Coastline Trust Co Reduces Stake in Alphabet Inc. (NASDAQ:GOOG)

Coastline Trust Co lowered its holdings in Alphabet Inc. (NASDAQ:GOOG) by 73.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 2,555 shares of the information services provider’s stock after selling 7,020 shares during the quarter. Coastline Trust Co’s holdings in Alphabet were worth $469,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Twelve Points Wealth Management LLC boosted its stake in shares of Alphabet by 0.7% in the 2nd quarter. Twelve Points Wealth Management LLC now owns 7,985 shares of the information services provider’s stock valued at $1,465,000 after buying an additional 55 shares during the period. Mark Sheptoff Financial Planning LLC boosted its stake in shares of Alphabet by 11.1% in the 1st 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 during the period. Shira Ridge Wealth Management boosted its stake in shares of Alphabet by 0.4% in the 2nd 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. Strait & Sound Wealth Management LLC boosted its stake in shares of Alphabet by 2.2% in the 1st quarter. Strait & Sound Wealth Management LLC now owns 2,898 shares of the information services provider’s stock valued at $466,000 after buying an additional 61 shares during the period. Finally, Woodward Diversified Capital LLC boosted its stake in shares of Alphabet by 0.7% in the 1st quarter. Woodward Diversified Capital LLC now owns 8,609 shares of the information services provider’s stock valued at $1,311,000 after buying an additional 62 shares during the period. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Alphabet Stock Performance

GOOG traded down $0.04 during trading on Monday, hitting $165.35. 4,520,592 shares of the stock were exchanged, compared to its average volume of 20,504,885. The firm has a market capitalization of $2.04 trillion, a P/E ratio of 25.37, a PEG ratio of 1.28 and a beta of 1.05. Alphabet Inc. has a 1-year low of $121.46 and a 1-year high of $193.31. The stock has a fifty day moving average price of $178.60 and a two-hundred day moving average price of $163.51. 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) 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 business had revenue of $84.74 billion for the quarter, compared to analyst estimates of $84.22 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The company’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.44 earnings per share. As a group, sell-side analysts predict that Alphabet Inc. will post 7.62 earnings per share for the current year.

Alphabet Announces Dividend

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

Insider Activity

In other news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $186.74, for a total value of $4,201,650.00. Following the transaction, the chief executive officer now owns 2,227,385 shares of the company’s stock, valued at $415,941,874.90. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, SVP Prabhakar Raghavan sold 3,262 shares of Alphabet stock in a transaction that occurred 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $186.74, for a total value of $4,201,650.00. Following the completion of the sale, the chief executive officer now owns 2,227,385 shares in the company, valued at $415,941,874.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 143,308 shares of company stock valued at $25,334,530. Company insiders own 12.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on GOOG. Rosenblatt Securities cut Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective for the company. in a research note on Friday, June 28th. Wolfe Research upgraded Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. Stifel Nicolaus boosted their target price on Alphabet from $154.00 to $174.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Oppenheimer boosted their target price on Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Finally, TD Cowen boosted their target price on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $182.86.

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.