Central Pacific Bank Trust Division Has $5.59 Million Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Central Pacific Bank Trust Division cut its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 8.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,115 shares of the information services provider's stock after selling 3,359 shares during the period. Alphabet makes up 0.8% of Central Pacific Bank Trust Division's investment portfolio, making the stock its 22nd biggest holding. Central Pacific Bank Trust Division's holdings in Alphabet were worth $5,585,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of GOOGL. Boston Common Asset Management LLC lifted its position in Alphabet by 27.7% during the 1st quarter. Boston Common Asset Management LLC now owns 170,429 shares of the information services provider's stock worth $26,355,000 after acquiring an additional 36,980 shares during the last quarter. jvl associates llc increased its stake in Alphabet by 1.7% in the first quarter. jvl associates llc now owns 16,006 shares of the information services provider's stock valued at $2,475,000 after acquiring an additional 260 shares during the period. Legacy Wealth Management LLC MS increased its stake in Alphabet by 13.7% in the first quarter. Legacy Wealth Management LLC MS now owns 47,242 shares of the information services provider's stock valued at $7,306,000 after acquiring an additional 5,687 shares during the period. Lederer & Associates Investment Counsel CA increased its stake in Alphabet by 0.6% in the first quarter. Lederer & Associates Investment Counsel CA now owns 28,424 shares of the information services provider's stock valued at $4,395,000 after acquiring an additional 166 shares during the period. Finally, Marotta Asset Management grew its stake in Alphabet by 9.9% during the first quarter. Marotta Asset Management now owns 2,724 shares of the information services provider's stock worth $452,000 after buying an additional 245 shares during the last quarter. 40.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on GOOGL. Wells Fargo & Company upped their price objective on shares of Alphabet from $167.00 to $175.00 and gave the stock an "equal weight" rating in a research note on Friday, April 25th. Cantor Fitzgerald cut their price objective on shares of Alphabet from $200.00 to $159.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Mizuho cut their price objective on shares of Alphabet from $230.00 to $205.00 and set an "outperform" rating on the stock in a report on Wednesday, April 9th. Westpark Capital restated a "buy" rating and issued a $210.00 price objective on shares of Alphabet in a report on Thursday, May 8th. Finally, Wedbush set a $190.00 price objective on shares of Alphabet and gave the company an "outperform" rating in a report on Tuesday, April 15th. Ten analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Alphabet currently has a consensus rating of "Moderate Buy" and a consensus target price of $199.75.

Alphabet Stock Performance

Shares of GOOGL stock traded down $2.13 during midday trading on Friday, hitting $169.73. 52,598,920 shares of the company were exchanged, compared to its average volume of 29,980,554. The firm has a market capitalization of $2.06 trillion, a P/E ratio of 21.08, a PEG ratio of 1.34 and a beta of 1.01. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.84 and a current ratio of 1.84. The firm's 50 day moving average price is $159.10 and its two-hundred day moving average price is $174.59. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $207.05.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, topping the consensus estimate of $2.02 by $0.79. The business had revenue of $76.49 billion during the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. During the same quarter in the previous year, the firm posted $1.89 EPS. As a group, equities research analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 9th will be paid a $0.21 dividend. This is a boost from Alphabet's previous quarterly dividend of $0.20. The ex-dividend date is Monday, June 9th. This represents a $0.84 annualized dividend and a yield of 0.49%. Alphabet's payout ratio is 9.36%.

Insiders Place Their Bets

In other news, CAO Amie Thuener O'toole sold 1,374 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $173.47, for a total transaction of $238,347.78. Following the completion of the sale, the chief accounting officer now owns 15,024 shares of the company's stock, valued at approximately $2,606,213.28. This represents a 8.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 200 shares of the stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $165.53, for a total transaction of $33,106.00. Following the completion of the transaction, the director now directly owns 7,813 shares of the company's stock, valued at approximately $1,293,285.89. The trade was a 2.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold 164,533 shares of company stock worth $26,772,774 in the last quarter. 11.55% of the stock is currently owned by corporate insiders.

About Alphabet

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.