Financial Gravity Asset Management Inc. Sells 1,331 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Financial Gravity Asset Management Inc. cut its stake in Alphabet Inc. (NASDAQ:GOOGL) by 90.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 140 shares of the information services provider’s stock after selling 1,331 shares during the period. Financial Gravity Asset Management Inc.’s holdings in Alphabet were worth $26,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new stake in Alphabet during the fourth quarter valued at $15,441,917,000. Capital Research Global Investors boosted its position in shares of 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 valued at $8,724,251,000 after purchasing an additional 7,275,757 shares in the last quarter. Vanguard Group Inc. grew its stake in Alphabet by 1.3% during the fourth 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% in the fourth 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 in the last quarter. Finally, PineStone Asset Management Inc. lifted its stake in Alphabet by 143.7% in the second quarter. PineStone Asset Management Inc. now owns 7,072,197 shares of the information services provider’s stock valued at $1,288,201,000 after buying an additional 4,170,229 shares during the period. Institutional investors and hedge funds own 40.03% of the company’s stock.

Analyst Ratings Changes

GOOGL has been the subject of several research analyst reports. Truist Financial reiterated a “buy” rating and issued a $196.00 price objective on shares of Alphabet in a research note on Monday, September 16th. DA Davidson initiated coverage on shares of Alphabet in a research note on Tuesday, September 10th. They issued a “neutral” rating and a $170.00 price target for the company. JMP Securities reissued a “market outperform” rating and set a $200.00 price objective on shares of Alphabet in a research report on Monday, September 16th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $222.00 target price on shares of Alphabet in a research report on Monday, September 16th. Finally, TD Securities increased their price target on Alphabet from $200.00 to $220.00 in a report on Wednesday, July 10th. Eight analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $201.08.

Alphabet Stock Up 0.9 %

GOOGL opened at $163.59 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’s 50-day moving average is $164.72 and its 200 day moving average is $165.55. Alphabet Inc. has a fifty-two week low of $120.21 and a fifty-two week high of $191.75. The firm has a market capitalization of $2.02 trillion, a P/E ratio of 25.09, a PEG ratio of 1.13 and a beta of 1.04.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results 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 net margin of 26.70% and a return on equity of 30.49%. The company had revenue of $84.74 billion for the quarter, compared to analyst estimates of $70.60 billion. During the same period last year, the firm earned $1.44 earnings per share. Research analysts expect that Alphabet Inc. will post 7.64 earnings per share for the current fiscal year.

Alphabet Announces Dividend

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

Insiders Place Their Bets

In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of Alphabet 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 sale, the chief accounting officer now owns 30,650 shares of the company’s stock, valued at $5,623,355.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of Alphabet 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 sale, the chief accounting officer now owns 30,650 shares of the company’s stock, valued at $5,623,355.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 800 shares of Alphabet stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $153.75, for a total transaction of $123,000.00. Following the completion of the sale, the director now directly owns 28,524 shares in the company, valued at approximately $4,385,565. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 180,167 shares of company stock valued at $29,762,606. Company insiders own 11.55% of the company’s stock.

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.