DAVENPORT & Co LLC Sells 2,367 Shares of Alphabet Inc. (NASDAQ:GOOGL)

DAVENPORT & Co LLC lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 0.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 959,460 shares of the information services provider's stock after selling 2,367 shares during the quarter. Alphabet comprises about 0.9% of DAVENPORT & Co LLC's holdings, making the stock its 22nd largest position. DAVENPORT & Co LLC's holdings in Alphabet were worth $148,317,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. Addison Advisors LLC increased its position in Alphabet by 0.7% in the fourth quarter. Addison Advisors LLC now owns 7,527 shares of the information services provider's stock worth $1,425,000 after buying an additional 53 shares during the period. Burt Wealth Advisors increased its position in Alphabet by 1.0% in the fourth quarter. Burt Wealth Advisors now owns 5,307 shares of the information services provider's stock worth $1,005,000 after buying an additional 54 shares during the period. Perritt Capital Management Inc increased its position in Alphabet by 10.4% in the fourth quarter. Perritt Capital Management Inc now owns 618 shares of the information services provider's stock worth $117,000 after buying an additional 58 shares during the period. Nia Impact Advisors LLC increased its position in Alphabet by 0.3% in the fourth quarter. Nia Impact Advisors LLC now owns 17,161 shares of the information services provider's stock worth $3,249,000 after buying an additional 59 shares during the period. Finally, Hanlon Investment Management Inc. increased its position in Alphabet by 1.7% in the fourth quarter. Hanlon Investment Management Inc. now owns 3,553 shares of the information services provider's stock worth $673,000 after buying an additional 60 shares during the period. Institutional investors and hedge funds own 40.03% of the company's stock.

Alphabet Stock Down 1.4%

NASDAQ GOOGL traded down $2.43 during trading on Tuesday, reaching $174.36. 40,387,277 shares of the company's stock were exchanged, compared to its average volume of 31,635,871. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $207.05. The firm has a market capitalization of $2.12 trillion, a PE ratio of 19.44, a P/E/G ratio of 1.26 and a beta of 1.00. 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 company's fifty day simple moving average is $169.03 and its 200-day simple moving average is $173.67.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, topping 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 analyst estimates of $89.30 billion. During the same period last year, the company posted $1.89 EPS. Sell-side analysts predict that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 9th were given a dividend of $0.21 per share. The ex-dividend date was Monday, June 9th. This is a positive change from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a yield of 0.48%. Alphabet's dividend payout ratio (DPR) is presently 9.36%.

Insider Activity

In other news, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $105,000.00. Following the completion of the sale, the director directly owned 6,813 shares in the company, valued at $1,192,275. The trade was a 8.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total value of $5,801,900.00. Following the sale, 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 disclosure for this sale can be found here. Insiders sold a total of 215,643 shares of company stock worth $36,330,928 in the last three months. 11.55% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Needham & Company LLC reaffirmed a "buy" rating and issued a $178.00 target price on shares of Alphabet in a research report on Friday, April 25th. Rosenblatt Securities reissued a "neutral" rating and set a $189.00 price target on shares of Alphabet in a report on Wednesday, May 21st. Mizuho lowered their price target on Alphabet from $230.00 to $205.00 and set an "outperform" rating on the stock in a report on Wednesday, April 9th. Roth Capital reissued a "buy" rating and set a $205.00 price target (up from $180.00) on shares of Alphabet in a report on Tuesday. Finally, Roth Mkm reissued a "buy" rating and set a $220.00 price target on shares of Alphabet in a report on Wednesday, March 19th. Ten investment analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, Alphabet has an average rating of "Moderate Buy" and a consensus price target of $200.13.

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.