Frank Rimerman Advisors LLC Decreases Position in Alphabet Inc. (NASDAQ:GOOG)

Key Points

• Frank Rimerman Advisors LLC reduced its stake in Alphabet Inc. by 8.3%, now holding 143,156 shares valued at approximately $22.37 million.
• Alphabet recently announced a quarterly dividend of $0.21 per share, with shareholders of record set to receive this on September 15th.
• Despite some insider selling activity, Alphabet's stock saw an increase of 2.4% and reported earnings exceeding analysts' expectations with $2.31 earnings per share.

Frank Rimerman Advisors LLC cut its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 8.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 143,156 shares of the information services provider's stock after selling 13,042 shares during the period. Alphabet accounts for about 1.8% of Frank Rimerman Advisors LLC's portfolio, making the stock its 13th biggest position. Frank Rimerman Advisors LLC's holdings in Alphabet were worth $22,365,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GOOG. Principia Wealth Advisory LLC raised its position in Alphabet by 111.8% during the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock valued at $26,000 after purchasing an additional 85 shares during the period. MorganRosel Wealth Management LLC purchased a new stake in Alphabet during the first quarter valued at approximately $26,000. LSV Asset Management purchased a new stake in Alphabet during the fourth quarter valued at approximately $27,000. Goodman Advisory Group LLC purchased a new stake in Alphabet during the first quarter valued at approximately $32,000. Finally, Greykasell Wealth Strategies Inc. purchased a new stake in Alphabet during the first quarter valued at approximately $32,000. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Alphabet news, Director Kavitark Ram Shriram sold 15,000 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 transaction of $2,786,400.00. Following the completion of the sale, the director owned 240,400 shares in the company, valued at $44,656,704. This represents a 5.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John L. Hennessy sold 400 shares of the company's 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 sale, the director owned 6,013 shares of the company's stock, valued at approximately $1,094,245.74. This represents a 6.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 273,219 shares of company stock worth $49,474,273 in the last three months. Corporate insiders own 12.99% of the company's stock.

Alphabet Stock Up 2.4%

Alphabet stock opened at $202.11 on Friday. The business has a fifty day moving average of $181.90 and a two-hundred day moving average of $174.70. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The firm has a market cap of $2.44 trillion, a P/E ratio of 21.52, a P/E/G ratio of 1.31 and a beta of 1.02. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $208.70.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted 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 analyst estimates of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. Alphabet's revenue was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.89 earnings per share. On average, analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be issued a dividend of $0.21 per share. The ex-dividend date is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. Alphabet's dividend payout ratio is currently 8.95%.

Analyst Upgrades and Downgrades

GOOG has been the topic of a number of analyst reports. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $171.00 target price on shares of Alphabet in a research note on Friday, April 25th. JPMorgan Chase & Co. upped their target price on Alphabet from $200.00 to $232.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Citigroup reaffirmed a "sell" rating on shares of Alphabet in a research note on Wednesday, April 23rd. Rosenblatt Securities raised Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 25th. Finally, Tigress Financial reaffirmed a "strong-buy" rating on shares of Alphabet in a research note on Friday, May 2nd. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and five have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $215.19.

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.

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