Park Edge Advisors LLC lifted its holdings in Alphabet Inc. (NASDAQ:GOOG – Free Report) by 2.2% during the second quarter, Holdings Channel reports. The institutional investor owned 6,275 shares of the information services provider’s stock after purchasing an additional 134 shares during the quarter. Park Edge Advisors LLC’s holdings in Alphabet were worth $1,151,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Partnership Wealth Management LLC acquired a new position in Alphabet during the fourth quarter worth $26,000. DiNuzzo Private Wealth Inc. acquired a new position in Alphabet during the fourth quarter worth $32,000. Pacific Capital Wealth Advisors Inc. acquired a new position in Alphabet during the fourth quarter worth $34,000. Richardson Financial Services Inc. acquired a new position in Alphabet during the fourth quarter worth $34,000. Finally, 1620 Investment Advisors Inc. acquired a new position in Alphabet during the second quarter worth $37,000. 27.26% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at Alphabet
In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $186.74, for a total transaction of $4,201,650.00. Following the completion of the sale, 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 document filed with the SEC, which is available through this hyperlink. In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $186.74, for a total transaction of $4,201,650.00. Following the completion of the sale, 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 document filed with the SEC, which is available through this hyperlink. Also, SVP Prabhakar Raghavan sold 34,257 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $162.60, for a total value of $5,570,188.20. Following the sale, the senior vice president now directly owns 312,210 shares of the company’s stock, valued at approximately $50,765,346. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 179,065 shares of company stock worth $31,025,543. 12.99% of the stock is currently owned by insiders.
Alphabet Trading Down 0.9 %
Alphabet (NASDAQ:GOOG – Get Free Report) last released its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, beating the consensus estimate of $1.85 by $0.04. The firm had revenue of $84.74 billion during 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 business’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.44 earnings per share. As a group, equities research analysts predict that Alphabet Inc. will post 7.62 EPS for the current year.
Alphabet Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be paid a $0.20 dividend. The ex-dividend date is Monday, September 9th. This represents a $0.80 annualized dividend and a yield of 0.48%. Alphabet’s payout ratio is currently 12.27%.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on the company. TD Cowen lifted their price objective on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Oppenheimer lifted their price objective on Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Rosenblatt Securities cut Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price target for the company. in a report on Friday, June 28th. Finally, Wolfe Research raised Alphabet to a “strong-buy” rating in a report on Tuesday, July 16th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Alphabet currently has an average rating of “Buy” and a consensus price target of $182.86.
Check Out Our Latest Stock Report on GOOG
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.
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