Adero Partners LLC Raises Holdings in Alphabet Inc. (NASDAQ:GOOG)

Adero Partners LLC grew its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 113.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 150,364 shares of the information services provider's stock after buying an additional 80,024 shares during the period. Alphabet accounts for 1.5% of Adero Partners LLC's investment portfolio, making the stock its 14th largest position. Adero Partners LLC's holdings in Alphabet were worth $23,491,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Principia Wealth Advisory LLC lifted its holdings in Alphabet by 111.8% during the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after purchasing an additional 85 shares in the last quarter. LSV Asset Management purchased a new stake in Alphabet during the 4th quarter worth about $27,000. WealthTrak Capital Management LLC purchased a new stake in Alphabet during the 4th quarter worth about $38,000. Mountain Hill Investment Partners Corp. purchased a new stake in Alphabet during the 4th quarter worth about $39,000. Finally, Noble Wealth Management PBC purchased a new stake in Alphabet during the 4th quarter worth about $43,000. Hedge funds and other institutional investors own 27.26% of the company's stock.

Analyst Upgrades and Downgrades

GOOG has been the topic of a number of recent research reports. UBS Group dropped their price objective on Alphabet from $209.00 to $173.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. Tigress Financial reaffirmed a "strong-buy" rating on shares of Alphabet in a report on Friday, May 2nd. Citigroup reaffirmed a "sell" rating on shares of Alphabet in a report on Wednesday, April 23rd. JPMorgan Chase & Co. raised their price target on Alphabet from $180.00 to $195.00 and gave the company an "overweight" rating in a report on Friday, April 25th. Finally, Rosenblatt Securities raised Alphabet from a "hold" rating to a "strong-buy" rating in a report on Friday, April 25th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, fourteen have given a buy rating and five have issued a strong buy rating to the company's stock. According to MarketBeat, Alphabet has an average rating of "Moderate Buy" and an average price target of $204.88.

Insider Buying and Selling

In other news, insider John Kent Walker sold 11,764 shares of Alphabet stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $166.84, for a total value of $1,962,705.76. Following the sale, the insider now directly owns 49,037 shares in the company, valued at approximately $8,181,333.08. This trade represents a 19.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $168.71, for a total value of $5,483,075.00. Following the completion of the sale, the chief executive officer now owns 2,587,696 shares in the company, valued at approximately $436,570,192.16. This represents a 1.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 195,570 shares of company stock worth $32,003,532 in the last ninety days. 12.99% of the stock is owned by insiders.

Alphabet Price Performance

GOOG opened at $175.88 on Monday. The stock's 50 day simple moving average is $164.57 and its 200 day simple moving average is $176.38. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.84 and a quick ratio of 1.84. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $208.70. The firm has a market cap of $2.13 trillion, a price-to-earnings ratio of 21.85, a PEG ratio of 1.34 and a beta of 1.01.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.02 by $0.79. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. The business had revenue of $90.23 billion for the quarter, compared to analyst estimates of $89.30 billion. During the same period last year, the company earned $1.89 EPS. Alphabet's revenue for the quarter was up 12.0% compared to the same quarter last year. As a group, analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 9th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.48%. This is a positive change from Alphabet's previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Monday, June 9th. Alphabet's dividend payout ratio (DPR) is presently 9.36%.

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.

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