Harbor Investment Advisory LLC Lowers Position in Alphabet Inc. $GOOG

Key Points

• Harbor Investment Advisory LLC reduced its stake in Alphabet Inc. by 14.5%, now holding 76,141 shares valued at approximately $13.5 million.
• Several hedge funds have increased their positions in Alphabet, with Principia Wealth Advisory LLC boosting its stake by 111.8% in the first quarter.
• The company has announced a quarterly dividend of $0.21, which will be paid on September 15th, representing an annual yield of 0.3%.

Harbor Investment Advisory LLC lessened its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 14.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 76,141 shares of the information services provider's stock after selling 12,915 shares during the period. Alphabet comprises approximately 1.1% of Harbor Investment Advisory LLC's investment portfolio, making the stock its 12th largest holding. Harbor Investment Advisory LLC's holdings in Alphabet were worth $13,507,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of GOOG. Principia Wealth Advisory LLC boosted 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 in the last quarter. MorganRosel Wealth Management LLC purchased a new stake in Alphabet in the 1st quarter worth approximately $26,000. Goodman Advisory Group LLC purchased a new stake in Alphabet in the 1st quarter worth approximately $32,000. Greykasell Wealth Strategies Inc. purchased a new stake in Alphabet in the 1st quarter worth approximately $32,000. Finally, Elevate Wealth Advisory Inc. purchased a new stake in Alphabet in the 1st quarter worth approximately $34,000. Hedge funds and other institutional investors own 27.26% of the company's stock.

Insider Transactions at Alphabet

In related news, Director Kavitark Ram Shriram sold 18,566 shares of the stock in a transaction on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the transaction, the director directly owned 243,400 shares of the company's stock, valued at approximately $45,213,984. This represents a 7.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $199.92, for a total value of $6,497,400.00. Following the completion of the transaction, the chief executive officer directly owned 2,462,392 shares of the company's stock, valued at approximately $492,281,408.64. This represents a 1.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 254,710 shares of company stock valued at $49,208,380 in the last 90 days. 12.99% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Citizens Jmp upgraded Alphabet from a "hold" rating to a "strong-buy" rating in a research report on Thursday, June 26th. Raymond James Financial reiterated an "outperform" rating and set a $210.00 target price (up previously from $185.00) on shares of Alphabet in a research report on Thursday, July 24th. KeyCorp set a $265.00 target price on Alphabet in a research report on Wednesday, September 3rd. The Goldman Sachs Group reiterated a "buy" rating and set a $220.00 target price on shares of Alphabet in a research report on Monday, June 2nd. Finally, Wells Fargo & Company reiterated an "equal weight" rating on shares of Alphabet in a research report on Wednesday, July 9th. Four analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $227.56.

Alphabet Stock Up 0.2%

NASDAQ GOOG opened at $241.38 on Friday. The business has a fifty day moving average price of $202.67 and a 200 day moving average price of $178.83. Alphabet Inc. has a one year low of $142.66 and a one year high of $242.57. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The company has a market cap of $2.92 trillion, a P/E ratio of 25.71, a P/E/G ratio of 1.62 and a beta of 1.01.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating the consensus estimate of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The firm had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. During the same period in the prior year, the company earned $1.89 EPS. The firm's revenue was up 13.8% compared to the same quarter last year. Research analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet's dividend payout ratio is currently 8.95%.

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.

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.