RiverPark Advisors LLC Sells 465 Shares of Alphabet Inc. $GOOG

RiverPark Advisors LLC decreased its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 4.2% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 10,706 shares of the information services provider’s stock after selling 465 shares during the quarter. Alphabet makes up approximately 1.2% of RiverPark Advisors LLC’s investment portfolio, making the stock its 27th biggest position. RiverPark Advisors LLC’s holdings in Alphabet were worth $1,899,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in GOOG. Kingstone Capital Partners Texas LLC boosted its stake in shares of Alphabet by 580,897.4% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider’s stock valued at $23,963,208,000 after purchasing an additional 135,064,454 shares during the last quarter. Nuveen LLC bought a new position in Alphabet in the first quarter valued at approximately $2,622,943,000. Vanguard Group Inc. boosted its stake in Alphabet by 2.4% in the first quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider’s stock valued at $64,299,725,000 after acquiring an additional 9,687,855 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Alphabet by 9.9% during the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider’s stock worth $15,971,861,000 after acquiring an additional 9,243,959 shares during the period. Finally, Laurel Wealth Advisors LLC raised its position in shares of Alphabet by 17,547.9% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 4,122,727 shares of the information services provider’s stock valued at $731,331,000 after acquiring an additional 4,099,366 shares during the last quarter. 27.26% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider John Kent Walker sold 17,816 shares of the stock in a transaction on Monday, September 29th. The shares were sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the completion of the transaction, the insider owned 42,985 shares in the company, valued at approximately $10,635,348.70. This represents a 29.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $250.15, for a total transaction of $8,129,875.00. Following the completion of the sale, the chief executive officer owned 2,369,619 shares in the company, valued at $592,760,192.85. The trade was a 1.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 227,952 shares of company stock valued at $58,896,009 in the last quarter. 12.99% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on GOOG. Wolfe Research raised their price target on Alphabet from $290.00 to $350.00 and gave the stock an “outperform” rating in a research report on Thursday, October 30th. Piper Sandler raised their target price on Alphabet from $285.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Hsbc Global Res raised Alphabet to a “strong-buy” rating in a research note on Tuesday, October 7th. Canaccord Genuity Group reiterated a “buy” rating and issued a $330.00 target price on shares of Alphabet in a report on Thursday, October 30th. Finally, Sanford C. Bernstein boosted their price target on shares of Alphabet from $260.00 to $305.00 and gave the company an “outperform” rating in a report on Thursday, October 30th. Seven equities research analysts have rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $304.62.

Alphabet Stock Up 1.6%

Shares of GOOG stock opened at $323.64 on Wednesday. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $328.67. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The firm has a fifty day moving average of $265.76 and a 200-day moving average of $217.01. The company has a market capitalization of $3.91 trillion, a price-to-earnings ratio of 31.92, a P/E/G ratio of 1.86 and a beta of 1.05.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Thursday, October 30th. The information services provider reported $2.87 earnings per share for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. The firm had revenue of $102.35 billion during the quarter, compared to analyst estimates of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period in the prior year, the business earned $2.12 EPS. As a group, equities research analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 8th will be paid a $0.21 dividend. The ex-dividend date is Monday, December 8th. This represents a $0.84 annualized dividend and a yield of 0.3%. Alphabet’s payout ratio is presently 8.28%.

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.