Alphabet Inc. (NASDAQ:GOOGL) is Morse Asset Management Inc's 5th Largest Position

Key Points

• Morse Asset Management Inc has reduced its holdings in Alphabet Inc. by 8.0%, now owning 77,199 shares valued at approximately $11.9 million.
• CEO Sundar Pichai sold 32,500 shares worth nearly $5.8 million, marking a 1.25% reduction in his ownership.
• Alphabet announced a quarterly dividend of $0.21 per share, with the ex-dividend date set for September 8th, reflecting a yield of 0.43%.

Morse Asset Management Inc trimmed its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 8.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,199 shares of the information services provider's stock after selling 6,737 shares during the period. Alphabet makes up approximately 3.0% of Morse Asset Management Inc's portfolio, making the stock its 5th biggest position. Morse Asset Management Inc's holdings in Alphabet were worth $11,938,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of GOOGL. von Borstel & Associates Inc. purchased a new stake in Alphabet in the 1st quarter valued at about $28,000. Financial Gravity Asset Management Inc. purchased a new position in shares of Alphabet in the 1st quarter worth approximately $39,000. Elite Financial Inc. bought a new position in shares of Alphabet in the first quarter valued at approximately $42,000. Anderson Financial Strategies LLC purchased a new stake in shares of Alphabet during the fourth quarter valued at approximately $49,000. Finally, EQ Wealth Advisors LLC purchased a new stake in shares of Alphabet during the first quarter valued at approximately $49,000. 40.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on GOOGL. Citizens Jmp upgraded Alphabet from a "market perform" rating to an "outperform" rating and set a $220.00 price objective on the stock in a research note on Friday, June 27th. UBS Group increased their target price on Alphabet from $192.00 to $202.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Stifel Nicolaus raised their target price on Alphabet from $200.00 to $218.00 and gave the stock a "buy" rating in a research note on Tuesday, July 22nd. JMP Securities lifted their target price on shares of Alphabet from $220.00 to $225.00 and gave the company a "market outperform" rating in a research note on Thursday, July 24th. Finally, BNP Paribas Exane restated a "neutral" rating and set a $172.00 target price on shares of Alphabet in a report on Friday, June 27th. Ten equities research 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 stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $211.39.

Alphabet Price Performance

Shares of NASDAQ GOOGL traded up $0.78 during midday trading on Wednesday, reaching $196.53. The stock had a trading volume of 32,265,287 shares, compared to its average volume of 37,021,776. The stock has a 50-day moving average of $177.49 and a 200-day moving average of $173.11. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $207.05. The company 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 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be given 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 dividend yield of 0.43%. Alphabet's dividend payout ratio is currently 8.95%.

Insider Transactions at Alphabet

In other news, Director John L. Hennessy sold 400 shares of the business's stock in a transaction that occurred on 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 owned 6,013 shares of the company's stock, valued at approximately $1,094,245.74. The trade was a 6.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the transaction, the director directly owned 243,400 shares of the company's stock, valued at approximately $45,213,984. This represents a 7.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 249,298 shares of company stock worth $43,505,967 in the last three months. Insiders own 11.64% of the company's stock.

Alphabet Company 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.