White Pine Capital LLC Trims Stock Holdings in Alphabet Inc. $GOOG

White Pine Capital LLC reduced its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 3.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,421 shares of the information services provider’s stock after selling 500 shares during the quarter. White Pine Capital LLC’s holdings in Alphabet were worth $2,381,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of GOOG. Neo Ivy Capital Management purchased a new position in shares of Alphabet in the second quarter valued at $3,227,000. YANKCOM Partnership boosted its stake in Alphabet by 3.1% in the 2nd quarter. YANKCOM Partnership now owns 5,510 shares of the information services provider’s stock worth $977,000 after purchasing an additional 166 shares during the period. Archvest Wealth Advisors Inc. boosted its stake in Alphabet by 1.4% in the 2nd quarter. Archvest Wealth Advisors Inc. now owns 4,578 shares of the information services provider’s stock worth $812,000 after purchasing an additional 64 shares during the period. DNB Asset Management AS grew its holdings in Alphabet by 4.9% during the 2nd quarter. DNB Asset Management AS now owns 950,341 shares of the information services provider’s stock valued at $168,581,000 after buying an additional 44,405 shares in the last quarter. Finally, Wealth Advisors of Iowa LLC grew its holdings in Alphabet by 3.6% during the 2nd quarter. Wealth Advisors of Iowa LLC now owns 7,329 shares of the information services provider’s stock valued at $1,300,000 after buying an additional 252 shares in the last quarter. 27.26% of the stock is owned by institutional investors.

Insider Transactions at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $250.15, for a total value of $8,129,875.00. Following the completion of the sale, the chief executive officer owned 2,369,619 shares of the company’s stock, valued at $592,760,192.85. This represents a 1.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 2,778 shares of the stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $250.05, for a total transaction of $694,638.90. Following the transaction, the chief accounting officer owned 14,516 shares in the company, valued at $3,629,725.80. The trade was a 16.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 195,452 shares of company stock worth $49,255,209. 12.99% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on GOOG. KeyCorp reissued an “overweight” rating and issued a $330.00 price target on shares of Alphabet in a report on Thursday, October 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Alphabet in a research note on Wednesday, October 8th. Pivotal Research raised their price target on shares of Alphabet from $300.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Piper Sandler upped their price target on shares of Alphabet from $285.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $340.00 price objective on shares of Alphabet in a research report on Thursday, October 30th. Seven equities research analysts have rated the stock with a Strong Buy rating, twenty-six have given a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Alphabet currently has a consensus rating of “Moderate Buy” and an average target price of $324.81.

Alphabet Price Performance

Shares of NASDAQ:GOOG opened at $289.98 on Friday. The company’s fifty day moving average price is $261.82 and its 200-day moving average price is $212.97. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The firm has a market capitalization of $3.50 trillion, a price-to-earnings ratio of 28.60, a PEG ratio of 1.86 and a beta of 1.05. Alphabet Inc. has a one year low of $142.66 and a one year high of $306.89.

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

Alphabet Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 8th will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Monday, December 8th. Alphabet’s dividend 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.