Drive Wealth Management LLC Acquires 694 Shares of Alphabet Inc. (NASDAQ:GOOG)

Drive Wealth Management LLC boosted its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 3.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,305 shares of the information services provider’s stock after buying an additional 694 shares during the quarter. Alphabet makes up about 0.9% of Drive Wealth Management LLC’s investment portfolio, making the stock its 23rd largest holding. Drive Wealth Management LLC’s holdings in Alphabet were worth $3,357,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GOOG. Twelve Points Wealth Management LLC lifted its holdings in shares of Alphabet by 0.7% in the 2nd quarter. Twelve Points Wealth Management LLC now owns 7,985 shares of the information services provider’s stock valued at $1,465,000 after acquiring an additional 55 shares during the last quarter. PCG Wealth Advisors LLC raised its position in Alphabet by 3.1% during the second quarter. PCG Wealth Advisors LLC now owns 1,880 shares of the information services provider’s stock valued at $345,000 after purchasing an additional 57 shares during the period. Investment Advisory Services Inc. TX ADV lifted its stake in shares of Alphabet by 1.6% in the 2nd quarter. Investment Advisory Services Inc. TX ADV now owns 3,636 shares of the information services provider’s stock valued at $667,000 after purchasing an additional 57 shares during the last quarter. Advisors Management Group Inc. ADV boosted its holdings in shares of Alphabet by 2.0% in the 2nd quarter. Advisors Management Group Inc. ADV now owns 2,944 shares of the information services provider’s stock worth $540,000 after purchasing an additional 58 shares during the period. Finally, Mark Sheptoff Financial Planning LLC increased its position in shares of Alphabet by 11.1% during the 1st quarter. Mark Sheptoff Financial Planning LLC now owns 600 shares of the information services provider’s stock valued at $91,000 after purchasing an additional 60 shares during the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, SVP Prabhakar Raghavan sold 3,262 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $183.99, for a total transaction of $600,175.38. Following the transaction, the senior vice president now owns 9 shares of the company’s stock, valued at approximately $1,655.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, SVP Prabhakar Raghavan sold 3,262 shares of Alphabet stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $183.99, for a total value of $600,175.38. Following the completion of the sale, the senior vice president now directly owns 9 shares in the company, valued at $1,655.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $160.44, for a total transaction of $109,420.08. Following the transaction, the chief accounting officer now owns 32,017 shares in the company, valued at $5,136,807.48. The disclosure for this sale can be found here. Insiders have sold 156,565 shares of company stock worth $27,043,340 in the last ninety days. 12.99% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

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

Alphabet Stock Down 3.9 %

Shares of GOOG opened at $158.61 on Wednesday. The firm has a fifty day moving average price of $174.24 and a 200-day moving average price of $165.65. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $1.96 trillion, a P/E ratio of 24.33, a P/E/G ratio of 1.22 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 data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.04. The company had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $84.22 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The firm’s quarterly revenue was up 13.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.44 EPS. Equities research analysts expect that Alphabet Inc. will post 7.63 earnings per share for the current year.

Alphabet Dividend Announcement

The company also recently disclosed 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. The ex-dividend date of this dividend is Monday, September 9th. This represents a $0.80 annualized dividend and a yield of 0.50%. Alphabet’s payout ratio is currently 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.