Convergence Investment Partners LLC Sells 3,848 Shares of Alphabet Inc. (NASDAQ:GOOG)

Convergence Investment Partners LLC lessened its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 29.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,369 shares of the information services provider's stock after selling 3,848 shares during the period. Convergence Investment Partners LLC's holdings in Alphabet were worth $1,464,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. City National Bank of Florida MSD increased its position in Alphabet by 11.2% during the first quarter. City National Bank of Florida MSD now owns 4,445 shares of the information services provider's stock worth $694,000 after purchasing an additional 447 shares during the last quarter. Egerton Capital UK LLP increased its position in Alphabet by 12.6% during the first quarter. Egerton Capital UK LLP now owns 1,665,708 shares of the information services provider's stock worth $260,234,000 after purchasing an additional 186,203 shares during the last quarter. Venturi Wealth Management LLC increased its position in Alphabet by 10.8% during the first quarter. Venturi Wealth Management LLC now owns 21,947 shares of the information services provider's stock worth $3,429,000 after purchasing an additional 2,139 shares during the last quarter. Gratus Wealth Advisors LLC increased its position in Alphabet by 0.9% during the first quarter. Gratus Wealth Advisors LLC now owns 32,033 shares of the information services provider's stock worth $5,005,000 after purchasing an additional 294 shares during the last quarter. Finally, Accredited Investors Inc. increased its position in Alphabet by 2.3% during the first quarter. Accredited Investors Inc. now owns 31,698 shares of the information services provider's stock worth $4,952,000 after purchasing an additional 701 shares during the last quarter. Institutional investors and hedge funds own 27.26% of the company's stock.

Alphabet Trading Up 0.5%

Shares of NASDAQ:GOOG traded up $0.88 during midday trading on Friday, hitting $194.08. 31,074,800 shares of the stock were exchanged, compared to its average volume of 27,020,362. The stock has a market capitalization of $2.36 trillion, a price-to-earnings ratio of 20.67, a P/E/G ratio of 1.32 and a beta of 1.01. 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 business's 50-day moving average price is $176.86 and its 200 day moving average price is $174.67. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $208.70.

Alphabet (NASDAQ:GOOG - Get Free Report) last announced its 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. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. The business had revenue of $96.43 billion for the quarter, compared to analysts' expectations of $93.67 billion. During the same period in the prior year, the business posted $1.89 earnings per share. The firm's revenue was up 13.8% on a year-over-year basis. Analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date is Monday, September 8th. Alphabet's payout ratio is 8.95%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on GOOG. KeyCorp dropped their price objective on shares of Alphabet from $202.00 to $185.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Westpark Capital restated a "buy" rating and issued a $210.00 target price on shares of Alphabet in a research note on Friday, April 25th. Needham & Company LLC downgraded shares of Alphabet from a "buy" rating to a "cautious" rating in a research note on Friday, May 2nd. UBS Group upped their target price on shares of Alphabet from $186.00 to $192.00 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. Finally, Cowen restated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have given a buy rating and five have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $215.19.

Insider Activity at Alphabet

In other Alphabet news, Director Kavitark Ram Shriram sold 18,566 shares of the company's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the transaction, the director owned 243,400 shares in the company, valued at $45,213,984. This represents a 7.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John L. Hennessy sold 400 shares of the stock in a transaction on Monday, July 14th. The stock was sold at an average price of $181.98, for a total value of $72,792.00. Following the transaction, the director owned 6,013 shares of the company's stock, valued at $1,094,245.74. The trade was a 6.24% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 249,409 shares of company stock valued at $43,523,710. 12.99% of the stock is owned by insiders.

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.