Parisi Gray Wealth Management Cuts Stock Holdings in Alphabet Inc. $GOOG

Parisi Gray Wealth Management lowered its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 0.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,392 shares of the information services provider’s stock after selling 119 shares during the quarter. Alphabet makes up about 0.8% of Parisi Gray Wealth Management’s holdings, making the stock its 27th largest holding. Parisi Gray Wealth Management’s holdings in Alphabet were worth $2,730,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. ARQ Wealth Advisors LLC raised its holdings in Alphabet by 39.3% in the 4th quarter. ARQ Wealth Advisors LLC now owns 4,964 shares of the information services provider’s stock valued at $945,000 after acquiring an additional 1,400 shares during the last quarter. Independence Bank of Kentucky grew its position in shares of Alphabet by 10.2% in the first quarter. Independence Bank of Kentucky now owns 14,907 shares of the information services provider’s stock valued at $2,329,000 after purchasing an additional 1,376 shares in the last quarter. RDA Financial Network increased its holdings in shares of Alphabet by 5.3% in the second quarter. RDA Financial Network now owns 11,094 shares of the information services provider’s stock valued at $1,968,000 after purchasing an additional 554 shares during the last quarter. Fermata Advisors LLC lifted its position in 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 in the last quarter. Finally, jvl associates llc lifted its position in 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 in the last quarter. 27.26% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on GOOG. Wells Fargo & Company reaffirmed an “equal weight” rating on shares of Alphabet in a research note on Wednesday, July 9th. Barclays restated a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. KeyCorp set a $265.00 target price on shares of Alphabet in a report on Wednesday, September 3rd. Lake Street Capital restated a “buy” rating on shares of Alphabet in a report on Wednesday, July 9th. Finally, BNP Paribas cut Alphabet from a “strong-buy” rating to a “hold” rating in a report on Thursday, June 26th. Four research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Alphabet has a consensus rating of “Moderate Buy” and an average price target of $227.56.

Alphabet Stock Performance

Shares of GOOG stock opened at $251.76 on Tuesday. 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 $3.04 trillion, a P/E ratio of 26.81, a P/E/G ratio of 1.62 and a beta of 1.01. The firm’s 50 day moving average price is $204.16 and its 200-day moving average price is $179.48. Alphabet Inc. has a one year low of $142.66 and a one year high of $252.75.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (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 for the quarter, compared to analyst estimates of $93.67 billion. During the same quarter in the previous year, the company earned $1.89 earnings per share. The firm’s quarterly revenue was up 13.8% compared to the same quarter last year. As a group, equities research analysts predict that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were paid a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.3%. Alphabet’s dividend payout ratio is presently 8.95%.

Insider Transactions at Alphabet

In related news, 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 transaction of $3,448,820.16. Following the completion of the transaction, the director directly owned 243,400 shares in the company, valued at $45,213,984. This trade represents a 7.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $199.92, for a total transaction of $6,497,400.00. Following the sale, the chief executive officer owned 2,462,392 shares in the company, valued at $492,281,408.64. This trade represents a 1.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 254,710 shares of company stock worth $49,208,380 in the last 90 days. 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.