Alphabet Inc. $GOOG Shares Sold by Elevation Wealth Partners LLC

Elevation Wealth Partners LLC trimmed its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 1.5% in the 2nd quarter, Holdings Channel reports. The firm owned 14,744 shares of the information services provider’s stock after selling 229 shares during the period. Alphabet accounts for approximately 1.0% of Elevation Wealth Partners LLC’s portfolio, making the stock its 27th largest position. Elevation Wealth Partners LLC’s holdings in Alphabet were worth $2,615,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Alphabet by 2.4% during the first quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider’s stock worth $64,299,725,000 after buying an additional 9,687,855 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Alphabet by 9.9% during the first quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider’s stock worth $15,971,861,000 after acquiring an additional 9,243,959 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Alphabet by 2.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 34,103,417 shares of the information services provider’s stock valued at $6,494,655,000 after acquiring an additional 769,335 shares in the last quarter. Deutsche Bank AG raised its holdings in Alphabet by 5.4% in the 1st quarter. Deutsche Bank AG now owns 21,345,784 shares of the information services provider’s stock valued at $3,334,852,000 after acquiring an additional 1,098,996 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in Alphabet by 2.2% in the 1st quarter. Invesco Ltd. now owns 20,380,073 shares of the information services provider’s stock worth $3,183,979,000 after purchasing an additional 440,526 shares in the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Insider Activity at Alphabet

In related news, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the sale, the insider owned 42,999 shares in the company, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John L. Hennessy sold 1,000 shares of the company’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $200.00, for a total value of $200,000.00. Following the transaction, the director owned 6,916 shares in the company, valued at $1,383,200. This trade represents a 12.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 254,710 shares of company stock worth $49,208,380. Company insiders own 12.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on GOOG. BNP Paribas lowered Alphabet from a “strong-buy” rating to a “hold” rating in a research report on Thursday, June 26th. Roth Capital restated a “buy” rating on shares of Alphabet in a report on Wednesday, July 9th. JPMorgan Chase & Co. raised their target price on Alphabet from $232.00 to $260.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 3rd. Citizens Jmp raised shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Thursday, June 26th. Finally, Raymond James Financial restated an “outperform” rating and set a $210.00 price objective (up from $185.00) on shares of Alphabet in a research report on Thursday, July 24th. Four investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $227.56.

Alphabet Stock Performance

NASDAQ GOOG opened at $251.76 on Tuesday. The stock has a fifty day simple moving average of $204.16 and a 200-day simple moving average of $179.48. 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 stock has a market cap of $3.04 trillion, a PE ratio of 26.81, a P/E/G ratio of 1.62 and a beta of 1.01. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $252.75.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.12 by $0.19. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. During the same period in the previous year, the firm earned $1.89 EPS. Alphabet’s revenue was up 13.8% on a year-over-year basis. Equities analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were given a dividend of $0.21 per share. 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 0.3%. Alphabet’s dividend payout ratio (DPR) is presently 8.95%.

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.