Focus Financial Network Inc. Sells 979 Shares of Alphabet Inc. (NASDAQ:GOOG)

Focus Financial Network Inc. decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 4.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,017 shares of the information services provider’s stock after selling 979 shares during the period. Focus Financial Network Inc.’s holdings in Alphabet were worth $4,203,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Partnership Wealth Management LLC bought a new stake in Alphabet in the 4th quarter worth about $26,000. DiNuzzo Private Wealth Inc. bought a new position in shares of Alphabet in the fourth quarter valued at approximately $32,000. Pacific Capital Wealth Advisors Inc. purchased a new stake in shares of Alphabet during the fourth quarter valued at approximately $34,000. Richardson Financial Services Inc. bought a new stake in Alphabet during the fourth quarter worth $34,000. Finally, Hoese & Co LLP boosted its position in Alphabet by 62.5% in the second quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock worth $45,000 after purchasing an additional 100 shares during the last quarter. Institutional investors and hedge funds own 27.26% of the company’s stock.

Insider Buying and Selling

In other Alphabet news, Director John L. Hennessy sold 700 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $165.00, for a total transaction of $115,500.00. Following the completion of the sale, the director now directly owns 29,324 shares of the company’s stock, valued at approximately $4,838,460. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $173.86, for a total value of $118,572.52. Following the sale, the chief accounting officer now directly owns 29,966 shares in the company, valued at $5,209,888.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John L. Hennessy sold 700 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $165.00, for a total value of $115,500.00. Following the transaction, the director now owns 29,324 shares of the company’s stock, valued at approximately $4,838,460. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 156,565 shares of company stock worth $27,253,193. 12.99% of the stock is owned by corporate insiders.

Alphabet Stock Performance

Shares of NASDAQ:GOOG traded down $2.06 during trading on Wednesday, hitting $166.90. The company’s stock had a trading volume of 5,172,515 shares, compared to its average volume of 20,292,182. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08. The firm has a market cap of $2.06 trillion, a price-to-earnings ratio of 25.77, a P/E/G ratio of 1.28 and a beta of 1.05. The company has a 50-day moving average of $177.02 and a 200-day moving average of $164.32. Alphabet Inc. has a 12 month low of $121.46 and a 12 month high of $193.31.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The business had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $84.22 billion. During the same quarter in the prior year, the business posted $1.44 earnings per share. The business’s quarterly revenue was up 13.6% on a year-over-year basis. On average, sell-side analysts expect that Alphabet Inc. will post 7.62 earnings per share for the current year.

Alphabet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 9th will be paid 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 is Monday, September 9th. Alphabet’s dividend payout ratio (DPR) is 12.27%.

Analysts Set New Price Targets

Several equities research analysts have commented on GOOG shares. Rosenblatt Securities downgraded shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective on the stock. in a report on Friday, June 28th. Wolfe Research raised shares of Alphabet to a “strong-buy” rating in a report on Tuesday, July 16th. Oppenheimer increased their target price on Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Finally, TD Cowen lifted their price target on Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. One analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $182.86.

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.