Alphabet Inc. $GOOG is Gateway Investment Advisers LLC’s 6th Largest Position

Gateway Investment Advisers LLC trimmed its stake in Alphabet Inc. (NASDAQ:GOOG) by 2.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,378,820 shares of the information services provider’s stock after selling 31,297 shares during the period. Alphabet accounts for about 2.7% of Gateway Investment Advisers LLC’s investment portfolio, making the stock its 6th biggest holding. Gateway Investment Advisers LLC’s holdings in Alphabet were worth $244,589,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. Principia Wealth Advisory LLC lifted its position in Alphabet by 111.8% during the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider’s stock valued at $26,000 after acquiring an additional 85 shares during the period. MorganRosel Wealth Management LLC purchased a new position in Alphabet during the 1st quarter valued at about $26,000. Goodman Advisory Group LLC purchased a new position in Alphabet during the 1st quarter valued at about $32,000. Greykasell Wealth Strategies Inc. purchased a new position in Alphabet during the 1st quarter valued at about $32,000. Finally, Elevate Wealth Advisory Inc. purchased a new position in Alphabet during the 1st quarter valued at about $34,000. 27.26% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GOOG has been the subject of a number of recent research reports. JPMorgan Chase & Co. lifted their price target on shares of Alphabet from $232.00 to $260.00 and gave the company an “overweight” rating in a research report on Wednesday, September 3rd. Piper Sandler reaffirmed a “neutral” rating on shares of Alphabet in a report on Wednesday, July 9th. Phillip Securities cut shares of Alphabet from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, September 8th. Wells Fargo & Company reaffirmed an “equal weight” rating on shares of Alphabet in a report on Wednesday, July 9th. Finally, KeyCorp set a $265.00 target price on shares of Alphabet in a report on Wednesday, September 3rd. Four investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $227.56.

Insider Activity at Alphabet

In related news, Director John L. Hennessy sold 600 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $249.44, for a total transaction of $149,664.00. Following the completion of the sale, the director directly owned 5,716 shares in the company, valued at approximately $1,425,799.04. The trade was a 9.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Kavitark Ram Shriram sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the completion of the transaction, the director owned 240,400 shares of the company’s stock, valued at approximately $44,656,704. The trade was a 5.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 258,088 shares of company stock valued at $52,405,304 in the last three months. Corporate insiders own 12.99% of the company’s stock.

Alphabet Stock Performance

Shares of NASDAQ GOOG opened at $249.85 on Thursday. The firm has a 50 day moving average of $207.12 and a 200 day moving average of $180.46. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $3.02 trillion, a price-to-earnings ratio of 26.61, a price-to-earnings-growth ratio of 1.69 and a beta of 1.01. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $253.23.

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 the consensus estimate of $2.12 by $0.19. The company had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.89 earnings per share. On average, research analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Announces Dividend

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

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.