Pekin Hardy Strauss Inc. Trims Stock Position in Alphabet Inc. $GOOGL

Pekin Hardy Strauss Inc. decreased its position in Alphabet Inc. (NASDAQ:GOOGL) by 7.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,848 shares of the information services provider’s stock after selling 3,549 shares during the period. Alphabet accounts for approximately 0.9% of Pekin Hardy Strauss Inc.’s investment portfolio, making the stock its 25th largest position. Pekin Hardy Strauss Inc.’s holdings in Alphabet were worth $8,080,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in GOOGL. Guardian Wealth Management Inc. raised its position 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 purchasing an additional 119 shares during the period. IMA Advisory Services Inc. acquired a new stake in shares of Alphabet during the 1st quarter worth about $28,000. NBZ Investment Advisors LLC raised its holdings in Alphabet by 85.7% in the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock valued at $30,000 after buying an additional 90 shares during the period. CarsonAllaria Wealth Management Ltd. lifted its position in Alphabet by 36.4% in the second quarter. CarsonAllaria Wealth Management Ltd. now owns 251 shares of the information services provider’s stock valued at $44,000 after buying an additional 67 shares during the last quarter. Finally, MJT & Associates Financial Advisory Group Inc. purchased a new position in Alphabet during the first quarter worth about $50,000. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Insider Activity

In related news, Director Frances Arnold sold 112 shares of the stock in a transaction on Thursday, October 30th. The stock was sold at an average price of $291.80, for a total value of $32,681.60. Following the transaction, the director owned 18,004 shares of the company’s stock, valued at $5,253,567.20. This represents a 0.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director John L. Hennessy sold 600 shares of the firm’s stock in a transaction on Thursday, November 13th. The shares were sold at an average price of $280.06, for a total value of $168,036.00. Following the completion of the sale, the director owned 4,516 shares in the company, valued at approximately $1,264,750.96. This represents a 11.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 189,896 shares of company stock valued at $47,653,637. 11.64% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on GOOGL shares. Truist Financial boosted their price target on shares of Alphabet from $285.00 to $320.00 and gave the company a “buy” rating in a research note on Thursday, October 30th. Guggenheim boosted their target price on Alphabet from $280.00 to $330.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. President Capital upped their price target on Alphabet from $258.00 to $323.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. Evercore ISI lifted their price objective on Alphabet from $300.00 to $325.00 and gave the company an “outperform” rating in a research note on Thursday, October 30th. Finally, Roth Capital increased their target price on Alphabet from $210.00 to $265.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-eight have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, Alphabet currently has a consensus rating of “Moderate Buy” and an average target price of $305.33.

Alphabet Trading Down 0.3%

GOOGL opened at $284.28 on Wednesday. The business has a fifty day moving average price of $259.16 and a 200 day moving average price of $211.00. 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 12 month low of $140.53 and a 12 month high of $293.95. The stock has a market capitalization of $3.43 trillion, a price-to-earnings ratio of 28.04, a PEG ratio of 1.86 and a beta of 1.05.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Wednesday, October 29th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.58. Alphabet had a return on equity of 36.08% and a net margin of 32.23%.The business had revenue of $102.35 billion during the quarter, compared to analysts’ expectations of $99.90 billion. Sell-side analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 8th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date is Monday, December 8th. Alphabet’s payout ratio is 8.28%.

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.