Financial Advocates Investment Management Has $5.64 Million Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

Financial Advocates Investment Management decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 16.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,767 shares of the information services provider’s stock after selling 5,842 shares during the quarter. Financial Advocates Investment Management’s holdings in Alphabet were worth $5,643,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in GOOG. International Assets Investment Management LLC acquired a new stake in shares of Alphabet during the fourth quarter worth $8,232,000. GUNN & Co INVESTMENT MANAGEMENT INC. lifted its holdings in shares of Alphabet by 964.3% during the fourth quarter. GUNN & Co INVESTMENT MANAGEMENT INC. now owns 482,698 shares of the information services provider’s stock worth $68,027,000 after buying an additional 437,345 shares in the last quarter. Gilbert & Cook Inc. lifted its holdings in shares of Alphabet by 15.5% during the fourth quarter. Gilbert & Cook Inc. now owns 29,159 shares of the information services provider’s stock worth $4,109,000 after buying an additional 3,924 shares in the last quarter. EWA LLC lifted its holdings in shares of Alphabet by 26.8% during the fourth quarter. EWA LLC now owns 4,345 shares of the information services provider’s stock worth $624,000 after buying an additional 917 shares in the last quarter. Finally, Intrust Bank NA lifted its holdings in shares of Alphabet by 3.5% during the fourth quarter. Intrust Bank NA now owns 54,724 shares of the information services provider’s stock worth $7,712,000 after buying an additional 1,849 shares in the last quarter. Institutional investors and hedge funds own 27.26% of the company’s stock.

Alphabet Price Performance

GOOG stock traded up $2.51 during midday trading on Thursday, reaching $167.01. The company had a trading volume of 3,776,854 shares, compared to its average volume of 20,091,242. The company has a market capitalization of $2.06 trillion, a price-to-earnings ratio of 25.60, a price-to-earnings-growth ratio of 1.28 and a beta of 1.05. The stock has a 50 day moving average price of $175.92 and a 200-day moving average price of $165.02. Alphabet Inc. has a 1-year low of $121.46 and a 1-year high of $193.31. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08.

Alphabet (NASDAQ:GOOG) last released its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The firm had revenue of $84.74 billion for the quarter, compared to analysts’ expectations of $84.22 billion. During the same quarter in the previous year, the business posted $1.44 earnings per share. The business’s revenue for the quarter was up 13.6% on a year-over-year basis. Equities research analysts expect that Alphabet Inc. will post 7.62 earnings per share for the current year.

Alphabet Dividend Announcement

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

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Alphabet

In other news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $186.74, for a total transaction of $4,201,650.00. Following the sale, the chief executive officer now directly owns 2,227,385 shares in the company, valued at $415,941,874.90. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $186.74, for a total transaction of $4,201,650.00. Following the sale, the chief executive officer now directly owns 2,227,385 shares in the company, valued at $415,941,874.90. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John L. Hennessy sold 700 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $165.00, for a total value of $115,500.00. Following the sale, the director now owns 29,324 shares in the company, valued at $4,838,460. 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 over the last 90 days. Insiders own 12.99% of the company’s stock.

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.