Logan Capital Management Inc. Sells 1,690 Shares of Alphabet Inc. $GOOGL

Key Points

• Logan Capital Management Inc. reduced its stake in Alphabet Inc. by 1.2%, selling 1,690 shares, and now holds 139,762 shares valued at approximately $21.6 million.
• Recently, insiders have sold a total of 254,710 shares of Alphabet stock worth about $49.2 million, indicating potential shifts in ownership dynamics.
• Alphabet announced a quarterly dividend of $0.21 per share, representing an annual yield of 0.4%, with the payment scheduled for September 15th.

Logan Capital Management Inc. lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 1.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 139,762 shares of the information services provider's stock after selling 1,690 shares during the quarter. Alphabet makes up approximately 1.0% of Logan Capital Management Inc.'s portfolio, making the stock its 21st largest holding. Logan Capital Management Inc.'s holdings in Alphabet were worth $21,613,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Nia Impact Advisors LLC raised its position in Alphabet by 0.3% during the fourth quarter. Nia Impact Advisors LLC now owns 17,161 shares of the information services provider's stock valued at $3,249,000 after acquiring an additional 59 shares in the last quarter. Enzi Wealth raised its position in shares of Alphabet by 2.5% in the first quarter. Enzi Wealth now owns 2,561 shares of the information services provider's stock valued at $408,000 after purchasing an additional 62 shares during the period. Whipplewood Advisors LLC raised its position in shares of Alphabet by 1.2% in the first quarter. Whipplewood Advisors LLC now owns 5,438 shares of the information services provider's stock valued at $817,000 after purchasing an additional 67 shares during the period. Aspire Capital Advisors LLC raised its position in shares of Alphabet by 1.0% in the first quarter. Aspire Capital Advisors LLC now owns 7,020 shares of the information services provider's stock valued at $1,086,000 after purchasing an additional 67 shares during the period. Finally, Rainey & Randall Wealth Advisors Inc. raised its position in shares of Alphabet by 2.1% in the first quarter. Rainey & Randall Wealth Advisors Inc. now owns 3,209 shares of the information services provider's stock valued at $496,000 after purchasing an additional 67 shares during the period. Institutional investors own 40.03% of the company's stock.

Insider Buying and Selling at Alphabet

In other Alphabet news, Director Kavitark Ram Shriram sold 15,000 shares of Alphabet stock in a transaction on Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the sale, the director owned 240,400 shares in the company, valued at $44,656,704. The trade was 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 this link. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $229.73, for a total transaction of $7,466,225.00. Following the sale, the chief executive officer owned 2,429,892 shares in the company, valued at $558,219,089.16. This represents a 1.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 254,710 shares of company stock worth $49,208,380 over the last three months. 11.55% of the stock is currently owned by corporate insiders.

Alphabet Stock Down 0.4%

GOOGL opened at $234.04 on Tuesday. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $238.13. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The firm's fifty day moving average price is $196.95 and its two-hundred day moving average price is $175.73. The company has a market capitalization of $2.83 trillion, a P/E ratio of 24.92, a P/E/G ratio of 1.58 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping analysts' consensus estimates of $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.60 billion. On average, analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently declared 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. 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 payout ratio is currently 8.95%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on GOOGL shares. BNP Paribas lowered shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research report on Thursday, June 26th. Canaccord Genuity Group lifted their price target on shares of Alphabet from $230.00 to $270.00 and gave the company a "buy" rating in a research report on Thursday, September 4th. Royal Bank Of Canada lifted their price target on shares of Alphabet from $220.00 to $260.00 and gave the company an "outperform" rating in a research report on Wednesday, September 3rd. Morgan Stanley lifted their price target on shares of Alphabet from $185.00 to $205.00 and gave the company an "overweight" rating in a research report on Monday, July 21st. Finally, Sanford C. Bernstein lifted their price target on shares of Alphabet from $185.00 to $195.00 and gave the company a "market perform" rating in a research report on Tuesday, July 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat.com, Alphabet has a consensus rating of "Moderate Buy" and a consensus target price of $221.44.

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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