Hudson Valley Investment Advisors Inc. ADV Trims Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Hudson Valley Investment Advisors Inc. ADV cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 23.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,653 shares of the information services provider's stock after selling 2,012 shares during the period. Hudson Valley Investment Advisors Inc. ADV's holdings in Alphabet were worth $1,029,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Rockbridge Capital Management LLC acquired a new position in shares of Alphabet during the fourth quarter worth about $3,119,000. Optivise Advisory Services LLC grew its position in shares of Alphabet by 8.0% during the fourth quarter. Optivise Advisory Services LLC now owns 5,464 shares of the information services provider's stock worth $1,035,000 after buying an additional 403 shares in the last quarter. Community Bank N.A. grew its position in shares of Alphabet by 6.4% during the fourth quarter. Community Bank N.A. now owns 46,173 shares of the information services provider's stock worth $8,741,000 after buying an additional 2,790 shares in the last quarter. Premier Fund Managers Ltd grew its position in shares of Alphabet by 30.0% during the fourth quarter. Premier Fund Managers Ltd now owns 61,792 shares of the information services provider's stock worth $11,816,000 after buying an additional 14,262 shares in the last quarter. Finally, Absolute Capital Management LLC grew its position in shares of Alphabet by 14.0% during the fourth quarter. Absolute Capital Management LLC now owns 2,096 shares of the information services provider's stock worth $401,000 after buying an additional 258 shares in the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GOOGL has been the subject of a number of analyst reports. Sanford C. Bernstein boosted their price objective on Alphabet from $165.00 to $185.00 and gave the stock a "market perform" rating in a research report on Friday, April 25th. Truist Financial lowered their price objective on Alphabet from $220.00 to $200.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Cantor Fitzgerald lowered their price target on Alphabet from $200.00 to $159.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Bank of America upped 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. Finally, KeyCorp upped their price target on Alphabet from $185.00 to $195.00 and gave the company an "overweight" rating in a report on Friday, April 25th. Ten analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Alphabet has an average rating of "Moderate Buy" and a consensus target price of $199.75.

Insider Buying and Selling at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $168.71, for a total value of $5,483,075.00. Following the sale, the chief executive officer now directly owns 2,587,696 shares of the company's stock, valued at approximately $436,570,192.16. This trade represents a 1.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Amie Thuener O'toole sold 673 shares of the firm's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $155.33, for a total value of $104,537.09. Following the completion of the sale, the chief accounting officer now directly owns 15,303 shares in the company, valued at approximately $2,377,014.99. The trade was a 4.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 195,770 shares of company stock valued at $32,036,638. Insiders own 11.64% of the company's stock.

Alphabet Trading Up 3.3%

NASDAQ:GOOGL opened at $173.68 on Friday. The stock has a fifty day moving average price of $160.14 and a two-hundred day moving average price of $174.35. The stock has a market capitalization of $2.11 trillion, a price-to-earnings ratio of 21.58, a PEG ratio of 1.34 and a beta of 1.01. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.84 and a current ratio of 1.84. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $207.05.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, beating the consensus estimate of $2.02 by $0.79. The company had revenue of $76.49 billion for the quarter, compared to analyst estimates of $89.30 billion. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. During the same quarter in the prior year, the company earned $1.89 earnings per share. As a group, sell-side analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 9th will be issued a $0.21 dividend. This is a positive change from Alphabet's previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Monday, June 9th. This represents a $0.84 annualized dividend and a yield of 0.48%. Alphabet's dividend payout ratio is 9.36%.

About Alphabet

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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