Alphabet Inc. (NASDAQ:GOOGL) Shares Sold by Corundum Group Inc.

Corundum Group Inc. lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 21.7% in the first quarter, according to its most recent filing with the SEC. The firm owned 9,505 shares of the information services provider's stock after selling 2,633 shares during the quarter. Alphabet comprises approximately 0.7% of Corundum Group Inc.'s holdings, making the stock its 29th largest position. Corundum Group Inc.'s holdings in Alphabet were worth $1,470,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Macroview Investment Management LLC increased its position in Alphabet by 4.2% in the 4th quarter. Macroview Investment Management LLC now owns 1,293 shares of the information services provider's stock worth $245,000 after purchasing an additional 52 shares during the last quarter. Addison Advisors LLC increased its position in Alphabet by 0.7% in the 4th quarter. Addison Advisors LLC now owns 7,527 shares of the information services provider's stock worth $1,425,000 after purchasing an additional 53 shares during the last quarter. Burt Wealth Advisors increased its position in Alphabet by 1.0% in the 4th quarter. Burt Wealth Advisors now owns 5,307 shares of the information services provider's stock worth $1,005,000 after purchasing an additional 54 shares during the last quarter. Perritt Capital Management Inc increased its position in Alphabet by 10.4% in the 4th quarter. Perritt Capital Management Inc now owns 618 shares of the information services provider's stock worth $117,000 after purchasing an additional 58 shares during the last quarter. Finally, Nia Impact Advisors LLC increased its position in Alphabet by 0.3% in the 4th quarter. Nia Impact Advisors LLC now owns 17,161 shares of the information services provider's stock worth $3,249,000 after purchasing an additional 59 shares during the last quarter. Institutional investors and hedge funds own 40.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on GOOGL shares. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $200.00 target price on shares of Alphabet in a research report on Wednesday, April 23rd. Westpark Capital reiterated a "buy" rating and set a $210.00 price target on shares of Alphabet in a research note on Thursday, May 8th. Wells Fargo & Company upped their price target on Alphabet from $167.00 to $175.00 and gave the stock an "equal weight" rating in a research note on Friday, April 25th. Rosenblatt Securities reiterated a "neutral" rating and set a $189.00 price target on shares of Alphabet in a research note on Wednesday, May 21st. Finally, BMO Capital Markets reiterated an "outperform" rating and set a $200.00 price target (down previously from $230.00) on shares of Alphabet in a research note on Thursday, April 17th. Ten investment analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $199.95.

Alphabet Trading Up 2.9%

Shares of GOOGL opened at $178.53 on Monday. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $207.05. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.03. The stock has a 50 day simple moving average of $166.45 and a 200-day simple moving average of $174.26. The stock has a market cap of $2.17 trillion, a PE ratio of 19.90, a PEG ratio of 1.26 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, beating analysts' consensus estimates of $2.02 by $0.79. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. The firm had revenue of $76.49 billion during the quarter, compared to analysts' expectations of $89.30 billion. During the same period last year, the firm posted $1.89 EPS. On average, sell-side analysts predict that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 9th were issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.47%. This is a boost from Alphabet's previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 9th. Alphabet's dividend payout ratio (DPR) is currently 9.36%.

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $158.56, for a total transaction of $5,153,200.00. Following the completion of the sale, the chief executive officer now directly owns 2,717,696 shares of the company's stock, valued at $430,917,877.76. This trade represents a 1.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John L. Hennessy sold 200 shares of the firm's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $161.90, for a total value of $32,380.00. Following the sale, the director now directly owns 7,613 shares of the company's stock, valued at $1,232,544.70. This represents a 2.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 216,195 shares of company stock valued at $35,764,898 in the last three months. Corporate insiders own 11.55% of the company's stock.

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.

Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOGL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.