SVB Wealth LLC Lowers Stock Position in Alphabet Inc. $GOOG

Key Points

• SVB Wealth LLC reduced its stake in Alphabet Inc. by 18.0%, owning 161,235 shares after selling 35,441 shares during the first quarter.
• Several major investors, including Nuveen LLC and Vanguard Group Inc., significantly increased their positions in Alphabet during the same period, reflecting ongoing investor interest.
• Alphabet recently reported a quarterly earnings per share of $2.31, surpassing expectations and indicating a 13.8% increase in revenue compared to the same quarter last year.

SVB Wealth LLC cut its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 18.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 161,235 shares of the information services provider's stock after selling 35,441 shares during the period. Alphabet accounts for 1.0% of SVB Wealth LLC's holdings, making the stock its 15th biggest holding. SVB Wealth LLC's holdings in Alphabet were worth $25,190,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in GOOG. Nuveen LLC bought a new stake in Alphabet in the 1st quarter worth approximately $2,622,943,000. GAMMA Investing LLC increased its position in shares of Alphabet by 18,562.3% during the 1st quarter. GAMMA Investing LLC now owns 14,323,323 shares of the information services provider's stock valued at $2,237,733,000 after purchasing an additional 14,246,573 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Alphabet by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider's stock valued at $64,299,725,000 after purchasing an additional 9,687,855 shares during the last quarter. JPMorgan Chase & Co. grew its position in Alphabet by 9.9% in the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider's stock valued at $15,971,861,000 after acquiring an additional 9,243,959 shares during the last quarter. Finally, Northern Trust Corp grew its position in Alphabet by 16.1% in the 4th quarter. Northern Trust Corp now owns 57,098,042 shares of the information services provider's stock valued at $10,873,751,000 after acquiring an additional 7,917,625 shares during the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director John L. Hennessy sold 1,000 shares of Alphabet stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $200.00, for a total transaction of $200,000.00. Following the transaction, the director owned 6,916 shares in the company, valued at approximately $1,383,200. This trade represents a 12.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total value of $5,801,900.00. Following the transaction, the chief executive officer owned 2,559,892 shares in the company, valued at approximately $456,991,919.84. The trade was a 1.25% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 254,719 shares of company stock worth $47,223,172. 12.99% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on GOOG shares. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $171.00 price objective on shares of Alphabet in a research report on Friday, April 25th. Scotiabank upped their price objective on Alphabet from $200.00 to $240.00 and gave the stock a "sector outperform" rating in a research note on Tuesday, July 22nd. BNP Paribas cut Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 26th. The Goldman Sachs Group reiterated a "buy" rating and issued a $220.00 price target on shares of Alphabet in a research note on Monday, June 2nd. Finally, Tigress Financial reiterated a "strong-buy" rating on shares of Alphabet in a research note on Friday, May 2nd. Five investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, six have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Alphabet currently has an average rating of "Moderate Buy" and an average target price of $215.19.

Alphabet Stock Performance

NASDAQ GOOG opened at $206.72 on Friday. The company has a market cap of $2.50 trillion, a PE ratio of 22.01, a price-to-earnings-growth ratio of 1.35 and a beta of 1.02. The stock's 50 day simple moving average is $187.71 and its 200-day simple moving average is $174.86. Alphabet Inc. has a 1-year low of $142.66 and a 1-year high of $209.23. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.19. The business had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The business's quarterly revenue was up 13.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.89 earnings per share. As a group, equities research analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be given a dividend of $0.21 per share. The ex-dividend date is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. Alphabet's dividend payout ratio (DPR) is presently 8.95%.

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.

Want to see what other hedge funds are holding GOOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.