Hudson Edge Investment Partners Inc. lowered its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 75.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,588 shares of the information services provider's stock after selling 4,785 shares during the period. Hudson Edge Investment Partners Inc.'s holdings in Alphabet were worth $246,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. Harbour Trust & Investment Management Co grew its holdings in Alphabet by 0.3% in the first quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider's stock valued at $4,187,000 after purchasing an additional 80 shares during the period. Rockbridge Capital Management LLC purchased a new stake in Alphabet during the fourth quarter worth approximately $3,119,000. Cypress Capital LLC grew its stake in Alphabet by 4.1% during the first quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock worth $2,213,000 after buying an additional 563 shares during the period. Optivise Advisory Services LLC grew its stake in Alphabet by 8.0% during the fourth quarter. Optivise Advisory Services LLC now owns 5,464 shares of the information services provider's stock worth $1,035,000 after buying an additional 403 shares during the period. Finally, Community Bank N.A. grew its stake in Alphabet by 6.4% during the fourth quarter. Community Bank N.A. now owns 46,173 shares of the information services provider's stock worth $8,741,000 after buying an additional 2,790 shares during the period. 40.03% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity
In other news, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $170.87, for a total transaction of $5,553,275.00. Following the completion of the transaction, the chief executive officer owned 2,620,196 shares in the company, valued at approximately $447,712,890.52. This trade represents a 1.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Kavitark Ram Shriram sold 10,500 shares of the firm's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $1,837,500.00. Following the completion of the transaction, the director owned 261,966 shares of the company's stock, valued at approximately $45,844,050. The trade was a 3.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 215,643 shares of company stock worth $36,330,928. Corporate insiders own 11.64% of the company's stock.
Analysts Set New Price Targets
Several research firms have issued reports on GOOGL. Wedbush set a $190.00 price objective on shares of Alphabet and gave the stock an "outperform" rating in a research note on Tuesday, April 15th. Cantor Fitzgerald reiterated a "neutral" rating and set a $171.00 price objective on shares of Alphabet in a research note on Wednesday, June 25th. Needham & Company LLC restated a "buy" rating and issued a $178.00 target price on shares of Alphabet in a research note on Friday, April 25th. Piper Sandler upped their target price on shares of Alphabet from $185.00 to $195.00 and gave the company an "overweight" rating in a research note on Friday, April 25th. Finally, Jefferies Financial Group decreased their target price on shares of Alphabet from $235.00 to $200.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Ten research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $199.61.
Check Out Our Latest Report on Alphabet
Alphabet Price Performance
GOOGL traded up $2.57 on Friday, reaching $180.19. The company had a trading volume of 34,129,675 shares, compared to its average volume of 31,853,810. The company has a fifty day moving average of $169.99 and a 200-day moving average of $173.57. The company has a market capitalization of $2.19 trillion, a P/E ratio of 20.09, a PEG ratio of 1.24 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. Alphabet Inc. has a one year low of $140.53 and a one year 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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.02 by $0.79. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. The firm had revenue of $76.49 billion during the quarter, compared to analyst estimates of $89.30 billion. During the same quarter in the prior 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 was paid on Monday, June 16th. Stockholders of record on Monday, June 9th were given a dividend of $0.21 per share. This is a positive change from Alphabet's previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Monday, June 9th. This represents a $0.84 annualized dividend and a dividend yield of 0.47%. Alphabet's dividend payout ratio (DPR) is 9.36%.
Alphabet Company 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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