Flputnam Investment Management Co. Lowers Stake in Alphabet Inc. $GOOGL

Key Points

• Flputnam Investment Management Co. reduced its stake in Alphabet Inc. by 2.2% during Q1, now holding 564,748 shares worth approximately $87.33 million.
• Several large investors increased their positions in Alphabet, with Betterment LLC significantly raising its stake by 151.3%, now owning 4,820 shares valued at $745,000.
• Alphabet has received positive analyst ratings, with four analysts issuing a Strong Buy rating and a consensus price target of $211.53 as of the latest reports.

Flputnam Investment Management Co. cut its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 2.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 564,748 shares of the information services provider's stock after selling 12,903 shares during the period. Alphabet makes up approximately 1.6% of Flputnam Investment Management Co.'s investment portfolio, making the stock its 9th biggest position. Flputnam Investment Management Co.'s holdings in Alphabet were worth $87,333,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Guardian Wealth Management Inc. raised its position in shares of Alphabet by 242.9% during the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock worth $26,000 after purchasing an additional 119 shares during the period. IMA Advisory Services Inc. acquired a new stake in Alphabet during the 1st quarter worth about $28,000. von Borstel & Associates Inc. purchased a new stake in Alphabet during the first quarter valued at about $28,000. NBZ Investment Advisors LLC boosted its holdings in shares of Alphabet by 85.7% in the first 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 position in shares of Alphabet in the first quarter worth approximately $39,000. 40.03% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider John Kent Walker sold 23,820 shares of the business's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the transaction, the insider owned 42,999 shares in the company, valued at approximately $8,371,905.30. The trade was a 35.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $199.92, for a total transaction of $6,497,400.00. Following the transaction, the chief executive officer owned 2,462,392 shares in the company, valued at approximately $492,281,408.64. The trade was a 1.30% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 222,210 shares of company stock worth $41,742,155. Insiders own 11.55% of the company's stock.

Alphabet Stock Up 9.1%

GOOGL stock traded up $19.31 during midday trading on Wednesday, reaching $230.66. The company had a trading volume of 102,404,162 shares, compared to its average volume of 27,560,906. The company has a market capitalization of $2.79 trillion, a P/E ratio of 22.67, a PEG ratio of 1.43 and a beta of 1.01. The company has a 50 day moving average of $192.29 and a two-hundred day moving average of $174.41. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $231.31.

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

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.4%. The ex-dividend date is Monday, September 8th. Alphabet's dividend payout ratio (DPR) is 8.95%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. UBS Group lifted their price objective on shares of Alphabet from $192.00 to $202.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Bank of America raised their target price on Alphabet from $210.00 to $217.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. JPMorgan Chase & Co. raised their target price on Alphabet from $200.00 to $232.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Guggenheim raised their target price on Alphabet from $190.00 to $210.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Finally, Piper Sandler raised their target price on Alphabet from $195.00 to $220.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Four research analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Alphabet currently has a consensus rating of "Moderate Buy" and a consensus target price of $219.11.

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.