IFP Advisors Inc Sells 10,213 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Key Points

• IFP Advisors Inc reduced its holdings in Alphabet Inc. by 7.5%, owning 125,235 shares valued at approximately $19.37 million following a sale of 10,213 shares.
• Alphabet recently reported earnings of $2.81 per share, exceeding estimates, but with revenues of $76.49 billion under consensus expectations of $89.30 billion.
• The company announced a quarterly dividend of $0.21 per share, with an ex-dividend date on September 8th, reflecting a 0.43% yield.

IFP Advisors Inc lowered its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 7.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 125,235 shares of the information services provider's stock after selling 10,213 shares during the quarter. Alphabet accounts for 0.6% of IFP Advisors Inc's holdings, making the stock its 27th biggest position. IFP Advisors Inc's holdings in Alphabet were worth $19,368,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Aspen Capital Management LLC purchased a new stake in Alphabet during the 1st quarter worth approximately $440,000. OneAscent Financial Services LLC boosted its stake in shares of Alphabet by 14.1% in the first quarter. OneAscent Financial Services LLC now owns 21,752 shares of the information services provider's stock worth $3,392,000 after acquiring an additional 2,680 shares during the last quarter. CBIZ Investment Advisory Services LLC increased its position in shares of Alphabet by 31.6% during the first quarter. CBIZ Investment Advisory Services LLC now owns 3,170 shares of the information services provider's stock worth $490,000 after purchasing an additional 762 shares in the last quarter. Mowery & Schoenfeld Wealth Management LLC raised its stake in Alphabet by 15.2% in the 1st quarter. Mowery & Schoenfeld Wealth Management LLC now owns 10,947 shares of the information services provider's stock valued at $1,693,000 after purchasing an additional 1,441 shares during the last quarter. Finally, Elyxium Wealth LLC lifted its holdings in Alphabet by 315.7% in the 1st quarter. Elyxium Wealth LLC now owns 16,448 shares of the information services provider's stock valued at $2,544,000 after purchasing an additional 12,491 shares in the last quarter. Hedge funds and other institutional investors own 40.03% of the company's stock.

Insider Buying and Selling

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 value of $3,448,820.16. Following the sale, the director directly owned 243,400 shares in the company, valued at $45,213,984. The trade was a 7.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John L. Hennessy sold 400 shares of Alphabet stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $181.98, for a total value of $72,792.00. Following the completion of the transaction, the director directly owned 6,013 shares in the company, valued at $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 a total of 249,298 shares of company stock valued at $43,505,967 over the last quarter. Corporate insiders own 11.64% of the company's stock.

Alphabet Stock Performance

GOOGL stock traded up $0.78 during trading on Wednesday, hitting $196.53. 32,265,287 shares of the company's stock traded hands, compared to its average volume of 37,021,776. 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 stock has a fifty day moving average price of $177.49 and a two-hundred day moving average price of $173.11. The stock has a market capitalization of $2.38 trillion, a price-to-earnings ratio of 20.93, a price-to-earnings-growth ratio of 1.30 and a beta of 1.00. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $207.05.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.43%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet's payout ratio is currently 8.95%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on GOOGL shares. Westpark Capital boosted their target price on Alphabet from $210.00 to $220.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Bank of America lifted their price target on Alphabet from $210.00 to $217.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Mizuho cut their target price on shares of Alphabet from $230.00 to $205.00 and set an "outperform" rating on the stock in a report on Wednesday, April 9th. JPMorgan Chase & Co. raised their target price on Alphabet from $200.00 to $232.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Finally, Needham & Company LLC increased their price target on shares of Alphabet from $210.00 to $220.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Ten investment analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, Alphabet currently has a consensus rating of "Moderate Buy" and an average target price of $211.39.

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.