Genesis Private Wealth LLC Trims Position in Alphabet Inc. $GOOGL

Genesis Private Wealth LLC trimmed its position in Alphabet Inc. (NASDAQ:GOOGL) by 7.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,699 shares of the information services provider’s stock after selling 362 shares during the period. Genesis Private Wealth LLC’s holdings in Alphabet were worth $828,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of GOOGL. Guardian Wealth Management Inc. lifted 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 period. IMA Advisory Services Inc. purchased a new stake in Alphabet in the first quarter worth about $28,000. von Borstel & Associates Inc. purchased a new stake in Alphabet in the first quarter worth about $28,000. NBZ Investment Advisors LLC increased its position in Alphabet by 85.7% in the first quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock worth $30,000 after buying an additional 90 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. purchased a new stake in Alphabet in the first quarter worth about $39,000. 40.03% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Alphabet

In other news, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the transaction, the director owned 243,400 shares in the company, valued at approximately $45,213,984. The trade was a 7.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Kent Walker sold 23,820 shares of the firm’s stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the sale, the insider directly owned 42,999 shares of the company’s stock, valued at $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 276,738 shares of company stock worth $59,135,475. 11.64% of the stock is currently owned by company insiders.

Alphabet Stock Performance

NASDAQ GOOGL opened at $245.35 on Friday. The stock has a market capitalization of $2.97 trillion, a PE ratio of 26.13, a P/E/G ratio of 1.66 and a beta of 1.00. The business has a 50 day simple moving average of $221.25 and a two-hundred day simple moving average of $185.80. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $256.00.

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

Alphabet Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Truist Financial upped their price target on Alphabet from $225.00 to $285.00 and gave the stock a “buy” rating in a research report on Monday, September 22nd. Sanford C. Bernstein increased their target price on Alphabet from $185.00 to $195.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 22nd. Roth Capital increased their target price on Alphabet from $205.00 to $210.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. BNP Paribas Exane reiterated a “neutral” rating and set a $172.00 target price on shares of Alphabet in a research report on Friday, June 27th. Finally, Jefferies Financial Group increased their target price on Alphabet from $230.00 to $285.00 and gave the stock a “buy” rating in a research report on Thursday. Four investment analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $240.76.

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.