Financial Management Network Inc. Has $2.63 Million Position in Alphabet Inc. (NASDAQ:GOOG)

Financial Management Network Inc. reduced its stake in Alphabet Inc. (NASDAQ:GOOG) by 1.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 17,598 shares of the information services provider’s stock after selling 185 shares during the quarter. Financial Management Network Inc.’s holdings in Alphabet were worth $2,626,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. ARQ Wealth Advisors LLC lifted its holdings in shares of Alphabet by 39.3% during the fourth quarter. ARQ Wealth Advisors LLC now owns 4,964 shares of the information services provider’s stock worth $945,000 after buying an additional 1,400 shares during the last quarter. Independence Bank of Kentucky lifted its holdings in shares of Alphabet by 10.2% during the first quarter. Independence Bank of Kentucky now owns 14,907 shares of the information services provider’s stock worth $2,329,000 after buying an additional 1,376 shares during the last quarter. Harvest Investment Services LLC lifted its holdings in shares of Alphabet by 3.3% during the fourth quarter. Harvest Investment Services LLC now owns 4,329 shares of the information services provider’s stock worth $824,000 after buying an additional 138 shares during the last quarter. Fermata Advisors LLC lifted its holdings in shares of Alphabet by 2.7% during the first quarter. Fermata Advisors LLC now owns 9,771 shares of the information services provider’s stock worth $1,527,000 after buying an additional 259 shares during the last quarter. Finally, jvl associates llc lifted its holdings in shares of Alphabet by 3.5% during the first quarter. jvl associates llc now owns 10,055 shares of the information services provider’s stock worth $1,571,000 after buying an additional 343 shares during the last quarter. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Price Performance

Alphabet stock opened at $194.08 on Monday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The firm has a market cap of $2.36 trillion, a P/E ratio of 20.67, a P/E/G ratio of 1.31 and a beta of 1.01. The business’s fifty day moving average is $176.86 and its two-hundred day moving average is $174.38. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $208.70.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. The business had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. During the same quarter in the prior year, the firm posted $1.89 earnings per share. The firm’s revenue for the quarter was up 13.8% compared to the same quarter last year. Equities research analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 0.43%. The ex-dividend date is Monday, September 8th. Alphabet’s dividend payout ratio (DPR) is presently 8.95%.

Insider Buying and Selling at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the transaction, the chief executive officer owned 2,559,892 shares in the company, valued at approximately $456,991,919.84. This trade represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kavitark Ram Shriram sold 18,566 shares of the firm’s stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the transaction, the director owned 243,400 shares in the company, valued at approximately $45,213,984. This trade represents a 7.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 249,409 shares of company stock worth $43,523,710 in the last ninety days. 12.99% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on GOOG. Cowen reiterated a “buy” rating on shares of Alphabet in a report on Wednesday, July 9th. Tigress Financial restated a “strong-buy” rating on shares of Alphabet in a research report on Friday, May 2nd. Cantor Fitzgerald restated a “neutral” rating and set a $171.00 price objective on shares of Alphabet in a research report on Friday, April 25th. Roth Capital restated a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, JPMorgan Chase & Co. boosted their price objective on Alphabet from $200.00 to $232.00 and gave the company an “overweight” rating in a research report on Thursday. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and five have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $215.19.

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.