Alphabet Inc. $GOOGL Shares Sold by Bar Harbor Wealth Management

Key Points

• Bar Harbor Wealth Management reduced its stake in Alphabet Inc. by 4.1%, holding 95,013 shares after selling 4,027 shares during the 2nd quarter.
• Analysts are bullish on Alphabet, with multiple firms raising their price targets; Cantor Fitzgerald's target rose to $265 and Jefferies Financial Group boosted it to $285.
• The company announced a quarterly dividend of $0.21 per share, translating to an annual dividend yield of 0.3%, with a payout ratio of 8.95%.

Bar Harbor Wealth Management decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 4.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 95,013 shares of the information services provider's stock after selling 4,027 shares during the quarter. Alphabet comprises approximately 1.1% of Bar Harbor Wealth Management's holdings, making the stock its 25th biggest holding. Bar Harbor Wealth Management's holdings in Alphabet were worth $16,744,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Guardian Wealth Management Inc. increased its stake in Alphabet by 242.9% during the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock worth $26,000 after buying an additional 119 shares during the period. von Borstel & Associates Inc. purchased a new stake in Alphabet during the 1st quarter worth $28,000. IMA Advisory Services Inc. purchased a new stake in Alphabet during the 1st quarter worth $28,000. NBZ Investment Advisors LLC increased its stake in Alphabet by 85.7% during the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock worth $30,000 after buying an additional 90 shares during the period. Finally, Financial Gravity Asset Management Inc. purchased a new stake in Alphabet during the 1st quarter worth $39,000. Institutional investors and hedge funds own 40.03% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on GOOGL shares. JPMorgan Chase & Co. reaffirmed a "buy" rating on shares of Alphabet in a research note on Tuesday. Cantor Fitzgerald lifted their price target on shares of Alphabet from $201.00 to $265.00 and gave the stock a "neutral" rating in a research note on Monday, October 13th. Jefferies Financial Group boosted their target price on shares of Alphabet from $230.00 to $285.00 and gave the stock a "buy" rating in a research report on Thursday, October 2nd. Stifel Nicolaus boosted their target price on shares of Alphabet from $200.00 to $218.00 and gave the stock a "buy" rating in a research report on Tuesday, July 22nd. Finally, HSBC assumed coverage on shares of Alphabet in a research report on Tuesday, October 7th. They issued a "buy" rating and a $285.00 target price for the company. Four analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $252.24.

Insider Buying and Selling at Alphabet

In other news, CAO Amie Thuener O'toole sold 2,778 shares of the company's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the sale, the chief accounting officer directly owned 17,293 shares of the company's stock, valued at approximately $4,236,785. This represents a 13.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider John Kent Walker sold 23,820 shares of the company's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the sale, the insider directly owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 246,150 shares of company stock valued at $55,805,379 in the last ninety days. Company insiders own 11.64% of the company's stock.

Alphabet Trading Up 0.7%

NASDAQ GOOGL opened at $253.30 on Friday. Alphabet Inc. has a one year low of $140.53 and a one year high of $256.96. The company has a 50-day simple moving average of $231.55 and a 200-day simple moving average of $191.61. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The firm has a market capitalization of $3.06 trillion, a PE ratio of 26.98, a price-to-earnings-growth ratio of 1.70 and a beta of 1.00.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating the consensus estimate of $2.15 by $0.16. The business had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. On average, equities analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Monday, September 8th. Alphabet's payout ratio is presently 8.95%.

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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