Panoramic Investment Advisors LLC Reduces Position in Alphabet Inc. (NASDAQ:GOOG)

Key Points

• Panoramic Investment Advisors LLC decreased its stake in Alphabet Inc. by 6.7%, now holding 23,416 shares, which account for 2.5% of its investment portfolio.
• CEO Sundar Pichai sold 32,500 shares of Alphabet for approximately $5.8 million, reducing his ownership by 1.25%.
• Alphabet reported a quarterly revenue of $96.43 billion, exceeding analyst expectations, and announced a quarterly dividend of $0.21 per share set to be paid on September 15th.

Panoramic Investment Advisors LLC trimmed its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 6.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,416 shares of the information services provider's stock after selling 1,679 shares during the quarter. Alphabet makes up 2.5% of Panoramic Investment Advisors LLC's investment portfolio, making the stock its 7th largest position. Panoramic Investment Advisors LLC's holdings in Alphabet were worth $3,658,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank purchased a new position in Alphabet during the fourth quarter valued at $5,166,070,000. GAMMA Investing LLC raised its stake in Alphabet by 18,562.3% during the first quarter. GAMMA Investing LLC now owns 14,323,323 shares of the information services provider's stock valued at $2,237,733,000 after buying an additional 14,246,573 shares during the last quarter. Northern Trust Corp raised its stake in Alphabet by 16.1% during the fourth quarter. Northern Trust Corp now owns 57,098,042 shares of the information services provider's stock valued at $10,873,751,000 after buying an additional 7,917,625 shares during the last quarter. Capital International Investors raised its stake in Alphabet by 6.7% during the fourth quarter. Capital International Investors now owns 91,236,069 shares of the information services provider's stock valued at $17,376,706,000 after buying an additional 5,758,244 shares during the last quarter. Finally, Sanders Capital LLC raised its stake in Alphabet by 14.5% during the fourth quarter. Sanders Capital LLC now owns 33,504,543 shares of the information services provider's stock valued at $6,380,605,000 after buying an additional 4,247,379 shares during the last quarter. 27.26% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The stock was 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 of the company's stock, valued at approximately $456,991,919.84. This represents a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of the company's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $3,448,820.16. Following the transaction, the director directly owned 243,400 shares in the company, valued at approximately $45,213,984. This represents a 7.09% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 249,409 shares of company stock worth $43,523,710. Insiders own 12.99% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on GOOG. Cowen restated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Roth Capital restated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. KeyCorp cut their price objective on Alphabet from $202.00 to $185.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. Westpark Capital reaffirmed a "buy" rating and issued a $210.00 price objective on shares of Alphabet in a report on Friday, April 25th. Finally, Pivotal Research lifted their price objective on Alphabet from $225.00 to $245.00 and gave the stock a "buy" rating in a report on Thursday. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and five have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $215.19.

Alphabet Trading Up 0.5%

GOOG stock traded up $0.88 during midday trading on Friday, reaching $194.08. 31,074,800 shares of the company traded hands, compared to its average volume of 27,020,362. The firm has a market capitalization of $2.36 trillion, a price-to-earnings ratio of 20.67, a P/E/G ratio of 1.32 and a beta of 1.01. The business has a 50 day moving average of $176.86 and a 200-day moving average of $174.67. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $208.70. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.77 and a current ratio of 1.90.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating analysts' consensus estimates of $2.12 by $0.19. The firm had revenue of $96.43 billion for the quarter, compared to analysts' expectations of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. The company's quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.89 earnings per share. As a group, sell-side analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be paid a dividend of $0.21 per share. The ex-dividend date is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.43%. Alphabet's dividend payout ratio is 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.