Elevation Point Wealth Partners LLC Sells 2,779 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Elevation Point Wealth Partners LLC cut its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 2.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 109,996 shares of the information services provider's stock after selling 2,779 shares during the period. Alphabet comprises approximately 1.5% of Elevation Point Wealth Partners LLC's holdings, making the stock its 7th largest holding. Elevation Point Wealth Partners LLC's holdings in Alphabet were worth $17,010,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of GOOGL. Compass Planning Associates Inc acquired a new stake in Alphabet during the 4th quarter valued at $30,000. PayPay Securities Corp increased its holdings in Alphabet by 36.1% during the 4th quarter. PayPay Securities Corp now owns 245 shares of the information services provider's stock valued at $46,000 after purchasing an additional 65 shares in the last quarter. Anderson Financial Strategies LLC acquired a new stake in Alphabet during the 4th quarter valued at $49,000. Navigoe LLC acquired a new stake in Alphabet during the 4th quarter valued at $51,000. Finally, Prudent Man Investment Management Inc. acquired a new stake in Alphabet during the 4th quarter valued at $53,000. 40.03% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Alphabet

In other news, Director Kavitark Ram Shriram sold 10,500 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 transaction of $1,837,500.00. Following the completion of the sale, the director now owns 261,966 shares in the company, valued at $45,844,050. The trade was a 3.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The shares were 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 in the company, valued at $436,570,192.16. The trade was a 1.24% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 195,570 shares of company stock valued at $32,003,532. 11.64% of the stock is owned by insiders.

Alphabet Stock Down 0.6%

Shares of GOOGL traded down $1.03 during midday trading on Friday, hitting $174.67. The stock had a trading volume of 27,636,835 shares, compared to its average volume of 30,440,616. The company has a 50 day simple moving average of $162.89 and a two-hundred day simple moving average of $174.64. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $207.05. The firm has a market cap of $2.12 trillion, a price-to-earnings ratio of 21.70, a price-to-earnings-growth ratio of 1.34 and a beta of 1.01. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.84 and a quick ratio of 1.84.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings results 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. The firm had revenue of $76.49 billion for the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. During the same quarter last year, the business posted $1.89 EPS. On average, analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 9th will be given a $0.21 dividend. The ex-dividend date is Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.48%. This is an increase from Alphabet's previous quarterly dividend of $0.20. Alphabet's payout ratio is currently 9.36%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Bank of America raised their price target on Alphabet from $185.00 to $200.00 and gave the company a "buy" rating in a report on Friday, April 25th. Westpark Capital reiterated a "buy" rating and issued a $210.00 price objective on shares of Alphabet in a research report on Thursday, May 8th. Stifel Nicolaus decreased their price objective on Alphabet from $225.00 to $192.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Rosenblatt Securities reiterated a "neutral" rating and issued a $189.00 price objective on shares of Alphabet in a research report on Wednesday, May 21st. Finally, DA Davidson decreased their price objective on Alphabet from $200.00 to $160.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Ten investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, Alphabet presently has an average rating of "Moderate Buy" and a consensus price target of $199.75.

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.