Private Advisory Group LLC Sells 10,524 Shares of Alphabet Inc. (NASDAQ:GOOG)

Key Points

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Private Advisory Group LLC lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 5.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 177,017 shares of the information services provider's stock after selling 10,524 shares during the quarter. Alphabet makes up 3.1% of Private Advisory Group LLC's holdings, making the stock its 6th biggest holding. Private Advisory Group LLC's holdings in Alphabet were worth $27,655,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Concentrum Wealth Management raised its holdings in shares of Alphabet by 0.3% in the 4th quarter. Concentrum Wealth Management now owns 17,328 shares of the information services provider's stock valued at $3,300,000 after buying an additional 57 shares during the period. JDM Financial Group LLC raised its holdings in shares of Alphabet by 10.6% in the 4th quarter. JDM Financial Group LLC now owns 593 shares of the information services provider's stock valued at $113,000 after buying an additional 57 shares during the period. Kidder Stephen W increased its holdings in Alphabet by 1.6% during the 4th quarter. Kidder Stephen W now owns 3,608 shares of the information services provider's stock worth $687,000 after purchasing an additional 58 shares during the period. Objectivity Squared LLC increased its holdings in Alphabet by 0.4% during the 1st quarter. Objectivity Squared LLC now owns 16,342 shares of the information services provider's stock worth $2,605,000 after purchasing an additional 62 shares during the period. Finally, Tranquility Partners LLC increased its holdings in Alphabet by 0.4% during the 1st quarter. Tranquility Partners LLC now owns 14,488 shares of the information services provider's stock worth $2,263,000 after purchasing an additional 63 shares during the period. Institutional investors own 27.26% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on GOOG. The Goldman Sachs Group restated a "buy" rating and set a $220.00 price target on shares of Alphabet in a report on Monday, June 2nd. Needham & Company LLC downgraded Alphabet from a "buy" rating to a "cautious" rating in a report on Friday, May 2nd. Roth Capital restated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Cowen restated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Finally, Pivotal Research upped their price target on Alphabet from $225.00 to $245.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Three research analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have given a buy rating and five have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $215.19.

Alphabet Stock Performance

Shares of GOOG stock traded down $2.87 during trading hours on Friday, reaching $189.99. 5,567,874 shares of the company's stock were exchanged, compared to its average volume of 24,215,551. The company has a market cap of $2.31 trillion, a P/E ratio of 20.25, a price-to-earnings-growth ratio of 1.31 and a beta of 1.01. The company's 50 day moving average is $178.96 and its two-hundred day moving average is $174.70. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $208.70. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

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

Alphabet Dividend Announcement

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

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of the firm'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 value of $5,801,900.00. Following the completion of the transaction, the chief executive officer directly owned 2,559,892 shares of the company's stock, valued at $456,991,919.84. This trade represents a 1.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kavitark Ram Shriram sold 18,566 shares of the stock in a transaction 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 sale, the director owned 243,400 shares in the company, valued at approximately $45,213,984. This trade represents a 7.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 249,399 shares of company stock valued at $43,525,794 over the last ninety days. 12.99% of the stock is currently owned by company 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.