Galvin Gaustad & Stein LLC Trims Stock Position in Alphabet Inc. $GOOG

by · The Cerbat Gem

Galvin Gaustad & Stein LLC lessened its holdings in Alphabet Inc. (NASDAQ:GOOG – Free Report) by 6.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 61,076 shares of the information services provider’s stock after selling 3,986 shares during the period. Galvin Gaustad & Stein LLC’s holdings in Alphabet were worth $10,834,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. ACT Advisors LLC. raised its position in shares of Alphabet by 3.5% in the second quarter. ACT Advisors LLC. now owns 1,625 shares of the information services provider’s stock valued at $288,000 after buying an additional 55 shares during the last quarter. LongView Wealth Management raised its position in shares of Alphabet by 1.1% in the second quarter. LongView Wealth Management now owns 5,126 shares of the information services provider’s stock valued at $909,000 after buying an additional 56 shares during the last quarter. Kooman & Associates raised its position in shares of Alphabet by 1.4% in the second quarter. Kooman & Associates now owns 4,127 shares of the information services provider’s stock valued at $732,000 after buying an additional 56 shares during the last quarter. Colton Groome Financial Advisors LLC increased its position in Alphabet by 3.4% during the second quarter. Colton Groome Financial Advisors LLC now owns 1,742 shares of the information services provider’s stock worth $309,000 after purchasing an additional 57 shares during the last quarter. Finally, Brueske Advisory Services LLC increased its position in Alphabet by 2.7% during the second quarter. Brueske Advisory Services LLC now owns 2,194 shares of the information services provider’s stock worth $389,000 after purchasing an additional 58 shares during the last quarter. Institutional investors and hedge funds own 27.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on GOOG shares. Pivotal Research upped their price target on shares of Alphabet from $245.00 to $300.00 and gave the stock a “buy” rating in a research report on Wednesday, September 3rd. Scotiabank upped their price target on shares of Alphabet from $200.00 to $240.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, July 22nd. Robert W. Baird upped their price target 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. Roth Capital reaffirmed a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, Citizens Jmp raised shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Thursday, June 26th. Six research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Alphabet has a consensus rating of “Moderate Buy” and a consensus price target of $241.00.

Get Our Latest Report on GOOG

Insider Activity

In other Alphabet news, insider John Kent Walker sold 23,820 shares of the stock in a transaction on Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the transaction, the insider directly owned 42,999 shares in the company, valued at $8,371,905.30. This represents a 35.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of the firm’s stock in a transaction on Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the transaction, the director directly owned 243,400 shares of the company’s stock, valued at approximately $45,213,984. This represents a 7.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 276,338 shares of company stock worth $59,062,683. 12.99% of the stock is currently owned by company insiders.

Alphabet Price Performance

Shares of GOOG stock opened at $244.64 on Tuesday. The company has a market capitalization of $2.96 trillion, a PE ratio of 26.05, a price-to-earnings-growth ratio of 1.60 and a beta of 1.00. The firm has a fifty day simple moving average of $227.94 and a 200-day simple moving average of $190.61. 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 Inc. has a twelve month low of $142.66 and a twelve month high of $256.70.

Alphabet (NASDAQ:GOOG – Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.19. The business had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The business’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.89 earnings per share. Equities research analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The company also recently announced 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 was Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Alphabet’s dividend payout ratio is 8.95%.

Alphabet Profile

(Free Report)

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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