Glassy Mountain Advisors Inc. reduced its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 3.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,267 shares of the information services provider's stock after selling 1,737 shares during the period. Alphabet accounts for 3.0% of Glassy Mountain Advisors Inc.'s holdings, making the stock its 12th biggest holding. Glassy Mountain Advisors Inc.'s holdings in Alphabet were worth $8,478,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently bought and sold shares of the company. Elmwood Wealth Management Inc. grew its position in Alphabet by 14.6% during the 1st quarter. Elmwood Wealth Management Inc. now owns 11,321 shares of the information services provider's stock worth $1,769,000 after purchasing an additional 1,439 shares during the period. Private Trust Co. NA increased its position in shares of Alphabet by 6.7% during the first quarter. Private Trust Co. NA now owns 40,255 shares of the information services provider's stock worth $6,289,000 after purchasing an additional 2,543 shares in the last quarter. Mainstream Capital Management LLC raised its position in shares of Alphabet by 1.3% in the first quarter. Mainstream Capital Management LLC now owns 20,883 shares of the information services provider's stock valued at $3,263,000 after buying an additional 260 shares during the last quarter. Arlington Trust Co LLC boosted its holdings in shares of Alphabet by 14.3% during the 1st quarter. Arlington Trust Co LLC now owns 16,486 shares of the information services provider's stock worth $2,576,000 after purchasing an additional 2,063 shares during the last quarter. Finally, Vishria Bird Financial Group LLC increased its stake in shares of Alphabet by 1.5% in the 1st quarter. Vishria Bird Financial Group LLC now owns 13,199 shares of the information services provider's stock worth $2,062,000 after acquiring an additional 200 shares during the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several research firms have issued reports on GOOG. Needham & Company LLC cut Alphabet from a "buy" rating to a "cautious" rating in a research note on Friday, May 2nd. The Goldman Sachs Group restated a "buy" rating and issued a $220.00 price target on shares of Alphabet in a research note on Monday, June 2nd. KeyCorp decreased their price objective on shares of Alphabet from $202.00 to $185.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. UBS Group reduced their target price on shares of Alphabet from $209.00 to $173.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Finally, Westpark Capital reissued a "buy" rating and issued a $210.00 price objective on shares of Alphabet in a research note on Friday, April 25th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and six have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $206.38.
Read Our Latest Report on GOOG
Insiders Place Their Bets
In other Alphabet news, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $105,000.00. Following the transaction, the director directly owned 6,813 shares of the company's stock, valued at approximately $1,192,275. The trade was a 8.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kavitark Ram Shriram sold 10,500 shares of the company's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $1,837,500.00. Following the sale, the director owned 261,966 shares in the company, valued at approximately $45,844,050. The trade was a 3.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 183,143 shares of company stock worth $30,529,028 in the last 90 days. Company insiders own 12.99% of the company's stock.
Alphabet Trading Up 0.3%
Shares of GOOG stock traded up $0.46 on Thursday, reaching $180.22. The company had a trading volume of 13,287,389 shares, compared to its average volume of 21,182,530. The stock has a market cap of $2.19 trillion, a PE ratio of 20.04, a PEG ratio of 1.27 and a beta of 1.01. The company has a 50-day moving average of $169.27 and a 200-day moving average of $175.84. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.03. 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 released its earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, beating the consensus estimate of $2.02 by $0.79. The firm had revenue of $90.23 billion for the quarter, compared to analysts' expectations of $89.30 billion. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. The business's quarterly revenue was up 12.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.89 EPS. On average, equities analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current year.
Alphabet Increases Dividend
The business 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. The ex-dividend date was Monday, June 9th. This is an increase from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a yield of 0.47%. Alphabet's dividend payout ratio (DPR) is 9.36%.
About Alphabet
(
Free Report)
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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