Orrstown Financial Services Inc. Cuts Stake in Alphabet Inc. (NASDAQ:GOOG)

Orrstown Financial Services Inc. lowered its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 35.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,908 shares of the information services provider's stock after selling 1,598 shares during the quarter. Orrstown Financial Services Inc.'s holdings in Alphabet were worth $454,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Principia Wealth Advisory LLC grew its position in shares of Alphabet by 111.8% during the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after purchasing an additional 85 shares in the last quarter. LSV Asset Management purchased a new stake in shares of Alphabet during the fourth quarter worth about $27,000. WealthTrak Capital Management LLC purchased a new stake in shares of Alphabet during the fourth quarter worth about $38,000. Mountain Hill Investment Partners Corp. purchased a new stake in shares of Alphabet during 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.

Alphabet Price Performance

NASDAQ:GOOG opened at $174.92 on Friday. 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 Inc. has a 1 year low of $142.66 and a 1 year high of $208.70. The business has a 50 day simple moving average of $161.88 and a 200-day simple moving average of $176.05. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.84 and a quick ratio of 1.84.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.02 by $0.79. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. The company had revenue of $90.23 billion during the quarter, compared to analysts' expectations of $89.30 billion. During the same quarter in the previous year, the business earned $1.89 EPS. Alphabet's revenue was up 12.0% compared to the same quarter last year. Equities analysts forecast that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 9th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 0.48%. This is an increase from Alphabet's previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Monday, June 9th. Alphabet's dividend payout ratio (DPR) is 9.36%.

Analyst Ratings Changes

Several research firms recently issued reports on GOOG. Needham & Company LLC cut Alphabet from a "buy" rating to a "cautious" rating in a research report on Friday, May 2nd. Susquehanna restated a "positive" rating on shares of Alphabet in a report on Friday, May 2nd. UBS Group cut their price target on Alphabet from $209.00 to $173.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Scotiabank cut their price target on Alphabet from $232.00 to $200.00 and set a "sector outperform" rating for the company in a report on Monday, April 21st. Finally, Rosenblatt Securities upgraded Alphabet from a "hold" rating to a "strong-buy" rating in a report on Friday, April 25th. Three equities 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 company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $204.88.

Insider Transactions at Alphabet

In other news, Director John L. Hennessy sold 200 shares of Alphabet stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $165.53, for a total transaction of $33,106.00. Following the completion of the sale, the director now directly owns 7,813 shares in the company, valued at approximately $1,293,285.89. This trade represents a 2.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $168.71, for a total value of $5,483,075.00. Following the sale, the chief executive officer now owns 2,587,696 shares of the company's stock, valued at approximately $436,570,192.16. This trade represents a 1.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 195,770 shares of company stock worth $32,036,638. 12.99% of the stock is currently owned by 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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