Edgestream Partners L.P. Cuts Position in Alphabet Inc. (NASDAQ:GOOG)

Edgestream Partners L.P. reduced its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 68.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 9,601 shares of the information services provider's stock after selling 21,084 shares during the quarter. Edgestream Partners L.P.'s holdings in Alphabet were worth $1,500,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in GOOG. LSV Asset Management acquired a new position in shares of Alphabet in the 4th quarter worth approximately $27,000. Principia Wealth Advisory LLC raised its position in Alphabet by 111.8% in the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after purchasing an additional 85 shares during the last quarter. MorganRosel Wealth Management LLC bought a new position in Alphabet in the 1st quarter worth approximately $26,000. WealthTrak Capital Management LLC bought a new stake in shares of Alphabet during the 4th quarter valued at $38,000. Finally, Mountain Hill Investment Partners Corp. acquired a new position in shares of Alphabet in the 4th quarter valued at $39,000. 27.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $168.71, for a total transaction of $5,483,075.00. Following the completion of the sale, the chief executive officer directly owned 2,587,696 shares of the company's stock, valued at approximately $436,570,192.16. This represents a 1.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Kavitark Ram Shriram sold 10,500 shares of the firm'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 transaction of $1,837,500.00. Following the transaction, the director directly owned 261,966 shares of the company's stock, valued at $45,844,050. This represents a 3.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 215,843 shares of company stock worth $37,288,490 over the last quarter. Insiders own 12.99% of the company's stock.

Alphabet Stock Performance

Shares of NASDAQ GOOG traded up $1.24 during trading on Friday, reaching $185.94. 20,915,424 shares of the company traded hands, compared to its average volume of 21,587,144. The firm has a 50 day simple moving average of $174.02 and a 200-day simple moving average of $174.72. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $2.26 trillion, a PE ratio of 20.73, a P/E/G ratio of 1.29 and a beta of 1.01. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $208.70.

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, beating the consensus estimate of $2.02 by $0.79. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. The firm had revenue of $90.23 billion for the quarter, compared to analysts' expectations of $89.30 billion. During the same quarter last year, the business posted $1.89 earnings per share. The company's revenue for the quarter was up 12.0% compared to the same quarter last year. Equities research analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 9th were given a dividend of $0.21 per share. This is a boost from Alphabet's previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a yield of 0.45%. Alphabet's payout ratio is 9.36%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on GOOG shares. Raymond James Financial restated an "outperform" rating on shares of Alphabet in a research note on Wednesday, July 9th. Oppenheimer reaffirmed an "outperform" rating and issued a $220.00 target price (up from $200.00) on shares of Alphabet in a report on Wednesday, July 9th. Lake Street Capital reaffirmed a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Piper Sandler restated a "neutral" rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, JPMorgan Chase & Co. increased their price target on shares of Alphabet from $195.00 to $200.00 and gave the stock an "overweight" rating in a research report on Friday, July 11th. Three analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have assigned a buy rating and five have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $208.40.

Alphabet Company 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.