Alphabet Inc. $GOOG Shares Sold by Momentum Wealth Planning LLC

Momentum Wealth Planning LLC lowered its stake in Alphabet Inc. (NASDAQ:GOOG) by 14.8% during the first quarter, HoldingsChannel reports. The institutional investor owned 17,496 shares of the information services provider’s stock after selling 3,033 shares during the quarter. Alphabet comprises about 4.5% of Momentum Wealth Planning LLC’s investment portfolio, making the stock its 5th biggest position. Momentum Wealth Planning LLC’s holdings in Alphabet were worth $5,019,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Providence Wealth Advisors LLC raised its stake in shares of Alphabet by 0.3% in the 1st quarter. Providence Wealth Advisors LLC now owns 10,508 shares of the information services provider’s stock valued at $3,094,000 after acquiring an additional 29 shares during the period. Ring Mountain Capital LLC boosted its position in shares of Alphabet by 0.9% during the 4th quarter. Ring Mountain Capital LLC now owns 3,554 shares of the information services provider’s stock worth $1,174,000 after purchasing an additional 30 shares during the period. Cannon Financial Strategists Inc. boosted its position in shares of Alphabet by 1.9% during the 4th quarter. Cannon Financial Strategists Inc. now owns 1,589 shares of the information services provider’s stock worth $499,000 after purchasing an additional 30 shares during the period. Financial Enhancement Group LLC increased its holdings in Alphabet by 2.3% in the 1st quarter. Financial Enhancement Group LLC now owns 1,323 shares of the information services provider’s stock valued at $380,000 after purchasing an additional 30 shares during the last quarter. Finally, HRC Wealth Management LLC increased its holdings in Alphabet by 1.0% in the 4th quarter. HRC Wealth Management LLC now owns 3,231 shares of the information services provider’s stock valued at $1,014,000 after purchasing an additional 31 shares during the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Insider Transactions at Alphabet

In related news, CAO Marsida Saraci sold 449 shares of Alphabet stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $341.72, for a total value of $153,432.28. Following the completion of the transaction, the chief accounting officer owned 27,348 shares in the company, valued at $9,345,358.56. The trade was a 1.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John L. Hennessy sold 1,050 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $368.63, for a total transaction of $387,061.50. Following the transaction, the director owned 1,481 shares of the company’s stock, valued at $545,941.03. This trade represents a 41.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 159,415 shares of company stock valued at $7,672,279 over the last quarter. Insiders own 12.99% of the company’s stock.

Alphabet Trading Down 1.2%

GOOG opened at $341.91 on Thursday. Alphabet Inc. has a 12 month low of $188.70 and a 12 month high of $404.47. The stock has a market capitalization of $4.14 trillion, a price-to-earnings ratio of 26.08, a PEG ratio of 1.43 and a beta of 1.23. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.92 and a quick ratio of 1.92. The business has a fifty day moving average price of $363.69 and a 200 day moving average price of $337.49.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Wednesday, July 22nd. The information services provider reported $9.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.88 by $6.23. The company had revenue of $119.80 billion for the quarter, compared to analyst estimates of $117.06 billion. Alphabet had a return on equity of 38.99% and a net margin of 37.92%.Alphabet’s revenue for the quarter was up 24.2% compared to the same quarter last year. During the same quarter last year, the company earned $2.31 EPS. Sell-side analysts expect that Alphabet Inc. will post 14.34 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 8th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 0.3%. This is a positive change from Alphabet’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend was Monday, June 8th. Alphabet’s dividend payout ratio is 6.71%.

Analyst Upgrades and Downgrades

GOOG has been the topic of a number of research analyst reports. Zacks Research raised Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 7th. Stifel Nicolaus set a $420.00 price objective on Alphabet in a research note on Wednesday, May 20th. Raymond James Financial reiterated a “strong-buy” rating and issued a $425.00 price objective on shares of Alphabet in a report on Thursday, April 30th. TD Cowen increased their target price on Alphabet from $450.00 to $475.00 and gave the stock a “buy” rating in a research note on Tuesday, June 9th. Finally, Truist Financial set a $430.00 target price on Alphabet in a report on Monday, June 1st. Five equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Alphabet has an average rating of “Buy” and a consensus price target of $386.88.

Key Stories Impacting Alphabet

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet beat Q2 earnings and revenue estimates, driven by strong search, ads, and especially Google Cloud growth. S&P 500, Nasdaq close lower ahead of technology earnings
• Positive Sentiment: Google Cloud growth accelerated sharply on AI demand, reinforcing the case that Alphabet’s AI investments are translating into revenue. Google quarterly cloud revenue growth beats expectations
• Positive Sentiment: YouTube ad revenue rose 13%, adding another sign that Alphabet’s core advertising business remains resilient. YouTube Ad Revenue Rises 13% In Q2 To Surpass $11 Billion
• Positive Sentiment: Google said Gemini has reached 950 million monthly active users, suggesting improving traction in consumer AI. Google’s Gemini app nips at ChatGPT’s heels as it nears 1 billion users

Alphabet Company Profile

Alphabet Inc (NASDAQ: GOOG) is a multinational technology holding company headquartered in Mountain View, California. Formed in 2015 through a corporate restructuring of Google, Alphabet serves as the parent to Google LLC and a portfolio of businesses collectively known as “Other Bets.” Google was originally founded in 1998 by Larry Page and Sergey Brin; Alphabet is led by CEO Sundar Pichai, who oversees Google and the broader company while the founders remain prominent shareholders and influential figures in the company’s history.

Alphabet’s core business centers on internet search and advertising, with Google Search and the company’s ad platforms (including Google Ads and AdSense) generating the majority of revenue by connecting advertisers with consumers worldwide.