Miracle Mile Advisors LLC Sells 10,453 Shares of Alphabet Inc. (NASDAQ:GOOG)

Miracle Mile Advisors LLC trimmed its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 3.6% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 281,851 shares of the information services provider's stock after selling 10,453 shares during the period. Alphabet makes up 0.9% of Miracle Mile Advisors LLC's investment portfolio, making the stock its 28th largest holding. Miracle Mile Advisors LLC's holdings in Alphabet were worth $44,034,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Cassaday & Co Wealth Management LLC increased its stake in Alphabet by 9.3% during the 4th quarter. Cassaday & Co Wealth Management LLC now owns 28,044 shares of the information services provider's stock valued at $5,341,000 after purchasing an additional 2,390 shares in the last quarter. LaFleur & Godfrey LLC increased its position in shares of Alphabet by 1.2% during the fourth quarter. LaFleur & Godfrey LLC now owns 31,967 shares of the information services provider's stock worth $6,088,000 after acquiring an additional 380 shares in the last quarter. Brighton Jones LLC raised its holdings in shares of Alphabet by 5.6% in the 4th quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider's stock worth $22,901,000 after acquiring an additional 6,410 shares during the last quarter. Union Bancaire Privee UBP SA acquired a new position in Alphabet during the 4th quarter valued at about $204,262,000. Finally, Ascent Wealth Partners LLC boosted its position in shares of Alphabet by 246.2% during the fourth quarter. Ascent Wealth Partners LLC now owns 5,698 shares of the information services provider's stock valued at $1,085,000 after buying an additional 4,052 shares during the last quarter. 27.26% of the stock is currently owned by institutional investors.

Alphabet Stock Performance

Shares of GOOG stock opened at $174.92 on Friday. The stock has a fifty day moving average of $161.88 and a 200 day moving average of $176.05. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $208.70. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $2.12 trillion, a price-to-earnings ratio of 21.73, a PEG ratio of 1.34 and a beta of 1.01.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its 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 28.60% and a return on equity of 32.49%. The firm had revenue of $90.23 billion during the quarter, compared to analysts' expectations of $89.30 billion. During the same period last year, the company posted $1.89 EPS. The company's quarterly revenue was up 12.0% compared to the same quarter last year. As a group, research analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Monday, June 9th. This is a positive change from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a yield of 0.48%. Alphabet's dividend payout ratio (DPR) is 9.36%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on GOOG shares. KeyCorp cut their price objective on shares of Alphabet from $202.00 to $185.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. UBS Group cut their price target on shares of Alphabet from $209.00 to $173.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. Tigress Financial restated a "strong-buy" rating on shares of Alphabet in a report on Friday, May 2nd. Susquehanna restated a "positive" rating on shares of Alphabet in a research note on Friday, May 2nd. Finally, Westpark Capital restated a "buy" rating and issued a $210.00 target price on shares of Alphabet in a research note on Friday, April 25th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, fourteen have issued a buy rating and five have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $204.88.

Insider Activity

In related news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $168.71, for a total transaction of $5,483,075.00. Following the completion of the transaction, the chief executive officer now directly owns 2,587,696 shares of the company's stock, valued at $436,570,192.16. This trade represents a 1.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Kavitark Ram Shriram sold 10,500 shares of Alphabet stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $1,837,500.00. Following the transaction, the director now owns 261,966 shares of the company's stock, valued at $45,844,050. The trade was a 3.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 195,770 shares of company stock worth $32,036,638 in the last quarter. 12.99% of the stock is owned by company insiders.

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.

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