Bridges Investment Management Inc. Sells 10,833 Shares of Alphabet Inc. (NASDAQ:GOOG)

Bridges Investment Management Inc. cut its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 2.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 376,994 shares of the information services provider's stock after selling 10,833 shares during the period. Bridges Investment Management Inc.'s holdings in Alphabet were worth $58,898,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. Hutchinson Capital Management CA grew its position in Alphabet by 1.5% in the fourth quarter. Hutchinson Capital Management CA now owns 3,555 shares of the information services provider's stock worth $677,000 after acquiring an additional 54 shares during the period. Retirement Planning Co of New England Inc. boosted its position in shares of Alphabet by 0.4% during the fourth quarter. Retirement Planning Co of New England Inc. now owns 15,977 shares of the information services provider's stock worth $3,043,000 after buying an additional 56 shares during the period. Concentrum Wealth Management boosted its position in shares of Alphabet by 0.3% during the fourth quarter. Concentrum Wealth Management now owns 17,328 shares of the information services provider's stock worth $3,300,000 after buying an additional 57 shares during the period. JDM Financial Group LLC boosted its position in shares of Alphabet by 10.6% during the fourth quarter. JDM Financial Group LLC now owns 593 shares of the information services provider's stock worth $113,000 after buying an additional 57 shares during the period. Finally, Kidder Stephen W boosted its position in shares of Alphabet by 1.6% during the fourth quarter. Kidder Stephen W now owns 3,608 shares of the information services provider's stock worth $687,000 after buying an additional 58 shares during the period. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Performance

Shares of GOOG traded up $1.28 during trading hours on Thursday, hitting $178.94. The company's stock had a trading volume of 15,014,759 shares, compared to its average volume of 21,317,800. The business has a 50 day simple moving average of $170.87 and a two-hundred day simple moving average of $175.30. 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 Inc. has a 52-week low of $142.66 and a 52-week high of $208.70. The company has a market cap of $2.17 trillion, a price-to-earnings ratio of 19.95, a PEG ratio of 1.23 and a beta of 1.01.

Alphabet (NASDAQ:GOOG - Get Free Report) last announced its quarterly earnings data 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 net margin of 30.86% and a return on equity of 34.54%. The firm had revenue of $90.23 billion during the quarter, compared to analyst estimates of $89.30 billion. During the same period in the previous year, the business posted $1.89 EPS. The business's quarterly revenue was up 12.0% on a year-over-year basis. On average, equities analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 9th were given a dividend of $0.21 per share. 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. The ex-dividend date of this dividend was Monday, June 9th. Alphabet's dividend payout ratio is 9.36%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Cantor Fitzgerald restated a "neutral" rating and set a $171.00 price target on shares of Alphabet in a research report on Friday, April 25th. Susquehanna reiterated a "positive" rating on shares of Alphabet in a research note on Friday, May 2nd. Lake Street Capital reiterated a "buy" rating on shares of Alphabet in a research note on Wednesday. Needham & Company LLC cut Alphabet from a "buy" rating to a "cautious" rating in a research note on Friday, May 2nd. Finally, Westpark Capital reiterated a "buy" rating and issued a $210.00 price objective on shares of Alphabet in a research note on Friday, April 25th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, nineteen have issued a buy rating and six have given a strong buy rating to the company. According to MarketBeat.com, Alphabet currently has a consensus rating of "Moderate Buy" and a consensus target price of $207.63.

Insider Activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the transaction, the chief executive officer owned 2,559,892 shares in the company, valued at approximately $456,991,919.84. This represents a 1.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kavitark Ram Shriram sold 9,000 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $1,575,000.00. Following the sale, the director owned 255,400 shares in the company, valued at approximately $44,695,000. The trade was a 3.40% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 215,643 shares of company stock valued at $36,330,928. 12.99% of the stock is owned by 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.