Financial Advisors Network Inc. Sells 29,656 Shares of Alphabet Inc. $GOOG

Key Points

• Financial Advisors Network Inc. reduced its investment in Alphabet Inc. by 80.1% in Q1, selling 29,656 shares and leaving it with 7,380 shares valued at $1,153,000.
• Alphabet declared a quarterly dividend of $0.21 per share, to be paid on September 15th, resulting in an annualized yield of 0.4%.
• In the most recent earnings report, Alphabet reported $2.31 earnings per share, exceeding analysts' expectations, with a 13.8% year-over-year revenue increase amounting to $96.43 billion.

Financial Advisors Network Inc. reduced its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 80.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,380 shares of the information services provider's stock after selling 29,656 shares during the period. Financial Advisors Network Inc.'s holdings in Alphabet were worth $1,153,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. Nuveen LLC bought a new stake in Alphabet in the 1st quarter valued at $2,622,943,000. GAMMA Investing LLC boosted its holdings in Alphabet by 18,562.3% in the 1st quarter. GAMMA Investing LLC now owns 14,323,323 shares of the information services provider's stock valued at $2,237,733,000 after purchasing an additional 14,246,573 shares during the period. Vanguard Group Inc. boosted its holdings in Alphabet by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider's stock valued at $64,299,725,000 after purchasing an additional 9,687,855 shares during the period. JPMorgan Chase & Co. boosted its holdings in Alphabet by 9.9% in the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider's stock valued at $15,971,861,000 after purchasing an additional 9,243,959 shares during the period. Finally, Northern Trust Corp boosted its holdings in Alphabet by 16.1% in the 4th quarter. Northern Trust Corp now owns 57,098,042 shares of the information services provider's stock valued at $10,873,751,000 after purchasing an additional 7,917,625 shares during the period. 27.26% of the stock is owned by institutional investors.

Alphabet Trading Up 0.5%

Shares of NASDAQ GOOG opened at $204.91 on Monday. Alphabet Inc. has a 1-year low of $142.66 and a 1-year high of $208.70. The company has a market cap of $2.48 trillion, a PE ratio of 21.82, a P/E/G ratio of 1.38 and a beta of 1.02. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a 50-day moving average of $185.21 and a two-hundred day moving average of $174.52.

Alphabet (NASDAQ:GOOG - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping analysts' consensus estimates of $2.12 by $0.19. The company had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company's revenue was up 13.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.89 earnings per share. As a group, equities analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be issued a $0.21 dividend. The ex-dividend date is Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.4%. Alphabet's dividend payout ratio (DPR) is currently 8.95%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Scotiabank raised their price objective on shares of Alphabet from $200.00 to $240.00 and gave the stock a "sector outperform" rating in a report on Tuesday, July 22nd. Piper Sandler reaffirmed a "neutral" rating on shares of Alphabet in a report on Wednesday, July 9th. Raymond James Financial reaffirmed an "outperform" rating and set a $210.00 price objective (up from $185.00) on shares of Alphabet in a report on Thursday, July 24th. Westpark Capital reaffirmed a "buy" rating and set a $210.00 price objective on shares of Alphabet in a report on Friday, April 25th. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $235.00 price objective (up from $220.00) on shares of Alphabet in a report on Thursday, July 24th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have assigned a buy rating and five have issued a strong buy rating to the company. According to data from MarketBeat, Alphabet currently has an average rating of "Moderate Buy" and an average target price of $215.19.

Insider Activity at Alphabet

In related news, Director Kavitark Ram Shriram sold 18,566 shares of the business's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the completion of the sale, the director directly owned 243,400 shares of the company's stock, valued at $45,213,984. The trade was a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the sale, the chief executive officer directly owned 2,559,892 shares of the company's stock, valued at approximately $456,991,919.84. This trade represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 274,819 shares of company stock worth $49,796,547 over the last 90 days. Insiders own 12.99% of the company's stock.

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.

Want to see what other hedge funds are holding GOOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.