Miracle Mile Advisors LLC Sells 1,162 Shares of Alphabet Inc. (NASDAQ:GOOG)

Miracle Mile Advisors LLC cut its holdings in Alphabet Inc. (NASDAQ:GOOG) by 0.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 192,179 shares of the information services provider’s stock after selling 1,162 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Alphabet were worth $35,249,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Twelve Points Wealth Management LLC increased its stake in shares of Alphabet by 0.7% in the second quarter. Twelve Points Wealth Management LLC now owns 7,985 shares of the information services provider’s stock worth $1,465,000 after buying an additional 55 shares during the period. PCG Wealth Advisors LLC increased its position in shares of Alphabet by 3.1% in the second quarter. PCG Wealth Advisors LLC now owns 1,880 shares of the information services provider’s stock valued at $345,000 after acquiring an additional 57 shares during the period. Investment Advisory Services Inc. TX ADV raised its stake in shares of Alphabet by 1.6% during the second quarter. Investment Advisory Services Inc. TX ADV now owns 3,636 shares of the information services provider’s stock valued at $667,000 after acquiring an additional 57 shares during the last quarter. Mark Sheptoff Financial Planning LLC raised its stake in shares of Alphabet by 11.1% during the first quarter. Mark Sheptoff Financial Planning LLC now owns 600 shares of the information services provider’s stock valued at $91,000 after acquiring an additional 60 shares during the last quarter. Finally, Shira Ridge Wealth Management boosted its holdings in shares of Alphabet by 0.4% during the second quarter. Shira Ridge Wealth Management now owns 15,490 shares of the information services provider’s stock worth $2,841,000 after purchasing an additional 60 shares during the period. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently issued reports on GOOG shares. Wolfe Research raised Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. Oppenheimer boosted their price target on Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Rosenblatt Securities lowered shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective for the company. in a research note on Friday, June 28th. Finally, TD Cowen boosted their price target on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Alphabet presently has an average rating of “Buy” and an average price target of $182.86.

Insiders Place Their Bets

In other news, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $173.86, for a total transaction of $118,572.52. Following the transaction, the chief accounting officer now directly owns 29,966 shares of the company’s stock, valued at approximately $5,209,888.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $173.86, for a total transaction of $118,572.52. Following the sale, the chief accounting officer now owns 29,966 shares in the company, valued at approximately $5,209,888.76. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $186.74, for a total transaction of $4,201,650.00. Following the transaction, the chief executive officer now owns 2,227,385 shares in the company, valued at approximately $415,941,874.90. The disclosure for this sale can be found here. Insiders sold a total of 155,865 shares of company stock worth $27,137,693 over the last quarter. 12.99% of the stock is currently owned by corporate insiders.

Alphabet Stock Performance

Shares of NASDAQ:GOOG traded up $1.57 during trading on Friday, hitting $164.74. The company’s stock had a trading volume of 16,853,137 shares, compared to its average volume of 20,481,816. The company has a 50-day moving average of $177.37 and a 200-day moving average of $163.73. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08. The firm has a market cap of $2.04 trillion, a price-to-earnings ratio of 25.27, a P/E/G ratio of 1.28 and a beta of 1.05. Alphabet Inc. has a 12 month low of $121.46 and a 12 month high of $193.31.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The business had revenue of $84.74 billion for the quarter, compared to the consensus estimate of $84.22 billion. During the same period last year, the firm earned $1.44 earnings per share. The company’s quarterly revenue was up 13.6% on a year-over-year basis. On average, sell-side analysts expect that Alphabet Inc. will post 7.62 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 9th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.49%. The ex-dividend date is Monday, September 9th. Alphabet’s dividend payout ratio is presently 12.27%.

Alphabet Profile

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.