Alphabet Inc. (NASDAQ:GOOG) Shares Sold by Altfest L J & Co. Inc.

Key Points

• Altfest L J & Co. Inc. reduced its holdings in Alphabet Inc. by 28.1%, selling 8,909 shares and owning a total of 22,771 shares worth $3,558,000 as of their latest filing.
• Research analysts have varied opinions on Alphabet, with the stock receiving a consensus rating of "Moderate Buy" and an average target price of $215.19.
• Alphabet recently declared a quarterly dividend of $0.21 per share, set to be paid on September 15, 2023, reflecting a annual yield of 0.4%.

Altfest L J & Co. Inc. trimmed its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 28.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,771 shares of the information services provider's stock after selling 8,909 shares during the period. Altfest L J & Co. Inc.'s holdings in Alphabet were worth $3,558,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. LSV Asset Management acquired a new position in shares of Alphabet during the 4th quarter valued at about $27,000. Principia Wealth Advisory LLC raised its stake in Alphabet by 111.8% during the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after purchasing an additional 85 shares during the period. MorganRosel Wealth Management LLC acquired a new position in Alphabet in the 1st quarter valued at about $26,000. Greykasell Wealth Strategies Inc. purchased a new stake in shares of Alphabet in the 1st quarter valued at approximately $32,000. Finally, Goodman Advisory Group LLC acquired a new stake in shares of Alphabet during the 1st quarter worth approximately $32,000. 27.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Citizens Jmp upgraded Alphabet from a "hold" rating to a "strong-buy" rating in a report on Thursday, June 26th. Westpark Capital reissued a "buy" rating and set a $210.00 target price on shares of Alphabet in a research note on Friday, April 25th. Barclays restated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Roth Capital reiterated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Finally, Citigroup restated a "sell" rating on shares of Alphabet in a report on Wednesday, April 23rd. Three investment 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 stock. Based on data from MarketBeat, Alphabet has a consensus rating of "Moderate Buy" and an average target price of $215.19.

Insider Buying and Selling

In related news, Director John L. Hennessy sold 400 shares of Alphabet stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $181.98, for a total value of $72,792.00. Following the completion of the transaction, the director owned 6,013 shares in the company, valued at $1,094,245.74. The trade was a 6.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kavitark Ram Shriram sold 15,000 shares of the business's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the transaction, the director owned 240,400 shares of the company's stock, valued at $44,656,704. This trade represents a 5.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 273,219 shares of company stock worth $49,474,273 in the last quarter. Company insiders own 12.99% of the company's stock.

Alphabet Stock Up 0.2%

GOOG traded up $0.36 during trading hours on Thursday, hitting $197.28. 14,292,926 shares of the company's stock were exchanged, compared to its average volume of 25,208,792. The firm has a market cap of $2.39 trillion, a P/E ratio of 21.01, a price-to-earnings-growth ratio of 1.31 and a beta of 1.02. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $208.70. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The firm has a 50 day moving average of $181.28 and a 200 day moving average of $174.68.

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

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be issued a dividend of $0.21 per share. The ex-dividend date is Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.4%. Alphabet's dividend payout ratio is 8.95%.

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.