Mission Creek Capital Partners Inc. Sells 9,219 Shares of Alphabet Inc. $GOOG

Key Points

• Mission Creek Capital Partners Inc. reduced its stake in Alphabet Inc. by 17.2%, selling 9,219 shares and now holding a total of 44,240 shares worth approximately $6.91 million.
• Several institutional investors, including Monterey Private Wealth Inc. and Northstar Financial Companies Inc., have also adjusted their holdings in Alphabet during the 1st quarter of the year.
• Alphabet's stock has received favorable ratings from multiple brokerages, with a current consensus rating of "Moderate Buy" and an average price target of $215.19.

Mission Creek Capital Partners Inc. trimmed its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 17.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 44,240 shares of the information services provider's stock after selling 9,219 shares during the period. Alphabet accounts for approximately 1.5% of Mission Creek Capital Partners Inc.'s holdings, making the stock its 15th largest position. Mission Creek Capital Partners Inc.'s holdings in Alphabet were worth $6,912,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Monterey Private Wealth Inc. lifted its stake in shares of Alphabet by 1.5% in the 1st quarter. Monterey Private Wealth Inc. now owns 11,814 shares of the information services provider's stock valued at $1,846,000 after purchasing an additional 177 shares during the last quarter. Northstar Financial Companies Inc. raised its holdings in Alphabet by 5.1% during the first quarter. Northstar Financial Companies Inc. now owns 9,580 shares of the information services provider's stock valued at $1,497,000 after buying an additional 468 shares in the last quarter. Carlson Capital L.P. acquired a new stake in shares of Alphabet in the first quarter worth about $359,000. Truvestments Capital LLC boosted its stake in shares of Alphabet by 15.0% during the 1st quarter. Truvestments Capital LLC now owns 12,182 shares of the information services provider's stock worth $1,903,000 after acquiring an additional 1,592 shares in the last quarter. Finally, Wealth Preservation Advisors LLC acquired a new position in shares of Alphabet during the 1st quarter valued at about $15,843,000. Institutional investors own 27.26% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on GOOG. JPMorgan Chase & Co. increased their price target on Alphabet from $200.00 to $232.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. UBS Group upped their price objective on shares of Alphabet from $186.00 to $192.00 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. Piper Sandler reissued a "neutral" rating on shares of Alphabet in a research report on Wednesday, July 9th. Susquehanna reaffirmed a "positive" rating on shares of Alphabet in a report on Friday, May 2nd. Finally, The Goldman Sachs Group reiterated a "buy" rating and issued a $220.00 price objective on shares of Alphabet in a research report on Monday, June 2nd. Five investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $215.19.

Alphabet Price Performance

Alphabet stock opened at $208.21 on Thursday. The company has a market capitalization of $2.52 trillion, a PE ratio of 22.17, a price-to-earnings-growth ratio of 1.40 and a beta of 1.02. 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 business has a 50 day simple moving average of $189.63 and a 200 day simple moving average of $175.22. Alphabet Inc. has a one year low of $142.66 and a one year high of $211.09.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.19. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.67 billion. During the same quarter last year, the business posted $1.89 earnings per share. The company's revenue was up 13.8% on a year-over-year basis. On average, sell-side analysts forecast that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be given a $0.21 dividend. The ex-dividend date is Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.4%. Alphabet's payout ratio is presently 8.95%.

Insiders Place Their Bets

In related news, Director Kavitark Ram Shriram sold 18,566 shares of the company's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the transaction, the director owned 243,400 shares in the company, valued at $45,213,984. This represents a 7.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Kent Walker sold 23,820 shares of the business's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the transaction, the insider directly owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 254,719 shares of company stock worth $47,223,172 in the last three months. Company insiders own 12.99% of the company's stock.

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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