Cadinha & Co. LLC Cuts Position in Alphabet Inc. (NASDAQ:GOOGL)

Cadinha & Co. LLC decreased its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 47.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 87,190 shares of the information services provider's stock after selling 79,442 shares during the quarter. Alphabet makes up approximately 2.9% of Cadinha & Co. LLC's portfolio, making the stock its 16th biggest position. Cadinha & Co. LLC's holdings in Alphabet were worth $13,483,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of GOOGL. Norges Bank acquired a new stake in shares of Alphabet during the 4th quarter valued at $24,383,677,000. FMR LLC boosted its holdings in shares of Alphabet by 9.8% during the 4th quarter. FMR LLC now owns 248,416,916 shares of the information services provider's stock valued at $47,025,322,000 after acquiring an additional 22,100,902 shares in the last quarter. Northern Trust Corp lifted its holdings in Alphabet by 17.0% during the 4th quarter. Northern Trust Corp now owns 69,616,854 shares of the information services provider's stock worth $13,178,470,000 after buying an additional 10,135,430 shares during the period. Capital Research Global Investors lifted its holdings in Alphabet by 16.2% during the 4th quarter. Capital Research Global Investors now owns 72,033,086 shares of the information services provider's stock worth $13,635,878,000 after buying an additional 10,037,685 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in Alphabet by 15.9% during the 4th quarter. Wellington Management Group LLP now owns 66,050,135 shares of the information services provider's stock worth $12,503,291,000 after buying an additional 9,042,271 shares during the period. Institutional investors and hedge funds own 40.03% of the company's stock.

Insider Buying and Selling at Alphabet

In other Alphabet news, Director Kavitark Ram Shriram sold 10,500 shares of Alphabet stock in a transaction dated Thursday, May 22nd. The stock was 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 approximately $45,844,050. The trade was a 3.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John L. Hennessy sold 600 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total value of $105,000.00. Following the completion of the transaction, the director now owns 6,813 shares in the company, valued at $1,192,275. The trade was a 8.09% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 164,533 shares of company stock worth $26,772,774. Insiders own 11.55% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Tigress Financial lifted their target price on Alphabet from $220.00 to $240.00 and gave the stock a "strong-buy" rating in a report on Wednesday, April 30th. KeyCorp lifted their target price on Alphabet from $185.00 to $195.00 and gave the stock an "overweight" rating in a report on Friday, April 25th. Sanford C. Bernstein lifted their target price on Alphabet from $165.00 to $185.00 and gave the stock a "market perform" rating in a report on Friday, April 25th. Bank of America lifted their target price on Alphabet from $185.00 to $200.00 and gave the stock a "buy" rating in a report on Friday, April 25th. Finally, Wedbush set a $190.00 target price on Alphabet and gave the stock an "outperform" rating in a report on Tuesday, April 15th. Ten equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $199.75.

Alphabet Stock Down 1.2%

Alphabet stock traded down $2.13 during midday trading on Friday, reaching $169.73. The stock had a trading volume of 52,598,920 shares, compared to its average volume of 29,949,599. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $207.05. The company has a market capitalization of $2.06 trillion, a P/E ratio of 21.08, a PEG ratio of 1.34 and a beta of 1.01. The company has a fifty day moving average price of $159.10 and a two-hundred day moving average price of $174.56. 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 issued its 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 business had revenue of $76.49 billion during the quarter, compared to analyst estimates of $89.30 billion. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. During the same period in the previous year, the company posted $1.89 EPS. As a group, equities analysts expect that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 9th will be paid a dividend of $0.21 per share. The ex-dividend date is Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a yield of 0.49%. This is an increase from Alphabet's previous quarterly dividend of $0.20. Alphabet's payout ratio is 9.36%.

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.