Dakota Wealth Management reduced its position in Alphabet Inc. (NASDAQ:GOOG – Free Report) by 1.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 184,172 shares of the information services provider’s stock after selling 1,824 shares during the quarter. Alphabet comprises about 0.8% of Dakota Wealth Management’s holdings, making the stock its 20th biggest holding. Dakota Wealth Management’s holdings in Alphabet were worth $33,781,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Colonial River Wealth Management LLC boosted its holdings in shares of Alphabet by 5.3% in 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 in the last quarter. First Citizens Bank & Trust Co. boosted its holdings in shares of Alphabet by 1.6% during the 2nd quarter. First Citizens Bank & Trust Co. now owns 151,624 shares of the information services provider’s stock valued at $27,811,000 after buying an additional 2,374 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in Alphabet by 3.6% in the second quarter. China Universal Asset Management Co. Ltd. now owns 20,980 shares of the information services provider’s stock worth $3,848,000 after purchasing an additional 731 shares during the period. Kavar Capital Partners Group LLC increased its position in Alphabet by 4.2% during the 2nd quarter. Kavar Capital Partners Group LLC now owns 6,196 shares of the information services provider’s stock valued at $1,136,000 after buying an additional 250 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. lifted its stake in shares of Alphabet by 4.7% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 1,863,565 shares of the information services provider’s stock worth $341,815,000 after buying an additional 83,482 shares in the last quarter. Institutional investors own 27.26% of the company’s stock.
Insiders Place Their Bets
In other news, SVP Prabhakar Raghavan sold 3,262 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $183.99, for a total value of $600,175.38. Following the sale, the senior vice president now directly owns 9 shares in the company, valued at $1,655.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $173.86, for a total value of $118,572.52. Following the transaction, the chief accounting officer now directly owns 29,966 shares in the company, valued at approximately $5,209,888.76. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Prabhakar Raghavan sold 3,262 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $183.99, for a total transaction of $600,175.38. Following the transaction, the senior vice president now directly owns 9 shares of the company’s stock, valued at $1,655.91. The disclosure for this sale can be found here. Over the last quarter, insiders sold 156,565 shares of company stock worth $27,253,193. 12.99% of the stock is owned by corporate insiders.
Analyst Ratings Changes
A number of equities research analysts have weighed in on the stock. Wolfe Research upgraded shares of Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. Oppenheimer lifted their target price on Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. 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, Rosenblatt Securities lowered shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective for the company. in a research report on Friday, June 28th. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $182.86.
Check Out Our Latest Report on GOOG
Alphabet Stock Performance
Shares of GOOG stock traded down $1.56 on Wednesday, hitting $167.40. The company had a trading volume of 1,173,380 shares, compared to its average volume of 20,267,342. The company has a 50-day moving average price of $177.02 and a 200-day moving average price of $164.32. The firm has a market cap of $2.07 trillion, a P/E ratio of 25.91, a price-to-earnings-growth ratio of 1.28 and a beta of 1.05. Alphabet Inc. has a twelve month low of $121.46 and a twelve month high of $193.31. 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 (NASDAQ:GOOG – Get Free Report) last posted its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.04. The company had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $84.22 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The firm’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.44 earnings per share. As a group, equities research analysts predict that Alphabet Inc. will post 7.62 earnings per share for the current fiscal year.
Alphabet Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders 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 yield of 0.48%. Alphabet’s payout ratio is currently 12.27%.
Alphabet 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.
Further Reading
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