Seven Mile Advisory Cuts Position in Alphabet Inc. (NASDAQ:GOOGL)

Seven Mile Advisory lowered its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 14.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,414 shares of the information services provider’s stock after selling 1,762 shares during the quarter. Alphabet makes up 1.4% of Seven Mile Advisory’s holdings, making the stock its 14th largest position. Seven Mile Advisory’s holdings in Alphabet were worth $1,897,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Christopher J. Hasenberg Inc increased its stake in shares of Alphabet by 75.0% during the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after purchasing an additional 60 shares in the last quarter. Kings Path Partners LLC purchased a new stake in Alphabet during the 2nd quarter worth approximately $36,000. Tributary Capital Management LLC acquired a new position in shares of Alphabet during the first quarter valued at approximately $30,000. Vermillion & White Wealth Management Group LLC purchased a new position in shares of Alphabet in the fourth quarter valued at approximately $30,000. Finally, Denver PWM LLC acquired a new stake in shares of Alphabet in the second quarter worth approximately $41,000. 40.03% of the stock is owned by institutional investors and hedge funds.

Alphabet Stock Performance

NASDAQ GOOGL opened at $163.95 on Friday. 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 company has a market cap of $2.03 trillion, a P/E ratio of 25.15, a P/E/G ratio of 1.21 and a beta of 1.04. The stock has a 50-day moving average of $162.83 and a two-hundred day moving average of $166.49. Alphabet Inc. has a 1-year low of $120.21 and a 1-year high of $191.75.

Alphabet (NASDAQ:GOOGL) last announced 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. The firm had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $70.60 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. During the same quarter in the previous year, the business posted $1.44 earnings per share. As a group, analysts anticipate that Alphabet Inc. will post 7.63 EPS for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, September 9th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.49%. The ex-dividend date of this dividend was Monday, September 9th. Alphabet’s payout ratio is currently 12.27%.

Analyst Upgrades and Downgrades

GOOGL has been the subject of several recent research reports. Morgan Stanley reduced their price objective on Alphabet from $205.00 to $190.00 and set an “overweight” rating for the company in a research note on Tuesday, September 3rd. Wolfe Research started coverage on shares of Alphabet in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $240.00 price target on the stock. Wedbush reaffirmed an “outperform” rating and set a $205.00 price objective on shares of Alphabet in a research note on Thursday, September 5th. Mizuho raised their target price on shares of Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Finally, Piper Sandler dropped their price target on Alphabet from $206.00 to $200.00 and set an “overweight” rating for the company in a research report on Tuesday, September 10th. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $201.35.

Insider Activity at Alphabet

In other Alphabet news, Director John L. Hennessy sold 1,500 shares of the company’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $185.85, for a total transaction of $278,775.00. Following the sale, the director now owns 30,824 shares in the company, valued at approximately $5,728,640.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director John L. Hennessy sold 700 shares of Alphabet stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $165.00, for a total value of $115,500.00. Following the completion of the transaction, the director now owns 27,824 shares in the company, valued at $4,590,960. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John L. Hennessy sold 1,500 shares of the stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $185.85, for a total transaction of $278,775.00. Following the completion of the sale, the director now directly owns 30,824 shares in the company, valued at $5,728,640.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 180,867 shares of company stock worth $29,878,106. Company insiders own 11.55% of the company’s stock.

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.