQ:GOOG)

Cim Investment Management Inc. reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 1.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,679 shares of the information services provider’s stock after selling 195 shares during the quarter. Alphabet comprises approximately 1.1% of Cim Investment Management Inc.’s holdings, making the stock its 14th largest position. Cim Investment Management Inc.’s holdings in Alphabet were worth $3,426,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Park Avenue Securities LLC boosted its stake in Alphabet by 11.9% during the first quarter. Park Avenue Securities LLC now owns 109,878 shares of the information services provider’s stock valued at $16,730,000 after buying an additional 11,646 shares during the last quarter. Colonial River Wealth Management LLC raised its holdings in shares of Alphabet by 5.3% during the 2nd quarter. Colonial River Wealth Management LLC now owns 2,126 shares of the information services provider’s stock worth $390,000 after acquiring an additional 107 shares in the last quarter. Oak Ridge Investments LLC boosted its position in shares of Alphabet by 4.6% during the 1st quarter. Oak Ridge Investments LLC now owns 187,229 shares of the information services provider’s stock valued at $28,508,000 after acquiring an additional 8,201 shares during the last quarter. Rosenberg Matthew Hamilton grew its holdings in shares of Alphabet by 4.6% in the second quarter. Rosenberg Matthew Hamilton now owns 11,366 shares of the information services provider’s stock valued at $2,097,000 after purchasing an additional 498 shares in the last quarter. Finally, Alliance Wealth Management Group increased its position in Alphabet by 93.6% in the first quarter. Alliance Wealth Management Group now owns 3,910 shares of the information services provider’s stock worth $595,000 after purchasing an additional 1,890 shares during the last quarter. Institutional investors own 27.26% of the company’s stock.

Alphabet Trading Up 0.9 %

Shares of NASDAQ GOOG opened at $165.29 on Friday. Alphabet Inc. has a fifty-two week low of $121.46 and a fifty-two week high of $193.31. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. The company has a market cap of $2.04 trillion, a price-to-earnings ratio of 25.35, a PEG ratio of 1.21 and a beta of 1.04. The business’s 50 day moving average price is $164.34 and its 200-day moving average price is $167.77.

Alphabet (NASDAQ:GOOG) last released its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. The business had revenue of $84.74 billion for the quarter, compared to analyst estimates of $84.22 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The business’s revenue was up 13.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.44 earnings per share. On average, sell-side analysts expect that Alphabet Inc. will post 7.63 earnings per share for the current year.

Alphabet Dividend Announcement

The business 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. The ex-dividend date of this dividend was Monday, September 9th. This represents a $0.80 dividend on an annualized basis and a yield of 0.48%. Alphabet’s payout ratio is 12.27%.

Wall Street Analysts Forecast Growth

Several research firms have commented on GOOG. DA Davidson upgraded shares of Alphabet to a “hold” rating in a research report on Tuesday, September 10th. TD Cowen lifted their price target on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Oppenheimer decreased their price objective on Alphabet from $210.00 to $185.00 and set an “outperform” rating on the stock in a research report on Wednesday. Cantor Fitzgerald upgraded Alphabet to a “hold” rating in a report on Thursday, September 5th. Finally, Rosenblatt Securities downgraded Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 target price on the stock. in a research report on Friday, June 28th. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $179.29.

Insider Buying and Selling at Alphabet

In related news, SVP Prabhakar Raghavan sold 34,257 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $162.60, for a total value of $5,570,188.20. Following the transaction, the senior vice president now owns 312,210 shares of the company’s stock, valued at $50,765,346. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $183.47, for a total value of $125,126.54. Following the completion of the sale, the chief accounting officer now owns 30,650 shares in the company, valued at approximately $5,623,355.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Prabhakar Raghavan sold 34,257 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the transaction, the senior vice president now owns 312,210 shares in the company, valued at $50,765,346. The disclosure for this sale can be found here. Insiders sold a total of 203,367 shares of company stock valued at $34,079,756 in the last three months. Company insiders own 12.99% of the company’s stock.

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.