Spinnaker Trust Has $17.48 Million Stock Position in Alphabet Inc. (NASDAQ:GOOG)

Spinnaker Trust lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 1.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 111,888 shares of the information services provider's stock after selling 1,547 shares during the quarter. Alphabet accounts for approximately 1.1% of Spinnaker Trust's holdings, making the stock its 18th largest holding. Spinnaker Trust's holdings in Alphabet were worth $17,480,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ethos Financial Group LLC increased its holdings in shares of Alphabet by 0.7% in the fourth quarter. Ethos Financial Group LLC now owns 7,300 shares of the information services provider's stock worth $1,395,000 after buying an additional 53 shares during the period. Hutchinson Capital Management CA grew its position in Alphabet by 1.5% during the 4th quarter. Hutchinson Capital Management CA now owns 3,555 shares of the information services provider's stock worth $677,000 after acquiring an additional 54 shares during the last quarter. M. Kulyk & Associates LLC grew its position in Alphabet by 0.9% during the 4th quarter. M. Kulyk & Associates LLC now owns 6,445 shares of the information services provider's stock worth $1,227,000 after acquiring an additional 56 shares during the last quarter. Retirement Planning Co of New England Inc. increased its stake in Alphabet by 0.4% in the 4th quarter. Retirement Planning Co of New England Inc. now owns 15,977 shares of the information services provider's stock worth $3,043,000 after purchasing an additional 56 shares during the period. Finally, Concentrum Wealth Management lifted its position in Alphabet by 0.3% in the fourth quarter. Concentrum Wealth Management now owns 17,328 shares of the information services provider's stock valued at $3,300,000 after purchasing an additional 57 shares during the last quarter. 27.26% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. KeyCorp cut their target price on shares of Alphabet from $202.00 to $185.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Cantor Fitzgerald reissued a "neutral" rating and set a $171.00 price target on shares of Alphabet in a research report on Friday, April 25th. Needham & Company LLC lowered shares of Alphabet from a "buy" rating to a "cautious" rating in a report on Friday, May 2nd. JPMorgan Chase & Co. upped their price objective on shares of Alphabet from $180.00 to $195.00 and gave the company an "overweight" rating in a research note on Friday, April 25th. Finally, The Goldman Sachs Group reiterated a "buy" rating and set a $220.00 target price on shares of Alphabet in a report on Monday, June 2nd. Three research analysts have rated the stock with a sell rating, five have given a hold rating, fourteen have given a buy rating and six have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Alphabet has an average rating of "Moderate Buy" and a consensus price target of $206.38.

Insiders Place Their Bets

In related news, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $176.68, for a total transaction of $5,742,100.00. Following the completion of the transaction, the chief executive officer owned 2,555,196 shares of the company's stock, valued at $451,452,029.28. This trade represents a 1.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total value of $105,000.00. Following the completion of the transaction, the director directly owned 6,813 shares of the company's stock, valued at approximately $1,192,275. This represents a 8.09% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 215,643 shares of company stock worth $35,682,228. 12.99% of the stock is currently owned by company insiders.

Alphabet Trading Down 0.5%

GOOG opened at $177.39 on Tuesday. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.03. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $208.70. The stock has a market cap of $2.15 trillion, a PE ratio of 19.78, a PEG ratio of 1.26 and a beta of 1.01. The business has a 50 day moving average of $168.37 and a 200-day moving average of $175.80.

Alphabet (NASDAQ:GOOG - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $90.23 billion during the quarter, compared to analyst estimates of $89.30 billion. During the same quarter last year, the firm posted $1.89 earnings per share. The company's revenue for the quarter was up 12.0% on a year-over-year basis. Equities research analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders 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 0.47%. The ex-dividend date of this dividend was Monday, June 9th. This is a boost from Alphabet's previous quarterly dividend of $0.20. Alphabet's dividend payout ratio is 9.36%.

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.

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