Hardy Reed LLC Has $5.90 Million Position in Alphabet Inc. $GOOG

Hardy Reed LLC reduced its holdings in Alphabet Inc. (NASDAQ:GOOG) by 0.4% during the 2nd quarter, HoldingsChannel reports. The firm owned 33,232 shares of the information services provider’s stock after selling 141 shares during the quarter. Alphabet comprises about 0.5% of Hardy Reed LLC’s investment portfolio, making the stock its 29th biggest position. Hardy Reed LLC’s holdings in Alphabet were worth $5,895,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. ACT Advisors LLC. lifted its stake in Alphabet by 3.5% in the 2nd quarter. ACT Advisors LLC. now owns 1,625 shares of the information services provider’s stock worth $288,000 after purchasing an additional 55 shares in the last quarter. LongView Wealth Management raised its position in shares of Alphabet by 1.1% during the 2nd 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 in the last quarter. Kooman & Associates raised its position in shares of Alphabet by 1.4% during the 2nd 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 in the last quarter. Colton Groome Financial Advisors LLC raised its position in shares of Alphabet by 3.4% during the 2nd quarter. Colton Groome Financial Advisors LLC now owns 1,742 shares of the information services provider’s stock valued at $309,000 after buying an additional 57 shares in the last quarter. Finally, Brueske Advisory Services LLC raised its position in shares of Alphabet by 2.7% during the 2nd quarter. Brueske Advisory Services LLC now owns 2,194 shares of the information services provider’s stock valued at $389,000 after buying an additional 58 shares in the last quarter. 27.26% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

GOOG has been the topic of several research reports. Piper Sandler restated a “neutral” rating on shares of Alphabet in a research report on Wednesday, July 9th. KeyCorp set a $265.00 price objective on shares of Alphabet in a research report on Wednesday, September 3rd. Pivotal Research raised their price objective on shares of Alphabet from $245.00 to $300.00 and gave the company a “buy” rating in a research report on Wednesday, September 3rd. UBS Group set a $255.00 price objective on shares of Alphabet and gave the company a “neutral” rating in a research report on Thursday. Finally, JPMorgan Chase & Co. raised their price objective on shares of Alphabet from $232.00 to $260.00 and gave the company an “overweight” rating in a research report on Wednesday, September 3rd. Six research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $241.00.

Insiders Place Their Bets

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $243.41, for a total value of $7,910,825.00. Following the sale, the chief executive officer owned 2,402,119 shares of the company’s stock, valued at $584,699,785.79. This trade represents a 1.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 953 shares of the firm’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $241.20, for a total transaction of $229,863.60. Following the completion of the sale, the chief accounting officer directly owned 17,294 shares in the company, valued at approximately $4,171,312.80. This trade represents a 5.22% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 276,738 shares of company stock worth $59,135,475. 12.99% of the stock is currently owned by insiders.

Alphabet Price Performance

GOOG stock opened at $242.21 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $256.70. The firm’s fifty day moving average is $226.01 and its 200 day moving average is $189.21. The firm has a market cap of $2.93 trillion, a P/E ratio of 25.79, a P/E/G ratio of 1.66 and a beta of 1.00.

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

Alphabet Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were issued 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 (DPR) is 8.95%.

About Alphabet

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.