Cherry Creek Investment Advisors Inc. decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 34.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,310 shares of the information services provider's stock after selling 3,261 shares during the quarter. Cherry Creek Investment Advisors Inc.'s holdings in Alphabet were worth $986,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Aspire Capital Advisors LLC raised its stake in shares of Alphabet by 9.3% in the 1st quarter. Aspire Capital Advisors LLC now owns 1,443 shares of the information services provider's stock valued at $225,000 after acquiring an additional 123 shares during the period. EWA LLC boosted its position in shares of Alphabet by 13.9% during the 1st quarter. EWA LLC now owns 5,485 shares of the information services provider's stock worth $857,000 after purchasing an additional 671 shares during the period. Integrity Wealth Solutions LLC increased its holdings in Alphabet by 2.7% in the 1st quarter. Integrity Wealth Solutions LLC now owns 7,467 shares of the information services provider's stock valued at $1,167,000 after purchasing an additional 195 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in Alphabet in the first quarter valued at approximately $22,056,000. Finally, Kentucky Retirement Systems raised its position in Alphabet by 0.4% in the first quarter. Kentucky Retirement Systems now owns 331,452 shares of the information services provider's stock valued at $51,783,000 after purchasing an additional 1,388 shares during the period. Hedge funds and other institutional investors own 27.26% of the company's stock.
Alphabet Stock Up 1.7%
NASDAQ:GOOG traded up $2.94 during trading hours on Thursday, hitting $174.43. The company's stock had a trading volume of 25,862,351 shares, compared to its average volume of 20,748,245. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $208.70. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $2.12 trillion, a P/E ratio of 19.45, a price-to-earnings-growth ratio of 1.21 and a beta of 1.01. The stock has a fifty day moving average of $167.33 and a 200-day moving average of $176.22.
Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.02 by $0.79. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. The business had revenue of $90.23 billion during the quarter, compared to analysts' expectations of $89.30 billion. During the same period in the prior year, the firm posted $1.89 EPS. The business's quarterly revenue was up 12.0% compared to the same quarter last year. On average, equities analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current year.
Alphabet Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 9th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.48%. This is an increase from Alphabet's previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 9th. Alphabet's dividend payout ratio is 9.36%.
Insider Buying and Selling at Alphabet
In other news, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $155.90, for a total value of $5,066,750.00. Following the completion of the sale, the chief executive officer now directly owns 2,652,696 shares of the company's stock, valued at approximately $413,555,306.40. The trade was a 1.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Amie Thuener O'toole sold 673 shares of the company's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $155.33, for a total value of $104,537.09. Following the completion of the sale, the chief accounting officer now directly owns 15,303 shares of the company's stock, valued at approximately $2,377,014.99. This trade represents a 4.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 216,306 shares of company stock worth $35,782,927 over the last three months. Insiders own 12.99% of the company's stock.
Analyst Ratings Changes
Several research analysts have recently commented on the company. Westpark Capital restated a "buy" rating and set a $210.00 price target on shares of Alphabet in a research report on Friday, April 25th. UBS Group dropped their target price on Alphabet from $209.00 to $173.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. KeyCorp cut their price target on shares of Alphabet from $202.00 to $185.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Scotiabank lowered their price objective on shares of Alphabet from $232.00 to $200.00 and set a "sector outperform" rating for the company in a research note on Monday, April 21st. Finally, Needham & Company LLC cut shares of Alphabet from a "buy" rating to a "cautious" rating in a report on Friday, May 2nd. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, fourteen 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 an average rating of "Moderate Buy" and a consensus price target of $204.88.
Check Out Our Latest Analysis on Alphabet
Alphabet Company Profile
(
Free Report)
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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