Alphabet Inc. (NASDAQ:GOOG) Stock Position Lessened by PUREfi Wealth LLC

PUREfi Wealth LLC trimmed its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 23.8% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 6,204 shares of the information services provider's stock after selling 1,934 shares during the period. Alphabet accounts for approximately 1.0% of PUREfi Wealth LLC's portfolio, making the stock its 23rd largest position. PUREfi Wealth LLC's holdings in Alphabet were worth $969,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in GOOG. Kingswood Wealth Advisors LLC raised its stake in Alphabet by 211.9% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 117,954 shares of the information services provider's stock valued at $18,663,000 after acquiring an additional 80,135 shares during the last quarter. Roman Butler Fullerton & Co. grew its stake in shares of Alphabet by 1.4% in the 1st quarter. Roman Butler Fullerton & Co. now owns 29,932 shares of the information services provider's stock valued at $4,750,000 after purchasing an additional 406 shares during the last quarter. Pegasus Asset Management Inc. grew its stake in shares of Alphabet by 0.5% in the 1st quarter. Pegasus Asset Management Inc. now owns 59,785 shares of the information services provider's stock valued at $9,340,000 after purchasing an additional 319 shares during the last quarter. Wolf Group Capital Advisors acquired a new position in shares of Alphabet in the first quarter valued at approximately $424,000. Finally, Cornerstone Wealth Management LLC raised its stake in shares of Alphabet by 4.1% during the first quarter. Cornerstone Wealth Management LLC now owns 27,404 shares of the information services provider's stock worth $4,281,000 after purchasing an additional 1,071 shares during the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Alphabet Stock Performance

Shares of NASDAQ GOOG traded down $3.25 during midday trading on Thursday, hitting $173.98. The company's stock had a trading volume of 32,365,363 shares, compared to its average volume of 20,579,241. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.77 and a current ratio of 1.77. Alphabet Inc. has a 1-year low of $142.66 and a 1-year high of $208.70. The firm's fifty day moving average price is $165.77 and its 200-day moving average price is $176.42. The firm has a market cap of $2.11 trillion, a P/E ratio of 19.40, a P/E/G ratio of 1.25 and a beta of 1.01.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued 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. The company had revenue of $90.23 billion during the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. Alphabet's quarterly revenue was up 12.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.89 earnings per share. On average, sell-side analysts forecast that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Increases Dividend

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

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on GOOG. The Goldman Sachs Group reiterated a "buy" rating and issued a $220.00 price objective on shares of Alphabet in a research report on Monday, June 2nd. UBS Group lowered their target price on shares of Alphabet from $209.00 to $173.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. Needham & Company LLC lowered shares of Alphabet from a "buy" rating to a "cautious" rating in a research note on Friday, May 2nd. JPMorgan Chase & Co. increased their price target on shares of Alphabet from $180.00 to $195.00 and gave the stock an "overweight" rating in a report on Friday, April 25th. Finally, Rosenblatt Securities upgraded shares of Alphabet from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 25th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, fourteen have issued a buy rating and five have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $204.88.

Insiders Place Their Bets

In other news, insider John Kent Walker sold 11,764 shares of the company's stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $166.84, for a total transaction of $1,962,705.76. Following the completion of the transaction, the insider now owns 49,037 shares in the company, valued at approximately $8,181,333.08. This represents a 19.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Amie Thuener O'toole sold 673 shares of the stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $155.33, for a total transaction of $104,537.09. Following the completion of the sale, the chief accounting officer now directly owns 15,303 shares in the company, valued at approximately $2,377,014.99. This trade represents a 4.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 195,570 shares of company stock valued at $32,003,532 over the last three months. Company insiders own 12.99% of the company's stock.

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.