Sterneck Capital Management LLC Sells 70 Shares of Alphabet Inc. $GOOGL

Sterneck Capital Management LLC cut its stake in Alphabet Inc. (NASDAQ:GOOGL) by 0.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,873 shares of the information services provider’s stock after selling 70 shares during the period. Alphabet accounts for 1.5% of Sterneck Capital Management LLC’s investment portfolio, making the stock its 21st largest holding. Sterneck Capital Management LLC’s holdings in Alphabet were worth $2,974,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Guardian Wealth Management Inc. boosted its holdings in Alphabet by 242.9% in the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider’s stock valued at $26,000 after acquiring an additional 119 shares during the last quarter. IMA Advisory Services Inc. bought a new stake in Alphabet in the first quarter valued at approximately $28,000. von Borstel & Associates Inc. bought a new stake in Alphabet in the first quarter valued at approximately $28,000. NBZ Investment Advisors LLC boosted its holdings in Alphabet by 85.7% in the first quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock valued at $30,000 after acquiring an additional 90 shares during the last quarter. Finally, Financial Gravity Asset Management Inc. bought a new stake in Alphabet in the first quarter valued at approximately $39,000. 40.03% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Frances Arnold sold 103 shares of the stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $243.13, for a total value of $25,042.39. Following the completion of the sale, the director directly owned 17,284 shares of the company’s stock, valued at approximately $4,202,258.92. This represents a 0.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John L. Hennessy sold 600 shares of the stock in a transaction on Monday, September 15th. The shares were sold at an average price of $249.44, for a total value of $149,664.00. Following the completion of the sale, the director directly owned 5,716 shares of the company’s stock, valued at $1,425,799.04. The trade was a 9.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 276,738 shares of company stock worth $59,135,475 in the last three months. 11.64% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Citigroup raised their price objective on shares of Alphabet from $225.00 to $280.00 and gave the stock a “buy” rating in a research report on Monday, September 15th. JMP Securities raised their price objective on shares of Alphabet from $250.00 to $290.00 and gave the stock a “market outperform” rating in a research report on Friday, September 19th. Roth Capital raised their price objective on shares of Alphabet from $205.00 to $210.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Robert W. Baird raised their price objective on shares of Alphabet from $215.00 to $275.00 and gave the stock an “outperform” rating in a research report on Monday, September 22nd. Finally, Rosenblatt Securities raised their price objective on shares of Alphabet from $191.00 to $224.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 3rd. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $240.76.

Alphabet Trading Up 0.3%

NASDAQ GOOGL opened at $245.69 on Friday. The firm has a market capitalization of $2.97 trillion, a P/E ratio of 26.17, a PEG ratio of 1.65 and a beta of 1.00. The business has a fifty day simple moving average of $220.21 and a 200 day simple moving average of $185.22. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $256.00. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.16. The business had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. On average, analysts predict that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Monday, September 8th. Alphabet’s dividend payout ratio is presently 8.95%.

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.