Alphabet Inc. (NASDAQ:GOOGL) Stock Position Increased by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc lifted its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 0.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 814,304 shares of the information services provider's stock after purchasing an additional 2,735 shares during the quarter. Alphabet accounts for approximately 2.6% of Pinnacle Financial Partners Inc's holdings, making the stock its 8th largest position. Pinnacle Financial Partners Inc's holdings in Alphabet were worth $125,924,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Anderson Financial Strategies LLC bought a new stake in shares of Alphabet during the fourth quarter valued at approximately $49,000. EQ Wealth Advisors LLC bought a new stake in shares of Alphabet during the 1st quarter worth about $49,000. Navigoe LLC bought a new stake in Alphabet in the 4th quarter valued at about $51,000. Prudent Man Investment Management Inc. acquired a new position in Alphabet during the fourth quarter valued at approximately $53,000. Finally, Campbell Capital Management Inc. acquired a new position in shares of Alphabet during the fourth quarter worth $57,000. Institutional investors and hedge funds own 40.03% of the company's stock.

Insider Activity

In related news, Director John L. Hennessy sold 600 shares of the firm's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $105,000.00. Following the sale, the director directly owned 6,813 shares in the company, valued at $1,192,275. This trade represents a 8.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the transaction, the chief executive officer directly owned 2,559,892 shares in the company, valued at $456,991,919.84. The trade was a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 215,643 shares of company stock valued at $36,330,928 over the last three months. 11.64% of the stock is owned by insiders.

Alphabet Price Performance

Shares of NASDAQ GOOGL traded up $2.26 during midday trading on Wednesday, reaching $176.62. The company's stock had a trading volume of 42,988,099 shares, compared to its average volume of 31,724,461. The company has a 50 day moving average price of $169.31 and a 200 day moving average price of $173.67. The company has a market cap of $2.14 trillion, a price-to-earnings ratio of 19.69, a price-to-earnings-growth ratio of 1.25 and a beta of 1.00. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.03. Alphabet Inc. has a one year low of $140.53 and a one year high of $207.05.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its earnings results 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. The firm had revenue of $76.49 billion during the quarter, compared to analysts' expectations of $89.30 billion. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. During the same period in the previous year, the company earned $1.89 earnings per share. On average, equities research analysts expect that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 9th were paid a dividend of $0.21 per share. This is a boost from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a dividend yield of 0.48%. The ex-dividend date was Monday, June 9th. Alphabet's dividend payout ratio is 9.36%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on GOOGL shares. Rosenblatt Securities restated a "neutral" rating and issued a $189.00 target price on shares of Alphabet in a report on Wednesday, May 21st. JMP Securities raised shares of Alphabet from a "market perform" rating to a "market outperform" rating and set a $220.00 price objective on the stock in a research note on Friday, June 27th. Oppenheimer increased their price target on shares of Alphabet from $185.00 to $200.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. Tigress Financial raised their target price on shares of Alphabet from $220.00 to $240.00 and gave the company a "strong-buy" rating in a research note on Wednesday, April 30th. Finally, Jefferies Financial Group decreased their price objective on shares of Alphabet from $235.00 to $200.00 and set a "buy" rating for the company in a report on Monday, March 31st. Ten analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $200.13.

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.