Ridgecrest Wealth Partners LLC decreased its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 9.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,521 shares of the information services provider's stock after selling 2,276 shares during the period. Alphabet makes up about 1.8% of Ridgecrest Wealth Partners LLC's portfolio, making the stock its 15th biggest holding. Ridgecrest Wealth Partners LLC's holdings in Alphabet were worth $3,362,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Alphabet by 2.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 908,650 shares of the information services provider's stock valued at $141,958,000 after acquiring an additional 17,954 shares during the last quarter. Comprehensive Money Management Services LLC raised its holdings in shares of Alphabet by 9.1% during the first quarter. Comprehensive Money Management Services LLC now owns 1,800 shares of the information services provider's stock worth $281,000 after purchasing an additional 150 shares during the last quarter. 1858 Wealth Management LLC raised its holdings in shares of Alphabet by 1.2% during the first quarter. 1858 Wealth Management LLC now owns 15,497 shares of the information services provider's stock worth $2,421,000 after purchasing an additional 191 shares during the last quarter. Madison Wealth Partners Inc boosted its holdings in Alphabet by 4.8% in the first quarter. Madison Wealth Partners Inc now owns 2,111 shares of the information services provider's stock valued at $330,000 after purchasing an additional 96 shares during the last quarter. Finally, Veridan Wealth LLC boosted its holdings in Alphabet by 4.5% in the first quarter. Veridan Wealth LLC now owns 2,259 shares of the information services provider's stock valued at $353,000 after purchasing an additional 97 shares during the last quarter. Institutional investors and hedge funds own 27.26% of the company's stock.
Alphabet Price Performance
NASDAQ:GOOG traded up $1.73 during trading hours on Tuesday, hitting $167.74. 27,218,990 shares of the stock were exchanged, compared to its average volume of 20,679,335. The firm's fifty day moving average price is $166.58 and its 200 day moving average price is $176.27. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $208.70. The company has a market cap of $2.04 trillion, a P/E ratio of 18.70, a P/E/G ratio of 1.17 and a beta of 1.01. 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 (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, topping the consensus estimate of $2.02 by $0.79. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. The firm had revenue of $90.23 billion during the quarter, compared to analysts' expectations of $89.30 billion. During the same period in the previous year, the business earned $1.89 earnings per share. The firm's revenue for the quarter was up 12.0% on a year-over-year basis. As a group, equities research analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current fiscal year.
Alphabet Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 9th were issued a dividend of $0.21 per share. This is a positive change from Alphabet's previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.50%. Alphabet's dividend payout ratio is presently 9.36%.
Analysts Set New Price Targets
Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. boosted their price objective on Alphabet from $180.00 to $195.00 and gave the company an "overweight" rating in a report on Friday, April 25th. KeyCorp reduced their price target on Alphabet from $202.00 to $185.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Scotiabank decreased 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. Citigroup reaffirmed a "sell" rating on shares of Alphabet in a research note on Wednesday, April 23rd. Finally, Westpark Capital reaffirmed a "buy" rating and set a $210.00 target price on shares of Alphabet in a 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 issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $204.88.
View Our Latest Analysis on Alphabet
Insider Transactions at Alphabet
In other news, Director Kavitark Ram Shriram sold 10,500 shares of the business's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $1,837,500.00. Following the transaction, the director now owns 261,966 shares of the company's stock, valued at approximately $45,844,050. The trade was a 3.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $176.68, for a total transaction of $5,742,100.00. Following the completion of the sale, the chief executive officer now directly owns 2,555,196 shares of the company's stock, valued at $451,452,029.28. This represents a 1.26% decrease in their position. The disclosure for this sale can be found here. Insiders sold 228,070 shares of company stock valued at $37,745,632 over the last 90 days. 12.99% of the stock is currently owned by corporate insiders.
About Alphabet
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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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