Philadelphia Trust Co. cut its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 7.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 221,438 shares of the information services provider's stock after selling 18,235 shares during the period. Alphabet comprises 2.9% of Philadelphia Trust Co.'s portfolio, making the stock its 7th largest holding. Philadelphia Trust Co.'s holdings in Alphabet were worth $34,243,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Guardian Wealth Management Inc. boosted its stake in Alphabet by 242.9% in the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock worth $26,000 after purchasing an additional 119 shares during the period. IMA Advisory Services Inc. purchased a new stake in Alphabet during the 1st quarter valued at approximately $28,000. von Borstel & Associates Inc. purchased a new stake in Alphabet during the 1st quarter valued at approximately $28,000. NBZ Investment Advisors LLC grew its holdings in Alphabet by 85.7% during the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock valued at $30,000 after buying an additional 90 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. purchased a new stake in Alphabet during the 1st quarter valued at approximately $39,000. 40.03% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
GOOGL has been the subject of a number of research analyst reports. Wedbush increased their price objective on shares of Alphabet from $200.00 to $225.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Tigress Financial increased their price objective on shares of Alphabet from $220.00 to $240.00 and gave the company a "strong-buy" rating in a report on Wednesday, April 30th. Citigroup increased their price objective on shares of Alphabet from $203.00 to $225.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Citizens Jmp raised shares of Alphabet from a "market perform" rating to an "outperform" rating and set a $220.00 price objective for the company in a report on Friday, June 27th. Finally, DA Davidson increased their price objective on shares of Alphabet from $160.00 to $180.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $211.53.
Read Our Latest Stock Report on Alphabet
Insider Buying and Selling
In related news, insider John Kent Walker sold 23,820 shares of the firm's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the sale, the insider directly owned 42,999 shares in the company, valued at $8,371,905.30. This trade represents a 35.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $199.92, for a total value of $6,497,400.00. Following the completion of the sale, the chief executive officer owned 2,462,392 shares of the company's stock, valued at approximately $492,281,408.64. This represents a 1.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 254,719 shares of company stock valued at $47,223,172 in the last three months. Corporate insiders own 11.64% of the company's stock.
Alphabet Trading Up 1.5%
GOOGL traded up $3.0180 during trading on Monday, reaching $209.1080. The company had a trading volume of 12,885,669 shares, compared to its average volume of 36,208,324. The stock has a market cap of $2.53 trillion, a P/E ratio of 22.22, a PEG ratio of 1.39 and a beta of 1.01. The business has a 50 day simple moving average of $186.81 and a 200-day simple moving average of $173.12. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $209.68. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.
Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.15 by $0.16. The company had revenue of $96,428,000 billion during the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. On average, equities analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current fiscal year.
Alphabet Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors 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 dividend on an annualized basis and a yield of 0.4%. Alphabet's dividend payout ratio (DPR) is currently 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.
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