Palisades Hudson Asset Management L.P. lessened its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 21.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,588 shares of the information services provider's stock after selling 1,537 shares during the quarter. Palisades Hudson Asset Management L.P.'s holdings in Alphabet were worth $864,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in GOOGL. Mystic Asset Management Inc. raised its position in shares of Alphabet by 6.7% in the first quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider's stock valued at $4,400,000 after purchasing an additional 1,791 shares during the period. Harbour Trust & Investment Management Co raised its position in shares of Alphabet by 0.3% in the first quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider's stock valued at $4,187,000 after purchasing an additional 80 shares during the period. Rockbridge Capital Management LLC acquired a new position in shares of Alphabet in the fourth quarter valued at about $3,119,000. Cypress Capital LLC grew its stake in shares of Alphabet by 4.1% in the first quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock valued at $2,213,000 after acquiring an additional 563 shares in the last quarter. Finally, Optivise Advisory Services LLC grew its stake in shares of Alphabet by 8.0% in the fourth quarter. Optivise Advisory Services LLC now owns 5,464 shares of the information services provider's stock valued at $1,035,000 after acquiring an additional 403 shares in the last quarter. Institutional investors own 40.03% of the company's stock.
Analyst Ratings Changes
A number of brokerages have issued reports on GOOGL. Susquehanna increased their price objective on shares of Alphabet from $220.00 to $225.00 and gave the stock a "positive" rating in a research note on Thursday, July 24th. BMO Capital Markets increased their price objective on shares of Alphabet from $208.00 to $225.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Roth Capital increased their price objective on shares of Alphabet from $205.00 to $210.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Wells Fargo & Company increased their price objective on shares of Alphabet from $184.00 to $187.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 29th. Finally, BNP Paribas downgraded shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 26th. Ten analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Alphabet currently has a consensus rating of "Moderate Buy" and an average target price of $211.53.
Check Out Our Latest Stock Analysis on Alphabet
Insiders Place Their Bets
In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total value of $5,801,900.00. Following the completion of the transaction, the chief executive officer owned 2,559,892 shares of the company's stock, valued at approximately $456,991,919.84. The trade was a 1.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kavitark Ram Shriram sold 18,566 shares of the business's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $3,448,820.16. Following the sale, the director 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. In the last 90 days, insiders sold 274,219 shares of company stock valued at $49,674,273. 11.55% of the stock is owned by insiders.
Alphabet Stock Performance
NASDAQ:GOOGL traded down $1.03 during mid-day trading on Wednesday, reaching $202.31. The company's stock had a trading volume of 9,922,316 shares, compared to its average volume of 36,638,750. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $207.05. The firm's fifty day moving average price is $182.27 and its two-hundred day moving average price is $173.02. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock has a market cap of $2.45 trillion, a P/E ratio of 21.57, a PEG ratio of 1.36 and a beta of 1.01.
Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping analysts' consensus estimates of $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. The business had revenue of $96,428,000 billion during the quarter, compared to analyst estimates of $93.60 billion. On average, equities analysts forecast that Alphabet Inc. will post 8.9 EPS for the current fiscal year.
Alphabet Dividend Announcement
The firm also recently announced 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 of this dividend is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. Alphabet's payout ratio is 8.95%.
About Alphabet
(
Free Report)
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.
Further Reading
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