Inlight Wealth Management LLC Reduces Stock Holdings in Alphabet Inc. $GOOG

Inlight Wealth Management LLC reduced its stake in Alphabet Inc. (NASDAQ:GOOG) by 12.2% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,402 shares of the information services provider’s stock after selling 195 shares during the period. Inlight Wealth Management LLC’s holdings in Alphabet were worth $249,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. RDA Financial Network grew its position in shares of Alphabet by 5.3% during the second quarter. RDA Financial Network now owns 11,094 shares of the information services provider’s stock worth $1,968,000 after acquiring an additional 554 shares during the last quarter. Tower View Wealth Management LLC grew its position in shares of Alphabet by 6.9% during the second quarter. Tower View Wealth Management LLC now owns 27,644 shares of the information services provider’s stock worth $4,904,000 after acquiring an additional 1,776 shares during the last quarter. Oldfather Financial Services LLC purchased a new position in shares of Alphabet during the second quarter worth approximately $213,000. Truist Financial Corp grew its position in shares of Alphabet by 0.4% during the second quarter. Truist Financial Corp now owns 3,626,927 shares of the information services provider’s stock worth $643,381,000 after acquiring an additional 15,065 shares during the last quarter. Finally, GC Wealth Management RIA LLC grew its position in shares of Alphabet by 115.7% during the second quarter. GC Wealth Management RIA LLC now owns 214,392 shares of the information services provider’s stock worth $38,031,000 after acquiring an additional 115,003 shares during the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on GOOG shares. BNP Paribas downgraded Alphabet from a “strong-buy” rating to a “hold” rating in a report on Thursday, June 26th. TD Cowen increased their price target on Alphabet from $270.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday. Oppenheimer reaffirmed an “outperform” rating and set a $270.00 price target (up from $235.00) on shares of Alphabet in a report on Wednesday, September 3rd. Lake Street Capital reaffirmed a “buy” rating on shares of Alphabet in a report on Wednesday, July 9th. Finally, Roth Capital reaffirmed a “buy” rating on shares of Alphabet in a report on Wednesday, July 9th. Six investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $237.68.

Alphabet Price Performance

Alphabet stock opened at $245.46 on Thursday. Alphabet Inc. has a one year low of $142.66 and a one year high of $256.70. 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 business has a fifty day moving average of $225.03 and a two-hundred day moving average of $188.71. The company has a market cap of $2.97 trillion, a P/E ratio of 26.14, a price-to-earnings-growth ratio of 1.67 and a beta of 1.00.

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

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were issued a $0.21 dividend. The ex-dividend date of this dividend was Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. Alphabet’s dividend payout ratio (DPR) is 8.95%.

Insider Buying and Selling

In other news, CAO Amie Thuener O’toole sold 953 shares of Alphabet stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $241.20, for a total transaction of $229,863.60. Following the completion of the transaction, the chief accounting officer owned 17,294 shares of the company’s stock, valued at $4,171,312.80. The trade was a 5.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction on Monday, September 15th. The stock was sold at an average price of $249.44, for a total value of $149,664.00. Following the transaction, the director directly owned 5,716 shares of the company’s stock, valued at $1,425,799.04. This trade represents a 9.50% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 276,738 shares of company stock valued at $59,135,475 in the last quarter. Corporate insiders own 12.99% of the company’s stock.

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.