Alphabet Inc. (NASDAQ:GOOG) Stock Position Lowered by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC decreased its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 1.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,270,509 shares of the information services provider's stock after selling 21,871 shares during the period. Alphabet comprises 0.6% of Allspring Global Investments Holdings LLC's investment portfolio, making the stock its 24th biggest position. Allspring Global Investments Holdings LLC's holdings in Alphabet were worth $360,738,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Principia Wealth Advisory LLC boosted its holdings in Alphabet by 111.8% in the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock valued at $26,000 after purchasing an additional 85 shares in the last quarter. LSV Asset Management purchased a new position in shares of Alphabet during the 4th quarter worth approximately $27,000. WealthTrak Capital Management LLC acquired a new stake in shares of Alphabet in the 4th quarter valued at approximately $38,000. Mountain Hill Investment Partners Corp. acquired a new stake in Alphabet in the fourth quarter valued at $39,000. Finally, Noble Wealth Management PBC acquired a new stake in shares of Alphabet in the fourth quarter valued at about $43,000. Institutional investors and hedge funds own 27.26% of the company's stock.

Analyst Upgrades and Downgrades

GOOG has been the topic of a number of research analyst reports. BNP Paribas downgraded Alphabet from a "strong-buy" rating to a "hold" rating in a research report on Thursday. Rosenblatt Securities raised shares of Alphabet from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 25th. Citizens Jmp upgraded shares of Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Thursday. Susquehanna restated a "positive" rating on shares of Alphabet in a research note on Friday, May 2nd. Finally, Citigroup reaffirmed a "sell" rating on shares of Alphabet in a report on Wednesday, April 23rd. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and six have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Alphabet presently has an average rating of "Moderate Buy" and an average price target of $206.38.

Alphabet Stock Performance

Shares of NASDAQ GOOG traded down $0.88 during trading on Monday, reaching $177.39. The stock had a trading volume of 43,932,266 shares, compared to its average volume of 21,076,067. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.77 and a current ratio of 1.77. The stock has a market cap of $2.15 trillion, a PE ratio of 19.78, a P/E/G ratio of 1.26 and a beta of 1.01. Alphabet Inc. has a one year low of $142.66 and a one year high of $208.70. The firm's 50 day moving average price is $167.82 and its two-hundred day moving average price is $175.90.

Alphabet (NASDAQ:GOOG - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, topping analysts' consensus estimates of $2.02 by $0.79. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. The business had revenue of $90.23 billion for the quarter, compared to analysts' expectations of $89.30 billion. During the same period in the prior year, the firm earned $1.89 EPS. The business's quarterly revenue was up 12.0% on a year-over-year basis. On average, research analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 9th were paid a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, June 9th. This represents a $0.84 annualized dividend and a yield of 0.47%. This is an increase from Alphabet's previous quarterly dividend of $0.20. Alphabet's payout ratio is presently 9.36%.

Insider Buying and Selling

In other news, Director Kavitark Ram Shriram sold 9,000 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $1,575,000.00. Following the completion of the sale, the director directly owned 255,400 shares of the company's stock, valued at approximately $44,695,000. This represents a 3.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $176.68, for a total value of $5,742,100.00. Following the completion of the sale, the chief executive officer directly owned 2,555,196 shares in the company, valued at $451,452,029.28. This represents a 1.26% decrease in their position. The disclosure for this sale can be found here. Insiders sold 216,195 shares of company stock valued at $35,764,898 over the last 90 days. 12.99% of the stock is currently owned by company insiders.

Alphabet Company 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.