Alphabet Inc. (NASDAQ:GOOG) Shares Sold by Steel Grove Capital Advisors LLC

Steel Grove Capital Advisors LLC trimmed its position in Alphabet Inc. (NASDAQ:GOOG) by 21.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,499 shares of the information services provider’s stock after selling 4,470 shares during the quarter. Alphabet comprises 0.4% of Steel Grove Capital Advisors LLC’s investment portfolio, making the stock its 23rd biggest position. Steel Grove Capital Advisors LLC’s holdings in Alphabet were worth $3,026,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in GOOG. Park Avenue Securities LLC increased 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 worth $16,730,000 after acquiring an additional 11,646 shares during the last quarter. Colonial River Wealth Management LLC grew 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 purchasing an additional 107 shares during the period. Oak Ridge Investments LLC increased 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 worth $28,508,000 after purchasing an additional 8,201 shares during the last quarter. Rosenberg Matthew Hamilton raised its holdings in Alphabet by 4.6% in the 2nd quarter. Rosenberg Matthew Hamilton now owns 11,366 shares of the information services provider’s stock valued at $2,097,000 after buying an additional 498 shares during the period. Finally, Alliance Wealth Management Group raised its holdings in Alphabet by 93.6% in the 1st quarter. Alliance Wealth Management Group now owns 3,910 shares of the information services provider’s stock valued at $595,000 after buying an additional 1,890 shares during the period. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on GOOG shares. TD Cowen increased their target price on shares of Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. DA Davidson upgraded shares of Alphabet to a “hold” rating in a report on Tuesday, September 10th. Wolfe Research raised Alphabet to a “strong-buy” rating in a research report on Tuesday, July 16th. Rosenblatt Securities lowered Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price target for the company. in a research report on Friday, June 28th. Finally, Cantor Fitzgerald raised Alphabet to a “hold” rating in a research note on Thursday, September 5th. Three analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $182.86.

Alphabet Stock Up 0.9 %

Alphabet stock opened at $164.64 on Monday. The firm has a market capitalization of $2.03 trillion, a P/E ratio of 25.25, a P/E/G ratio of 1.13 and a beta of 1.04. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. Alphabet Inc. has a twelve month low of $121.46 and a twelve month high of $193.31. The stock’s fifty day simple moving average is $166.26 and its 200-day simple moving average is $167.26.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. The company had revenue of $84.74 billion during the quarter, compared to the consensus estimate of $84.22 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The firm’s quarterly revenue was up 13.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.44 earnings per share. As a group, equities analysts expect that Alphabet Inc. will post 7.63 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, September 9th were given a dividend of $0.20 per share. 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 dividend payout ratio (DPR) is presently 12.27%.

Insider Buying and Selling

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $160.63, for a total transaction of $3,614,175.00. Following the sale, the chief executive officer now owns 2,114,885 shares of the company’s stock, valued at $339,713,977.55. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $160.63, for a total value of $3,614,175.00. Following the transaction, the chief executive officer now directly owns 2,114,885 shares of the company’s stock, valued at approximately $339,713,977.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $183.47, for a total transaction of $125,126.54. Following the sale, the chief accounting officer now owns 30,650 shares in the company, valued at $5,623,355.50. The disclosure for this sale can be found here. Insiders sold a total of 202,667 shares of company stock worth $33,964,256 over the last 90 days. 12.99% of the stock is owned by insiders.

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.