Strait & Sound Wealth Management LLC decreased its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 11.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,081 shares of the information services provider's stock after selling 3,240 shares during the quarter. Alphabet makes up about 2.1% of Strait & Sound Wealth Management LLC's holdings, making the stock its 10th biggest position. Strait & Sound Wealth Management LLC's holdings in Alphabet were worth $4,558,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rockbridge Capital Management LLC acquired a new position in shares of Alphabet during the 4th quarter worth $3,119,000. Optivise Advisory Services LLC increased its stake in shares of Alphabet by 8.0% during the 4th quarter. Optivise Advisory Services LLC now owns 5,464 shares of the information services provider's stock worth $1,035,000 after purchasing an additional 403 shares during the last quarter. Community Bank N.A. increased its stake in shares of Alphabet by 6.4% during the 4th quarter. Community Bank N.A. now owns 46,173 shares of the information services provider's stock worth $8,741,000 after purchasing an additional 2,790 shares during the last quarter. Premier Fund Managers Ltd increased its stake in shares of Alphabet by 30.0% during the 4th quarter. Premier Fund Managers Ltd now owns 61,792 shares of the information services provider's stock worth $11,816,000 after purchasing an additional 14,262 shares during the last quarter. Finally, Absolute Capital Management LLC increased its stake in shares of Alphabet by 14.0% during the 4th quarter. Absolute Capital Management LLC now owns 2,096 shares of the information services provider's stock worth $401,000 after purchasing an additional 258 shares during the last quarter. Hedge funds and other institutional investors own 40.03% of the company's stock.
Insider Buying and Selling at Alphabet
In related news, Director John L. Hennessy sold 600 shares of the stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $105,000.00. Following the transaction, the director now directly owns 6,813 shares in the company, valued at $1,192,275. This represents a 8.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kavitark Ram Shriram sold 10,500 shares of the stock in a transaction that occurred on 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 transaction, the director now owns 261,966 shares in the company, valued at $45,844,050. This represents a 3.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 164,654 shares of company stock worth $26,793,380 over the last ninety days. Corporate insiders own 11.64% of the company's stock.
Alphabet Price Performance
NASDAQ GOOGL traded down $2.40 on Friday, reaching $168.47. The company's stock had a trading volume of 35,166,008 shares, compared to its average volume of 29,747,753. The firm has a market cap of $2.04 trillion, a PE ratio of 20.93, a price-to-earnings-growth ratio of 1.34 and a beta of 1.01. The business has a 50-day moving average price of $158.57 and a 200 day moving average price of $174.87. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $207.05. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.03.
Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its 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. The business had revenue of $76.49 billion for the quarter, compared to analysts' expectations 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 earnings per share. Sell-side analysts expect that Alphabet Inc. will post 8.9 EPS for the current year.
Alphabet Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 9th will be given a $0.21 dividend. The ex-dividend date of this dividend is 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 0.50%. Alphabet's payout ratio is 9.36%.
Wall Street Analyst Weigh In
Several research analysts have recently commented on GOOGL shares. Susquehanna dropped their price target on shares of Alphabet from $225.00 to $220.00 and set a "positive" rating on the stock in a research note on Friday, April 25th. UBS Group set a $195.00 price target on shares of Alphabet in a research note on Friday, April 25th. Citigroup increased their price target on shares of Alphabet from $195.00 to $200.00 and gave the stock a "buy" rating in a research note on Friday, April 25th. Wells Fargo & Company raised their target price on shares of Alphabet from $167.00 to $175.00 and gave the company an "equal weight" rating in a research note on Friday, April 25th. Finally, Bank of America raised their target price on shares of Alphabet from $185.00 to $200.00 and gave the company a "buy" rating in a research note on Friday, April 25th. Ten 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 company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $199.75.
Read Our Latest Report on Alphabet
About Alphabet
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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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