Alpha Cubed Investments LLC Reduces Position in Alphabet Inc. (NASDAQ:GOOG)

Alpha Cubed Investments LLC decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 5.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 47,688 shares of the information services provider's stock after selling 2,738 shares during the period. Alpha Cubed Investments LLC's holdings in Alphabet were worth $7,450,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Principia Wealth Advisory LLC increased its position in shares of Alphabet by 111.8% during the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock valued at $26,000 after acquiring an additional 85 shares in the last quarter. MorganRosel Wealth Management LLC bought a new stake in shares of Alphabet during the first quarter valued at approximately $26,000. LSV Asset Management bought a new stake in shares of Alphabet during the fourth quarter valued at approximately $27,000. Goodman Advisory Group LLC purchased a new stake in Alphabet in the first quarter worth approximately $32,000. Finally, WealthTrak Capital Management LLC purchased a new stake in Alphabet in the fourth quarter worth approximately $38,000. Institutional investors own 27.26% of the company's stock.

Insider Buying and Selling at Alphabet

In other news, Director Kavitark Ram Shriram sold 9,000 shares of the business's stock in a transaction dated 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 sale, the director directly owned 255,400 shares in the company, valued at $44,695,000. The trade was a 3.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John L. Hennessy sold 600 shares of the business's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $105,000.00. Following the completion of the sale, the director owned 6,813 shares in the company, valued at approximately $1,192,275. This trade represents a 8.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 215,643 shares of company stock worth $36,330,928. Insiders own 12.99% of the company's stock.

Alphabet Price Performance

Shares of GOOG stock traded down $2.40 on Tuesday, hitting $175.16. 24,067,986 shares of the stock traded hands, compared to its average volume of 21,220,725. The firm has a market cap of $2.13 trillion, a price-to-earnings ratio of 19.53, a PEG ratio of 1.27 and a beta of 1.01. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $208.70. The firm has a 50 day simple moving average of $170.28 and a two-hundred day simple moving average of $175.29. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.77 and a quick ratio of 1.77.

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 (EPS) for the quarter, beating analysts' consensus estimates of $2.02 by $0.79. The company had revenue of $90.23 billion for the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. Alphabet's revenue for the quarter was up 12.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.89 EPS. As a group, equities research analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 9th were issued a $0.21 dividend. This is an increase from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date of this dividend was Monday, June 9th. Alphabet's payout ratio is currently 9.36%.

Analysts Set New Price Targets

Several brokerages recently issued reports on GOOG. Citizens Jmp upgraded shares of Alphabet from a "hold" rating to a "strong-buy" rating in a report on Thursday, June 26th. Citigroup restated a "sell" rating on shares of Alphabet in a report on Wednesday, April 23rd. Cantor Fitzgerald restated a "neutral" rating and issued a $171.00 target price on shares of Alphabet in a report on Friday, April 25th. The Goldman Sachs Group restated a "buy" rating and issued a $220.00 target price on shares of Alphabet in a report on Monday, June 2nd. Finally, Tigress Financial restated a "strong-buy" rating on shares of Alphabet in a report on Friday, May 2nd. Three research analysts have rated the stock with a sell rating, five have given a hold rating, fourteen have given a buy rating and six have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $206.38.

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.