Element Pointe Advisors LLC Sells 360 Shares of Alphabet Inc. (NASDAQ:GOOG)

Element Pointe Advisors LLC lowered its position in Alphabet Inc. (NASDAQ:GOOG) by 4.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,560 shares of the information services provider’s stock after selling 360 shares during the period. Alphabet comprises 0.4% of Element Pointe Advisors LLC’s holdings, making the stock its 27th largest position. Element Pointe Advisors LLC’s holdings in Alphabet were worth $1,387,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Richardson Financial Services Inc. acquired a new stake in shares of Alphabet during the fourth quarter worth about $34,000. Abich Financial Wealth Management LLC increased its stake in Alphabet by 9,200.0% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock worth $34,000 after purchasing an additional 184 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new stake in Alphabet during the 2nd quarter worth approximately $37,000. Slocum Gordon & Co LLP acquired a new stake in Alphabet during the 2nd quarter worth approximately $44,000. Finally, Hoese & Co LLP raised its holdings in Alphabet by 62.5% during the 2nd quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock worth $45,000 after buying an additional 100 shares during the period. Institutional investors and hedge funds own 27.26% of the company’s stock.

Alphabet Price Performance

NASDAQ GOOG opened at $162.99 on Thursday. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04. Alphabet Inc. has a 12-month low of $121.46 and a 12-month high of $193.31. The company has a market capitalization of $2.01 trillion, a PE ratio of 25.00, a price-to-earnings-growth ratio of 1.21 and a beta of 1.04. The firm’s 50 day moving average is $165.32 and its 200-day moving average is $167.65.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. The company had revenue of $84.74 billion for 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 revenue was up 13.6% compared to the same quarter last year. During the same period last year, the company earned $1.44 earnings per share. Equities research analysts anticipate that Alphabet Inc. will post 7.63 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The company also recently announced 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 0.49%. Alphabet’s payout ratio is 12.27%.

Insider Buying and Selling

In related news, CAO Amie Thuener O’toole sold 2,835 shares of the business’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total transaction of $429,587.55. Following the transaction, the chief accounting officer now directly owns 29,182 shares in the company, valued at $4,421,948.46. The sale was disclosed in a filing with the SEC, which is available through this link. In other Alphabet news, SVP Prabhakar Raghavan sold 3,262 shares of Alphabet stock in a transaction on Monday, July 1st. The shares were sold at an average price of $183.99, for a total transaction of $600,175.38. Following the completion of the transaction, the senior vice president now directly owns 9 shares of the company’s stock, valued at $1,655.91. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 2,835 shares of Alphabet 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 transaction, the chief accounting officer now directly owns 29,182 shares of the company’s stock, valued at $4,421,948.46. The disclosure for this sale can be found here. Over the last three months, insiders have sold 203,367 shares of company stock worth $34,079,756. Insiders own 12.99% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on GOOG. TD Cowen raised their target price on shares of Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Cantor Fitzgerald upgraded shares of Alphabet to a “hold” rating in a report on Thursday, September 5th. Oppenheimer dropped their target price on shares of Alphabet from $210.00 to $185.00 and set an “outperform” rating on the stock in a report on Wednesday. DA Davidson upgraded shares of Alphabet to a “hold” rating in a report on Tuesday, September 10th. Finally, Rosenblatt Securities downgraded shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 target price on the stock. in a 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 company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $179.29.

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.