Riverpark Capital Management LLC Has $2.48 Million Holdings in Alphabet Inc. (NASDAQ:GOOG)

Riverpark Capital Management LLC lessened its holdings in Alphabet Inc. (NASDAQ:GOOG) by 5.7% during the 2nd quarter, Holdings Channel.com reports. The firm owned 13,494 shares of the information services provider’s stock after selling 820 shares during the period. Alphabet makes up about 3.3% of Riverpark Capital Management LLC’s investment portfolio, making the stock its 9th largest position. Riverpark Capital Management LLC’s holdings in Alphabet were worth $2,475,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Partnership Wealth Management LLC bought a new position in shares of Alphabet in the fourth quarter worth about $26,000. DiNuzzo Private Wealth Inc. bought a new stake in Alphabet during the 4th quarter worth approximately $32,000. Pacific Capital Wealth Advisors Inc. purchased a new position in Alphabet during the fourth quarter valued at approximately $34,000. Richardson Financial Services Inc. bought a new position in shares of Alphabet in the fourth quarter worth approximately $34,000. Finally, 1620 Investment Advisors Inc. purchased a new stake in shares of Alphabet in the second quarter worth $37,000. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Alphabet Price Performance

Alphabet stock traded down $0.45 during midday trading on Tuesday, reaching $167.48. 3,961,807 shares of the stock traded hands, compared to its average volume of 20,160,580. The stock has a market cap of $2.07 trillion, a P/E ratio of 25.76, a PEG ratio of 1.28 and a beta of 1.05. The stock’s fifty day moving average is $176.13 and its 200-day moving average is $164.91. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04. Alphabet Inc. has a 12 month low of $121.46 and a 12 month high of $193.31.

Alphabet (NASDAQ:GOOG) last posted its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. The firm had revenue of $84.74 billion during the quarter, compared to the consensus estimate of $84.22 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The company’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.44 EPS. As a group, equities research analysts anticipate that Alphabet Inc. will post 7.62 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 9th will be issued a $0.20 dividend. The ex-dividend date is Monday, September 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.48%. Alphabet’s dividend payout ratio (DPR) is presently 12.27%.

Insider Transactions at Alphabet

In related news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $167.66, for a total value of $3,772,350.00. Following the completion of the transaction, the chief executive officer now owns 2,159,885 shares in the company, valued at $362,126,319.10. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, SVP Prabhakar Raghavan sold 34,257 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the transaction, the senior vice president now owns 312,210 shares of the company’s stock, valued at approximately $50,765,346. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $167.66, for a total transaction of $3,772,350.00. Following the transaction, the chief executive officer now directly owns 2,159,885 shares of the company’s stock, valued at $362,126,319.10. The disclosure for this sale can be found here. Insiders have sold a total of 179,065 shares of company stock worth $31,025,543 in the last three months. Insiders own 12.99% of the company’s stock.

Wall Street Analyst Weigh In

GOOG has been the topic of a number of analyst reports. TD Cowen lifted their target price on shares of Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Rosenblatt Securities downgraded Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective on the stock. in a research report on Friday, June 28th. Wolfe Research upgraded Alphabet to a “strong-buy” rating in a research report on Tuesday, July 16th. Finally, Oppenheimer boosted their price target on Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $182.86.

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.