Alphabet Inc. (NASDAQ:GOOG) Shares Sold by ARK Investment Management LLC

ARK Investment Management LLC lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 11.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 127,355 shares of the information services provider’s stock after selling 15,990 shares during the period. ARK Investment Management LLC’s holdings in Alphabet were worth $23,359,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of GOOG. Partnership Wealth Management LLC acquired a new stake in shares of Alphabet in the fourth quarter valued at about $26,000. 1620 Investment Advisors Inc. purchased a new position in Alphabet in the second quarter valued at about $37,000. DiNuzzo Private Wealth Inc. acquired a new stake in shares of Alphabet during the 4th quarter valued at approximately $32,000. Richardson Financial Services Inc. purchased a new stake in shares of Alphabet during the 4th quarter worth approximately $34,000. Finally, Pacific Capital Wealth Advisors Inc. acquired a new stake in shares of Alphabet in the 4th quarter worth approximately $34,000. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $173.86, for a total value of $118,572.52. Following the completion of the transaction, the chief accounting officer now directly owns 29,966 shares in the company, valued at $5,209,888.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Alphabet news, SVP Prabhakar Raghavan sold 34,257 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the transaction, the senior vice president now owns 312,210 shares of the company’s stock, valued at $50,765,346. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction 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 directly owns 29,966 shares of the company’s stock, valued at $5,209,888.76. The disclosure for this sale can be found here. Insiders have sold a total of 179,065 shares of company stock valued at $31,025,543 in the last quarter. 12.99% of the stock is currently owned by company insiders.

Analyst Ratings Changes

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

Alphabet Price Performance

GOOG stock traded down $0.90 during trading on Tuesday, hitting $167.03. The stock had a trading volume of 7,246,483 shares, compared to its average volume of 20,180,486. The stock has a market cap of $2.06 trillion, a price-to-earnings ratio of 25.76, a price-to-earnings-growth ratio of 1.28 and a beta of 1.05. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. The company’s 50 day moving average price is $176.13 and its two-hundred day moving average price is $164.91. Alphabet Inc. has a 1-year low of $121.46 and a 1-year high of $193.31.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $84.22 billion. During the same quarter in the previous year, the business posted $1.44 earnings per share. The company’s revenue was up 13.6% on a year-over-year basis. On average, sell-side analysts forecast that Alphabet Inc. will post 7.62 EPS for the current fiscal year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 9th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date of this dividend is Monday, September 9th. Alphabet’s dividend payout ratio is presently 12.27%.

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.