Orrstown Financial Services Inc. Reduces Position in Alphabet Inc. (NASDAQ:GOOG)

Orrstown Financial Services Inc. cut its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 35.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,908 shares of the information services provider's stock after selling 1,598 shares during the period. Orrstown Financial Services Inc.'s holdings in Alphabet were worth $454,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. LSV Asset Management bought a new position in shares of Alphabet in the 4th quarter worth about $27,000. Principia Wealth Advisory LLC lifted its position in Alphabet by 111.8% during the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock valued at $26,000 after purchasing an additional 85 shares in the last quarter. WealthTrak Capital Management LLC purchased a new position in shares of Alphabet in the fourth quarter valued at about $38,000. Mountain Hill Investment Partners Corp. bought a new position in shares of Alphabet in the fourth quarter worth about $39,000. Finally, Noble Wealth Management PBC purchased a new stake in shares of Alphabet during the fourth quarter worth about $43,000. Hedge funds and other institutional investors own 27.26% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. UBS Group cut their target price on shares of Alphabet from $209.00 to $173.00 and set a "neutral" rating for the company in a report on Friday, April 11th. The Goldman Sachs Group restated a "buy" rating and issued a $220.00 target price on shares of Alphabet in a report on Monday, June 2nd. Needham & Company LLC downgraded shares of Alphabet from a "buy" rating to a "cautious" rating in a report on Friday, May 2nd. Cantor Fitzgerald reissued a "neutral" rating and set a $171.00 price objective on shares of Alphabet in a research note on Friday, April 25th. Finally, Citigroup reaffirmed a "sell" rating on shares of Alphabet in a research note on Wednesday, April 23rd. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and five have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $204.88.

Alphabet Stock Down 0.7%

Shares of GOOG traded down $1.23 during midday trading on Wednesday, reaching $178.79. 15,615,535 shares of the stock were exchanged, compared to its average volume of 20,439,868. The company has a market capitalization of $2.17 trillion, a P/E ratio of 22.21, a PEG ratio of 1.34 and a beta of 1.01. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.03. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $208.70. The company's 50 day moving average is $162.80 and its two-hundred day moving average is $176.20.

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, beating analysts' consensus estimates of $2.02 by $0.79. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. The business had revenue of $90.23 billion for the quarter, compared to the consensus estimate of $89.30 billion. During the same quarter last year, the firm posted $1.89 EPS. The company's revenue for the quarter was up 12.0% on a year-over-year basis. On average, sell-side analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 9th will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a yield of 0.47%. This is a positive change from Alphabet's previous quarterly dividend of $0.20. Alphabet's dividend payout ratio is currently 9.36%.

Insider Buying and Selling at Alphabet

In related news, insider John Kent Walker sold 11,764 shares of the business's stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $166.84, for a total transaction of $1,962,705.76. Following the transaction, the insider now directly owns 49,037 shares in the company, valued at $8,181,333.08. The trade was a 19.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John L. Hennessy sold 200 shares of the stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $165.53, for a total value of $33,106.00. Following the completion of the sale, the director now owns 7,813 shares of the company's stock, valued at approximately $1,293,285.89. This trade represents a 2.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 195,770 shares of company stock valued at $32,036,638. 12.99% of the stock is currently owned by corporate insiders.

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.