Atria Investments Inc Cuts Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

Atria Investments Inc cut its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 7.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 237,450 shares of the information services provider's stock after selling 20,092 shares during the quarter. Atria Investments Inc's holdings in Alphabet were worth $37,097,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Principia Wealth Advisory LLC lifted its stake in Alphabet by 111.8% during the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after purchasing an additional 85 shares during the last quarter. MorganRosel Wealth Management LLC bought a new position in shares of Alphabet in the 1st quarter worth approximately $26,000. LSV Asset Management bought a new position in Alphabet during the 4th quarter valued at approximately $27,000. Goodman Advisory Group LLC purchased a new stake in Alphabet during the 1st quarter valued at $32,000. Finally, WealthTrak Capital Management LLC purchased a new position in shares of Alphabet in the 4th quarter worth $38,000. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Needham & Company LLC downgraded Alphabet from a "buy" rating to a "cautious" rating in a research report on Friday, May 2nd. KeyCorp dropped their target price on Alphabet from $202.00 to $185.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Piper Sandler restated a "neutral" rating on shares of Alphabet in a research report on Wednesday, July 9th. UBS Group boosted their price target on Alphabet from $186.00 to $192.00 and gave the company a "neutral" rating in a report on Wednesday, July 16th. Finally, Barclays reissued a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have issued a buy rating and five have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Alphabet currently has a consensus rating of "Moderate Buy" and a consensus price target of $215.19.

Insider Activity

In other Alphabet news, Director Kavitark Ram Shriram sold 18,566 shares of the company's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the transaction, the director directly owned 243,400 shares in the company, valued at approximately $45,213,984. This represents a 7.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John L. Hennessy sold 400 shares of the stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $181.98, for a total transaction of $72,792.00. Following the completion of the sale, the director owned 6,013 shares in the company, valued at $1,094,245.74. This represents a 6.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 249,409 shares of company stock valued at $43,523,710. Insiders own 12.99% of the company's stock.

Alphabet Trading Up 0.5%

Shares of NASDAQ GOOG traded up $0.88 during midday trading on Friday, reaching $194.08. 31,074,800 shares of the stock were exchanged, compared to its average volume of 27,020,362. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $208.70. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.77 and a current ratio of 1.90. The company has a 50 day simple moving average of $176.86 and a 200 day simple moving average of $174.53. The stock has a market capitalization of $2.36 trillion, a P/E ratio of 20.67, a PEG ratio of 1.33 and a beta of 1.01.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating the consensus estimate of $2.12 by $0.19. The company had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm's revenue was up 13.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.89 EPS. As a group, equities analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors 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 dividend on an annualized basis and a yield of 0.43%. Alphabet's dividend payout ratio (DPR) is presently 8.95%.

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.