Alphabet Inc. (NASDAQ:GOOG) Shares Sold by Groesbeck Investment Management Corp NJ

Groesbeck Investment Management Corp NJ lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 23.3% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 4,940 shares of the information services provider’s stock after selling 1,500 shares during the period. Alphabet makes up approximately 1.3% of Groesbeck Investment Management Corp NJ’s investment portfolio, making the stock its 25th largest position. Groesbeck Investment Management Corp NJ’s holdings in Alphabet were worth $906,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of GOOG. Twelve Points Wealth Management LLC lifted its holdings in shares of Alphabet by 0.7% during the second quarter. Twelve Points Wealth Management LLC now owns 7,985 shares of the information services provider’s stock worth $1,465,000 after buying an additional 55 shares in the last quarter. PCG Wealth Advisors LLC boosted its holdings in Alphabet by 3.1% in the 2nd quarter. PCG Wealth Advisors LLC now owns 1,880 shares of the information services provider’s stock valued at $345,000 after purchasing an additional 57 shares during the period. Investment Advisory Services Inc. TX ADV grew its position in shares of Alphabet by 1.6% during the 2nd quarter. Investment Advisory Services Inc. TX ADV now owns 3,636 shares of the information services provider’s stock worth $667,000 after purchasing an additional 57 shares in the last quarter. Mark Sheptoff Financial Planning LLC raised its position in shares of Alphabet by 11.1% in the first quarter. Mark Sheptoff Financial Planning LLC now owns 600 shares of the information services provider’s stock valued at $91,000 after buying an additional 60 shares in the last quarter. Finally, Shira Ridge Wealth Management boosted its stake in shares of Alphabet by 0.4% in the second quarter. Shira Ridge Wealth Management now owns 15,490 shares of the information services provider’s stock valued at $2,841,000 after buying an additional 60 shares during the period. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on GOOG. Oppenheimer boosted their target price on shares of Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Rosenblatt Securities downgraded Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective for the company. in a report on Friday, June 28th. TD Cowen lifted their target price on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Finally, Wolfe Research upgraded Alphabet to a “strong-buy” rating in a research report on Tuesday, July 16th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $182.86.

Insider Activity

In related news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $173.86, for a total transaction of $118,572.52. Following the transaction, the chief accounting officer now directly owns 29,966 shares of the company’s stock, valued at approximately $5,209,888.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $173.86, for a total transaction of $118,572.52. Following the transaction, the chief accounting officer now owns 29,966 shares in the company, valued at $5,209,888.76. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $176.58, for a total transaction of $3,973,050.00. Following the transaction, the chief executive officer now owns 2,235,511 shares of the company’s stock, valued at $394,746,532.38. The disclosure for this sale can be found here. Insiders sold a total of 179,065 shares of company stock worth $31,025,543 in the last three months. Company insiders own 12.99% of the company’s stock.

Alphabet Trading Down 0.7 %

Shares of NASDAQ:GOOG traded down $1.16 during midday trading on Tuesday, reaching $166.77. The company’s stock had a trading volume of 8,323,702 shares, compared to its average volume of 20,187,016. The firm has a market capitalization of $2.06 trillion, a price-to-earnings ratio of 25.76, a PEG ratio of 1.28 and a beta of 1.05. The firm has a 50 day moving average price of $176.13 and a two-hundred day moving average price of $164.91. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. Alphabet Inc. has a fifty-two week low of $121.46 and a fifty-two week high of $193.31.

Alphabet (NASDAQ:GOOG) last released its earnings results 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%. Alphabet’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.44 EPS. As a group, analysts forecast that Alphabet Inc. will post 7.62 earnings per share for the current year.

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 9th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.48%. Alphabet’s dividend payout ratio (DPR) is presently 12.27%.

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.