MainStreet Investment Advisors LLC Has $13.71 Million Stake in Alphabet Inc. (NASDAQ:GOOGL)

MainStreet Investment Advisors LLC lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 2.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 88,657 shares of the information services provider's stock after selling 2,562 shares during the period. Alphabet accounts for approximately 2.0% of MainStreet Investment Advisors LLC's investment portfolio, making the stock its 10th biggest position. MainStreet Investment Advisors LLC's holdings in Alphabet were worth $13,710,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of GOOGL. Leavell Investment Management Inc. raised its position in Alphabet by 8.3% in the first quarter. Leavell Investment Management Inc. now owns 40,271 shares of the information services provider's stock valued at $6,228,000 after purchasing an additional 3,085 shares during the period. Main Street Research LLC grew its stake in shares of Alphabet by 2.2% during the first quarter. Main Street Research LLC now owns 287,165 shares of the information services provider's stock worth $44,407,000 after purchasing an additional 6,127 shares in the last quarter. Van Cleef Asset Management Inc boosted its stake in Alphabet by 1.7% in the first quarter. Van Cleef Asset Management Inc now owns 190,194 shares of the information services provider's stock valued at $29,412,000 after acquiring an additional 3,200 shares in the last quarter. Topsail Wealth Management LLC boosted its stake in Alphabet by 52.9% in the first quarter. Topsail Wealth Management LLC now owns 10,486 shares of the information services provider's stock valued at $1,622,000 after acquiring an additional 3,628 shares in the last quarter. Finally, Wealth Advisory Solutions LLC boosted its stake in Alphabet by 7.5% in the first quarter. Wealth Advisory Solutions LLC now owns 8,506 shares of the information services provider's stock valued at $1,315,000 after acquiring an additional 594 shares in the last quarter. Institutional investors and hedge funds own 40.03% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on GOOGL. Cantor Fitzgerald upped their target price on shares of Alphabet from $171.00 to $196.00 and gave the company a "neutral" rating in a report on Wednesday. DA Davidson reduced their price target on shares of Alphabet from $200.00 to $160.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Piper Sandler raised their price objective on shares of Alphabet from $185.00 to $195.00 and gave the stock an "overweight" rating in a research note on Friday, April 25th. Rosenblatt Securities reaffirmed a "neutral" rating and issued a $189.00 target price on shares of Alphabet in a research note on Wednesday, May 21st. Finally, JPMorgan Chase & Co. decreased their price target on shares of Alphabet from $220.00 to $180.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Ten analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, Alphabet presently has an average rating of "Moderate Buy" and an average target price of $201.41.

Insider Buying and Selling at Alphabet

In other news, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $184.38, for a total transaction of $5,992,350.00. Following the completion of the transaction, the chief executive officer directly owned 2,527,392 shares of the company's stock, valued at approximately $466,000,536.96. This trade represents a 1.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John L. Hennessy sold 400 shares of the firm's stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $181.98, for a total transaction of $72,792.00. Following the transaction, the director directly owned 6,013 shares of the company's stock, valued at $1,094,245.74. The trade was a 6.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 215,843 shares of company stock valued at $37,288,490 in the last ninety days. Company insiders own 11.64% of the company's stock.

Alphabet Trading Up 0.3%

Shares of GOOGL stock traded up $0.61 during trading hours on Thursday, reaching $183.58. 31,918,761 shares of the stock traded hands, compared to its average volume of 32,090,183. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $207.05. The business has a fifty day moving average price of $171.67 and a 200 day moving average price of $173.20. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $2.23 trillion, a PE ratio of 20.40, a PEG ratio of 1.28 and a beta of 1.00.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, topping the consensus estimate of $2.02 by $0.79. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. The company had revenue of $76.49 billion for the quarter, compared to analyst estimates of $89.30 billion. During the same quarter in the prior year, the business posted $1.89 EPS. On average, equities research analysts forecast that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 9th were paid a $0.21 dividend. The ex-dividend date was Monday, June 9th. This is a positive change from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a yield of 0.46%. Alphabet's dividend payout ratio (DPR) is presently 9.36%.

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.