HBK Sorce Advisory LLC Sells 821 Shares of Alphabet Inc. (NASDAQ:GOOG)

HBK Sorce Advisory LLC cut its holdings in Alphabet Inc. (NASDAQ:GOOG) by 1.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 53,573 shares of the information services provider’s stock after selling 821 shares during the period. HBK Sorce Advisory LLC’s holdings in Alphabet were worth $9,826,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Park Avenue Securities LLC grew its holdings in shares of Alphabet by 11.9% in the first quarter. Park Avenue Securities LLC now owns 109,878 shares of the information services provider’s stock worth $16,730,000 after purchasing an additional 11,646 shares during the last quarter. Colonial River Wealth Management LLC increased its position in shares of Alphabet by 5.3% in the second quarter. Colonial River Wealth Management LLC now owns 2,126 shares of the information services provider’s stock valued at $390,000 after acquiring an additional 107 shares during the period. Oak Ridge Investments LLC raised its stake in shares of Alphabet by 4.6% during the first quarter. Oak Ridge Investments LLC now owns 187,229 shares of the information services provider’s stock valued at $28,508,000 after acquiring an additional 8,201 shares during the last quarter. V Square Quantitative Management LLC boosted its holdings in shares of Alphabet by 0.7% during the first quarter. V Square Quantitative Management LLC now owns 62,917 shares of the information services provider’s stock worth $9,580,000 after purchasing an additional 426 shares during the period. Finally, Rosenberg Matthew Hamilton grew its stake in shares of Alphabet by 4.6% in the second quarter. Rosenberg Matthew Hamilton now owns 11,366 shares of the information services provider’s stock worth $2,097,000 after purchasing an additional 498 shares during the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Price Performance

Shares of NASDAQ GOOG opened at $158.37 on Friday. The company has a 50 day simple moving average of $169.06 and a two-hundred day simple moving average of $166.15. Alphabet Inc. has a fifty-two week low of $121.46 and a fifty-two week high of $193.31. The company has a market capitalization of $1.95 trillion, a price-to-earnings ratio of 24.29, a P/E/G ratio of 1.13 and a beta of 1.04. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08.

Alphabet (NASDAQ:GOOG) last released its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. The firm had revenue of $84.74 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the prior year, the firm posted $1.44 earnings per share. Analysts expect that Alphabet Inc. will post 7.63 EPS for the current fiscal year.

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 9th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.51%. Alphabet’s dividend payout ratio is presently 12.27%.

Insider Activity

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $177.40, for a total transaction of $3,991,500.00. Following the sale, the chief executive officer now directly owns 2,213,011 shares in the company, valued at approximately $392,588,151.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $177.40, for a total transaction of $3,991,500.00. Following the transaction, the chief executive officer now owns 2,213,011 shares in the company, valued at approximately $392,588,151.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Amie Thuener O’toole sold 2,835 shares of Alphabet stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total transaction of $429,587.55. Following the completion of the sale, the chief accounting officer now owns 29,182 shares of the company’s stock, valued at $4,421,948.46. The disclosure for this sale can be found here. Insiders have sold a total of 201,867 shares of company stock worth $34,218,581 over the last 90 days. 12.99% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Oppenheimer increased their price objective on Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Wolfe Research upgraded shares of Alphabet to a “strong-buy” rating in a report on Tuesday, July 16th. DA Davidson raised shares of Alphabet to a “hold” rating in a research report on Tuesday, September 10th. TD Cowen boosted their price target on shares of Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Finally, Cantor Fitzgerald raised shares of Alphabet to a “hold” rating in a research note on Thursday, September 5th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $182.86.

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.