Arrow Financial Corp Sells 28,045 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Arrow Financial Corp decreased its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 32.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 57,924 shares of the information services provider's stock after selling 28,045 shares during the quarter. Alphabet comprises about 1.0% of Arrow Financial Corp's holdings, making the stock its 23rd largest position. Arrow Financial Corp's holdings in Alphabet were worth $8,957,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in GOOGL. Mystic Asset Management Inc. increased its position in Alphabet by 6.7% during the 1st quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider's stock worth $4,400,000 after purchasing an additional 1,791 shares in the last quarter. Harbour Trust & Investment Management Co boosted its holdings in Alphabet by 0.3% in the 1st quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider's stock worth $4,187,000 after acquiring an additional 80 shares during the period. Rockbridge Capital Management LLC purchased a new position in Alphabet in the 4th quarter worth approximately $3,119,000. Cypress Capital LLC boosted its holdings in Alphabet by 4.1% in the 1st quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock worth $2,213,000 after acquiring an additional 563 shares during the period. Finally, Optivise Advisory Services LLC boosted its holdings in Alphabet by 8.0% in the 4th quarter. Optivise Advisory Services LLC now owns 5,464 shares of the information services provider's stock worth $1,035,000 after acquiring an additional 403 shares during the period. Institutional investors and hedge funds own 40.03% of the company's stock.

Insider Buying and Selling at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the completion of the sale, the chief executive officer owned 2,559,892 shares of the company's stock, valued at approximately $456,991,919.84. This trade represents a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction on Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $3,448,820.16. Following the sale, the director directly owned 243,400 shares of the company's stock, valued at $45,213,984. This represents a 7.09% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 249,399 shares of company stock valued at $43,525,794. 11.64% of the stock is owned by company insiders.

Alphabet Stock Performance

NASDAQ:GOOGL traded down $3.09 during trading hours on Friday, reaching $188.81. The stock had a trading volume of 17,717,821 shares, compared to its average volume of 37,048,895. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The stock has a 50 day simple moving average of $177.91 and a 200 day simple moving average of $173.12. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $207.05. The stock has a market cap of $2.29 trillion, a P/E ratio of 20.12, a price-to-earnings-growth ratio of 1.33 and a beta of 1.00.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be given a $0.21 dividend. The ex-dividend date is Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.4%. Alphabet's payout ratio is 8.95%.

Analysts Set New Price Targets

A number of research firms have weighed in on GOOGL. Mizuho decreased their price target on Alphabet from $230.00 to $205.00 and set an "outperform" rating for the company in a report on Wednesday, April 9th. Rosenblatt Securities upped their price target on Alphabet from $189.00 to $191.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. BNP Paribas cut Alphabet from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 26th. Piper Sandler upped their price target on Alphabet from $195.00 to $220.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Finally, Sanford C. Bernstein upped their price target on Alphabet from $185.00 to $195.00 and gave the stock a "market perform" rating in a report on Tuesday, July 22nd. Ten investment analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $211.39.

Alphabet Profile

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.