Atria Wealth Solutions Inc. Trims Stake in Alphabet Inc. (NASDAQ:GOOGL)

Key Points

• Atria Wealth Solutions Inc. reduced its stake in Alphabet Inc. by 8.0% in Q1, now holding 280,875 shares valued at approximately $43.4 million.
• Notable insider sales included CEO Sundar Pichai, who sold 32,500 shares for over $6.3 million, and Director John L. Hennessy, who sold 1,000 shares totaling $200,000.
• Alphabet recently announced a quarterly dividend of $0.21 per share, with a dividend yield of 0.4% and a payout ratio of 8.95%.

Atria Wealth Solutions Inc. trimmed its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 8.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 280,875 shares of the information services provider's stock after selling 24,488 shares during the period. Alphabet comprises 0.5% of Atria Wealth Solutions Inc.'s portfolio, making the stock its 28th largest position. Atria Wealth Solutions Inc.'s holdings in Alphabet were worth $43,434,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Syntegra Private Wealth Group LLC boosted its holdings in Alphabet by 5.7% in the first quarter. Syntegra Private Wealth Group LLC now owns 5,114 shares of the information services provider's stock worth $791,000 after purchasing an additional 275 shares during the last quarter. Farrow Financial Inc. bought a new stake in shares of Alphabet during the 1st quarter valued at $2,070,000. Costello Asset Management INC raised its position in shares of Alphabet by 116.7% during the 1st quarter. Costello Asset Management INC now owns 67,122 shares of the information services provider's stock valued at $10,380,000 after purchasing an additional 36,151 shares during the period. Aquire Wealth Advisors LLC raised its position in shares of Alphabet by 3.6% during the 1st quarter. Aquire Wealth Advisors LLC now owns 2,181 shares of the information services provider's stock valued at $337,000 after purchasing an additional 75 shares during the period. Finally, Horizon Family Wealth Inc. increased its holdings in Alphabet by 6.6% in the 1st quarter. Horizon Family Wealth Inc. now owns 6,001 shares of the information services provider's stock valued at $928,000 after acquiring an additional 374 shares during the last quarter. 40.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Citigroup boosted their target price on shares of Alphabet from $203.00 to $225.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Morgan Stanley boosted their price objective on shares of Alphabet from $185.00 to $205.00 and gave the company an "overweight" rating in a research report on Monday, July 21st. Roth Capital upped their price target on shares of Alphabet from $205.00 to $210.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Wells Fargo & Company upped their price target on shares of Alphabet from $184.00 to $187.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 29th. Finally, Barclays increased their price objective on shares of Alphabet from $220.00 to $235.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Ten equities research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $211.53.

Insider Transactions at Alphabet

In other Alphabet news, insider John Kent Walker sold 23,820 shares of the firm's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the sale, the insider directly owned 42,999 shares of the company's stock, valued at $8,371,905.30. This trade represents a 35.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $196.23, for a total value of $6,377,475.00. Following the completion of the transaction, the chief executive officer owned 2,494,892 shares of the company's stock, valued at approximately $489,572,657.16. This trade represents a 1.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 274,219 shares of company stock valued at $49,674,273. Corporate insiders own 11.64% of the company's stock.

Alphabet Stock Performance

Shares of GOOGL traded up $1.28 on Thursday, reaching $203.24. 19,473,324 shares of the company's stock traded hands, compared to its average volume of 36,646,953. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock has a market cap of $2.46 trillion, a PE ratio of 21.63, a PEG ratio of 1.37 and a beta of 1.01. The stock's 50 day simple moving average is $182.95 and its two-hundred day simple moving average is $173.22. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $207.05.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. The business had revenue of $96,428,000 billion during the quarter, compared to the consensus estimate of $93.60 billion. On average, analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet's dividend payout ratio (DPR) is currently 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.