Asset Advisors Investment Management LLC Cuts Stake in Alphabet Inc. $GOOGL

Asset Advisors Investment Management LLC cut its stake in Alphabet Inc. (NASDAQ:GOOGL) by 0.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 124,793 shares of the information services provider’s stock after selling 1,026 shares during the quarter. Alphabet comprises about 2.2% of Asset Advisors Investment Management LLC’s investment portfolio, making the stock its 12th biggest position. Asset Advisors Investment Management LLC’s holdings in Alphabet were worth $21,992,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of GOOGL. Guardian Wealth Management Inc. increased 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 buying an additional 119 shares during the last quarter. von Borstel & Associates Inc. acquired a new position in shares of Alphabet during the first quarter worth approximately $28,000. IMA Advisory Services Inc. acquired a new position in shares of Alphabet during the first quarter worth approximately $28,000. NBZ Investment Advisors LLC boosted its position in shares of Alphabet by 85.7% during 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 during the period. Finally, Financial Gravity Asset Management Inc. acquired a new position in shares of Alphabet during the first quarter worth approximately $39,000. 40.03% of the stock is owned by institutional investors.

Alphabet Trading Down 2.1%

NASDAQ GOOGL opened at $236.57 on Friday. Alphabet Inc. has a 1-year low of $140.53 and a 1-year 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. The company has a market capitalization of $2.86 trillion, a PE ratio of 25.19, a price-to-earnings-growth ratio of 1.63 and a beta of 1.00. The firm’s fifty day simple moving average is $226.31 and its 200-day simple moving average is $188.49.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The business had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.60 billion. As a group, sell-side analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were paid a $0.21 dividend. The ex-dividend date of this dividend was Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.4%. Alphabet’s dividend payout ratio is 8.95%.

Analysts Set New Price Targets

GOOGL has been the subject of several analyst reports. Wall Street Zen downgraded Alphabet from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st. Mizuho set a $295.00 price objective on Alphabet and gave the stock an “outperform” rating in a research report on Monday, September 29th. Tigress Financial boosted their price objective on Alphabet from $240.00 to $280.00 and gave the stock a “strong-buy” rating in a research report on Friday, September 5th. Canaccord Genuity Group boosted their price objective on Alphabet from $230.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday, September 4th. Finally, Truist Financial upped their target price on Alphabet from $225.00 to $285.00 and gave the stock a “buy” rating in a research report on Monday, September 22nd. Four analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, Alphabet has an average rating of “Moderate Buy” and an average target price of $245.88.

Insider Transactions at Alphabet

In other news, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $184.38, for a total value of $5,992,350.00. Following the transaction, the chief executive officer directly owned 2,527,392 shares of the company’s stock, valued at approximately $466,000,536.96. This represents a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John Kent Walker sold 23,820 shares of the company’s stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the transaction, the insider directly owned 42,999 shares in the company, valued at $8,371,905.30. This trade represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 276,738 shares of company stock valued at $59,135,475. 11.64% of the stock is owned by insiders.

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.