RiverPark Advisors LLC Sells 465 Shares of Alphabet Inc. $GOOG

RiverPark Advisors LLC trimmed its holdings in Alphabet Inc. (NASDAQ:GOOG) by 4.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,706 shares of the information services provider’s stock after selling 465 shares during the period. Alphabet accounts for approximately 1.2% of RiverPark Advisors LLC’s holdings, making the stock its 27th largest position. RiverPark Advisors LLC’s holdings in Alphabet were worth $1,899,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. RDA Financial Network raised its holdings in Alphabet by 5.3% in the 2nd quarter. RDA Financial Network now owns 11,094 shares of the information services provider’s stock worth $1,968,000 after acquiring an additional 554 shares during the period. Bleakley Financial Group LLC boosted its holdings in Alphabet by 1.4% during the second quarter. Bleakley Financial Group LLC now owns 170,020 shares of the information services provider’s stock valued at $30,160,000 after acquiring an additional 2,304 shares during the period. Oldfather Financial Services LLC bought a new position in shares of Alphabet in the second quarter worth about $213,000. Tower View Wealth Management LLC increased its stake in shares of Alphabet by 6.9% in the second quarter. Tower View Wealth Management LLC now owns 27,644 shares of the information services provider’s stock worth $4,904,000 after purchasing an additional 1,776 shares during the period. Finally, Dock Street Asset Management Inc. boosted its stake in Alphabet by 0.8% during the 2nd quarter. Dock Street Asset Management Inc. now owns 234,306 shares of the information services provider’s stock valued at $41,563,000 after purchasing an additional 1,970 shares during the period. Institutional investors and hedge funds own 27.26% of the company’s stock.

Alphabet Stock Up 1.6%

Shares of GOOG opened at $323.64 on Wednesday. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $328.67. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a 50-day moving average price of $265.76 and a two-hundred day moving average price of $217.01. The stock has a market cap of $3.91 trillion, a price-to-earnings ratio of 31.92, a P/E/G ratio of 1.86 and a beta of 1.05.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Thursday, October 30th. The information services provider reported $2.87 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 for the quarter, compared to analyst estimates of $99.90 billion. During the same quarter in the previous year, the firm earned $2.12 EPS. Alphabet’s quarterly revenue was up 15.9% on a year-over-year basis. Equities analysts predict that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Dividend Announcement

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 given a $0.21 dividend. The ex-dividend date is Monday, December 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. Alphabet’s payout ratio is 8.28%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on GOOG. BNP Paribas assumed coverage on Alphabet in a report on Monday. They issued an “outperform” rating on the stock. Cowen restated a “buy” rating on shares of Alphabet in a research note on Thursday, October 30th. Canaccord Genuity Group reiterated a “buy” rating and set a $330.00 target price on shares of Alphabet in a research note on Thursday, October 30th. Piper Sandler raised their price target on shares of Alphabet from $285.00 to $330.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $340.00 target price on shares of Alphabet in a research note on Thursday, October 30th. Seven investment analysts have rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Alphabet presently has a consensus rating of “Buy” and a consensus target price of $304.62.

Insider Activity

In related news, Director Frances Arnold sold 112 shares of the stock in a transaction that occurred on Thursday, October 30th. The stock was sold at an average price of $291.80, for a total transaction of $32,681.60. Following the sale, the director directly owned 18,004 shares in the company, valued at $5,253,567.20. This represents a 0.62% decrease in their position. The transaction 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 2,778 shares of the firm’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $288.26, for a total value of $800,786.28. Following the sale, the chief accounting officer directly owned 11,739 shares of the company’s stock, valued at $3,383,884.14. This represents a 19.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 227,952 shares of company stock valued at $58,896,009 over the last three months. 12.99% of the stock is owned by corporate 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.