Robertson Stephens Wealth Management LLC Trims Stock Position in Alphabet Inc. (NASDAQ:GOOG)

Robertson Stephens Wealth Management LLC lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 5.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 98,824 shares of the information services provider's stock after selling 5,511 shares during the quarter. Robertson Stephens Wealth Management LLC's holdings in Alphabet were worth $15,439,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. LSV Asset Management bought a new position in shares of Alphabet in the 4th quarter valued at approximately $27,000. Principia Wealth Advisory LLC lifted its stake in shares of Alphabet by 111.8% in the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after buying an additional 85 shares during the last quarter. WealthTrak Capital Management LLC acquired a new position in Alphabet in the 4th quarter valued at $38,000. Mountain Hill Investment Partners Corp. bought a new position in Alphabet in the 4th quarter worth $39,000. Finally, Noble Wealth Management PBC acquired a new position in Alphabet during the 4th quarter worth $43,000. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. UBS Group lowered their price target on Alphabet from $209.00 to $173.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. Rosenblatt Securities raised Alphabet from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 25th. KeyCorp dropped their target price on shares of Alphabet from $202.00 to $185.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. The Goldman Sachs Group reiterated a "buy" rating and set a $220.00 target price on shares of Alphabet in a research note on Monday, June 2nd. Finally, Needham & Company LLC downgraded shares of Alphabet from a "buy" rating to a "cautious" rating in a report on Friday, May 2nd. Three analysts have rated the stock with a sell rating, five have given a hold rating, fourteen have given a buy rating and five have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $204.88.

Alphabet Price Performance

Shares of GOOG stock traded down $3.25 on Thursday, hitting $173.98. 32,365,363 shares of the company's stock were exchanged, compared to its average volume of 20,579,241. The company has a 50 day moving average of $165.77 and a 200 day moving average of $176.42. The stock has a market cap of $2.11 trillion, a P/E ratio of 19.40, a price-to-earnings-growth ratio of 1.23 and a beta of 1.01. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.77 and a quick ratio of 1.77. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $208.70.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, beating 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 the consensus estimate of $89.30 billion. During the same period last year, the company earned $1.89 earnings per share. The business's quarterly revenue was up 12.0% on a year-over-year basis. On average, equities research analysts predict that Alphabet Inc. will post 8.89 EPS for the current 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 issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.48%. This is an increase from Alphabet's previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Monday, June 9th. Alphabet's dividend payout ratio is presently 9.36%.

Insider Buying and Selling at Alphabet

In other news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $158.56, for a total value of $5,153,200.00. Following the completion of the transaction, the chief executive officer now directly owns 2,717,696 shares of the company's stock, valued at approximately $430,917,877.76. This trade represents a 1.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John L. Hennessy sold 600 shares of the business'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 now owns 6,813 shares of the company's stock, valued at $1,192,275. This trade represents a 8.09% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 195,570 shares of company stock worth $32,003,532. Insiders own 12.99% of the company's stock.

About Alphabet

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.