Ritholtz Wealth Management Sells 1,989 Shares of Alphabet Inc. (NASDAQ:GOOG)

by · The Markets Daily

Ritholtz Wealth Management trimmed its holdings in Alphabet Inc. (NASDAQ:GOOG – Free Report) by 1.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 104,788 shares of the information services provider’s stock after selling 1,989 shares during the quarter. Alphabet accounts for 0.5% of Ritholtz Wealth Management’s portfolio, making the stock its 29th largest holding. Ritholtz Wealth Management’s holdings in Alphabet were worth $17,520,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of GOOG. Abich Financial Wealth Management LLC increased its holdings in shares of Alphabet by 9,200.0% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock worth $34,000 after purchasing an additional 184 shares during the period. 1620 Investment Advisors Inc. bought a new position in Alphabet during the second quarter valued at about $37,000. HWG Holdings LP acquired a new position in Alphabet in the 2nd quarter valued at approximately $40,000. Richardson Financial Services Inc. bought a new stake in shares of Alphabet in the 4th quarter worth approximately $34,000. Finally, Slocum Gordon & Co LLP bought a new stake in shares of Alphabet during the second quarter valued at approximately $44,000. Institutional investors and hedge funds own 27.26% of the company’s stock.

Alphabet Price Performance

GOOG traded up $1.34 during trading on Friday, hitting $164.52. The company’s stock had a trading volume of 10,945,971 shares, compared to its average volume of 19,793,420. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $2.03 trillion, a price-to-earnings ratio of 23.60, a price-to-earnings-growth ratio of 1.21 and a beta of 1.04. The firm’s 50 day moving average price is $162.81 and its two-hundred day moving average price is $169.13. Alphabet Inc. has a 12 month low of $121.46 and a 12 month high of $193.31.

Alphabet (NASDAQ:GOOG – Get Free Report) last released its quarterly 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 business had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $84.22 billion. During the same period in the previous year, the business posted $1.44 earnings per share. The firm’s revenue for the quarter was up 13.6% compared to the same quarter last year. Sell-side analysts forecast that Alphabet Inc. will post 7.64 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Monday, September 9th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date was Monday, September 9th. Alphabet’s dividend payout ratio is currently 11.48%.

Analyst Ratings Changes

Several research analysts recently commented on GOOG shares. Oppenheimer reduced their target price on Alphabet from $210.00 to $185.00 and set an “outperform” rating for the company in a research report on Wednesday, September 25th. Cantor Fitzgerald raised shares of Alphabet to a “hold” rating in a report on Thursday, September 5th. Scotiabank assumed coverage on shares of Alphabet in a research note on Friday. They issued a “sector outperform” rating and a $212.00 target price on the stock. Rosenblatt Securities downgraded Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective on the stock. in a report on Friday, June 28th. Finally, Pivotal Research assumed coverage on Alphabet in a report on Tuesday, October 1st. They issued a “buy” rating and a $215.00 target price for the company. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $186.90.

Check Out Our Latest Stock Report on Alphabet

Insider Buying and Selling

In related news, SVP Prabhakar Raghavan sold 34,257 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $162.60, for a total value of $5,570,188.20. Following the transaction, the senior vice president now owns 312,210 shares in the company, valued at $50,765,346. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Alphabet news, SVP Prabhakar Raghavan sold 34,257 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $162.60, for a total value of $5,570,188.20. Following the transaction, the senior vice president now directly owns 312,210 shares of the company’s stock, valued at approximately $50,765,346. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $168.00, for a total transaction of $114,576.00. Following the sale, the chief accounting officer now owns 31,334 shares of the company’s stock, valued at $5,264,112. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 216,092 shares of company stock worth $35,644,136 in the last quarter. Insiders own 12.99% of the company’s stock.

About Alphabet

(Free Report)

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.

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