Petredis Investment Advisors LLC lessened its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 6.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 182,116 shares of the information services provider's stock after selling 12,631 shares during the quarter. Alphabet comprises 2.9% of Petredis Investment Advisors LLC's holdings, making the stock its 11th biggest position. Petredis Investment Advisors LLC's holdings in Alphabet were worth $28,162,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. Rockbridge Capital Management LLC acquired a new position in Alphabet during the 4th quarter valued at approximately $3,119,000. Optivise Advisory Services LLC boosted its holdings in shares of Alphabet by 8.0% in the 4th quarter. Optivise Advisory Services LLC now owns 5,464 shares of the information services provider's stock valued at $1,035,000 after acquiring an additional 403 shares during the last quarter. Community Bank N.A. boosted its holdings in shares of Alphabet by 6.4% in the 4th quarter. Community Bank N.A. now owns 46,173 shares of the information services provider's stock valued at $8,741,000 after acquiring an additional 2,790 shares during the last quarter. Premier Fund Managers Ltd boosted its holdings in shares of Alphabet by 30.0% in the 4th quarter. Premier Fund Managers Ltd now owns 61,792 shares of the information services provider's stock valued at $11,816,000 after acquiring an additional 14,262 shares during the last quarter. Finally, Absolute Capital Management LLC boosted its holdings in shares of Alphabet by 14.0% in the 4th quarter. Absolute Capital Management LLC now owns 2,096 shares of the information services provider's stock valued at $401,000 after acquiring an additional 258 shares during the last quarter. Institutional investors own 40.03% of the company's stock.
Insiders Place Their Bets
In other Alphabet news, Director Kavitark Ram Shriram sold 10,500 shares of Alphabet stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $1,837,500.00. Following the completion of the sale, the director now directly owns 261,966 shares in the company, valued at $45,844,050. This trade represents a 3.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Amie Thuener O'toole sold 673 shares of Alphabet stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $155.33, for a total transaction of $104,537.09. Following the sale, the chief accounting officer now owns 15,303 shares of the company's stock, valued at approximately $2,377,014.99. This represents a 4.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 195,570 shares of company stock valued at $32,003,532 over the last ninety days. Company insiders own 11.64% of the company's stock.
Analyst Ratings Changes
Several research firms have recently commented on GOOGL. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $200.00 price objective on shares of Alphabet in a report on Wednesday, April 23rd. JPMorgan Chase & Co. dropped their price objective on shares of Alphabet from $220.00 to $180.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Citigroup upped their price objective on shares of Alphabet from $195.00 to $200.00 and gave the company a "buy" rating in a report on Friday, April 25th. Sanford C. Bernstein upped their price objective on shares of Alphabet from $165.00 to $185.00 and gave the company a "market perform" rating in a report on Friday, April 25th. Finally, Oppenheimer upped their price objective on shares of Alphabet from $185.00 to $200.00 and gave the company an "outperform" rating in a report on Friday, April 25th. Ten equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, Alphabet currently has a consensus rating of "Moderate Buy" and an average target price of $199.75.
Check Out Our Latest Research Report on GOOGL
Alphabet Price Performance
Shares of NASDAQ:GOOGL traded down $1.65 during midday trading on Thursday, hitting $175.70. The company's stock had a trading volume of 20,879,613 shares, compared to its average volume of 30,364,109. The business's 50 day simple moving average is $162.29 and its 200 day simple moving average is $174.57. 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 company has a market cap of $2.13 trillion, a P/E ratio of 21.83, a price-to-earnings-growth ratio of 1.34 and a beta of 1.01. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $207.05.
Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, topping the consensus estimate of $2.02 by $0.79. The firm had revenue of $76.49 billion for 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 period last year, the firm posted $1.89 earnings per share. On average, analysts forecast that Alphabet Inc. will post 8.9 EPS for the current year.
Alphabet Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 9th will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, June 9th. This is an increase 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 payout ratio is 9.36%.
Alphabet Profile
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Free Report)
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.
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