Berkshire Bank Has $10.17 Million Position in Alphabet Inc. (NASDAQ:GOOGL)

Berkshire Bank lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 4.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 65,784 shares of the information services provider's stock after selling 2,916 shares during the period. Alphabet accounts for 2.5% of Berkshire Bank's holdings, making the stock its 9th biggest position. Berkshire Bank's holdings in Alphabet were worth $10,173,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Rockbridge Capital Management LLC bought a new stake in Alphabet in the fourth quarter valued at approximately $3,119,000. Optivise Advisory Services LLC increased its holdings 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 acquiring an additional 403 shares during the last quarter. Community Bank N.A. increased its holdings 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 acquiring an additional 2,790 shares during the last quarter. Premier Fund Managers Ltd raised its stake in Alphabet by 30.0% in the 4th quarter. Premier Fund Managers Ltd now owns 61,792 shares of the information services provider's stock valued at $11,816,000 after acquiring an additional 14,262 shares during the period. Finally, Absolute Capital Management LLC lifted its holdings in Alphabet by 14.0% during the 4th quarter. Absolute Capital Management LLC now owns 2,096 shares of the information services provider's stock valued at $401,000 after purchasing an additional 258 shares during the last quarter. Institutional investors own 40.03% of the company's stock.

Alphabet Stock Down 1.5%

Shares of GOOGL opened at $173.32 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.77 and a current ratio of 1.77. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $207.05. The stock has a market capitalization of $2.10 trillion, a price-to-earnings ratio of 19.32, a PEG ratio of 1.11 and a beta of 1.01. The stock has a fifty day moving average of $164.58 and a 200-day moving average of $174.75.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, beating analysts' consensus estimates of $2.02 by $0.79. The firm had revenue of $76.49 billion for the quarter, compared to analyst estimates of $89.30 billion. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. During the same period last year, the firm posted $1.89 earnings per share. As a group, sell-side analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 9th were given a $0.21 dividend. This is a boost from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a yield of 0.48%. The ex-dividend date of this dividend was Monday, June 9th. Alphabet's dividend payout ratio is 9.36%.

Analysts Set New Price Targets

Several equities analysts have commented on GOOGL shares. Susquehanna decreased their price objective on shares of Alphabet from $225.00 to $220.00 and set a "positive" rating on the stock in a report on Friday, April 25th. Wedbush set a $190.00 target price on shares of Alphabet and gave the stock an "outperform" rating in a report on Tuesday, April 15th. Tigress Financial upped their price target on shares of Alphabet from $220.00 to $240.00 and gave the company a "strong-buy" rating in a research note on Wednesday, April 30th. Royal Bank Of Canada reissued an "outperform" rating and issued a $200.00 price target on shares of Alphabet in a report on Wednesday, April 23rd. Finally, Jefferies Financial Group reduced their price objective on Alphabet from $235.00 to $200.00 and set a "buy" rating for the company in a report on Monday, March 31st. Ten equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $199.75.

Insider Activity

In related news, CAO Amie Thuener O'toole sold 673 shares of the business's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $155.33, for a total value of $104,537.09. Following the transaction, the chief accounting officer now owns 15,303 shares in the company, valued at $2,377,014.99. The trade was a 4.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $168.71, for a total value of $5,483,075.00. Following the completion of the transaction, the chief executive officer now directly owns 2,587,696 shares of the company's stock, valued at approximately $436,570,192.16. This trade represents a 1.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 195,570 shares of company stock valued at $32,003,532. Insiders own 11.64% of the company's stock.

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.

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