Synergy Asset Management LLC Sells 6,349 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Synergy Asset Management LLC trimmed its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 3.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 173,395 shares of the information services provider's stock after selling 6,349 shares during the period. Alphabet makes up approximately 3.4% of Synergy Asset Management LLC's holdings, making the stock its 7th biggest holding. Synergy Asset Management LLC's holdings in Alphabet were worth $26,814,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Compass Planning Associates Inc purchased a new stake in shares of Alphabet during the fourth quarter valued at $30,000. Anderson Financial Strategies LLC acquired a new stake in Alphabet in the 4th quarter worth approximately $49,000. Navigoe LLC purchased a new stake in shares of Alphabet during the fourth quarter valued at $51,000. Prudent Man Investment Management Inc. acquired a new position in shares of Alphabet in the fourth quarter valued at about $53,000. Finally, Campbell Capital Management Inc. acquired a new stake in Alphabet during the 4th quarter valued at approximately $57,000. 40.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Alphabet

In related 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 value of $1,837,500.00. Following the sale, the director now directly owns 261,966 shares in the company, valued at $45,844,050. The trade was a 3.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the 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 in the company, valued at approximately $451,452,029.28. The trade was a 1.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 216,306 shares of company stock valued at $35,782,927. 11.64% of the stock is owned by company insiders.

Analyst Ratings Changes

GOOGL has been the topic of several analyst reports. KeyCorp raised their target price on Alphabet from $185.00 to $195.00 and gave the stock an "overweight" rating in a report on Friday, April 25th. JPMorgan Chase & Co. dropped their price objective on Alphabet from $220.00 to $180.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Piper Sandler upped their target price on Alphabet from $185.00 to $195.00 and gave the stock an "overweight" rating in a research note on Friday, April 25th. Oppenheimer boosted their price target on shares of Alphabet from $185.00 to $200.00 and gave the stock an "outperform" rating in a report on Friday, April 25th. Finally, Susquehanna reduced their price objective on shares of Alphabet from $225.00 to $220.00 and set a "positive" rating for the company in a research report on Friday, April 25th. Ten analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat.com, Alphabet presently has a consensus rating of "Moderate Buy" and a consensus target price of $200.17.

Alphabet Stock Performance

NASDAQ:GOOGL traded up $2.86 during midday trading on Thursday, reaching $173.54. The stock had a trading volume of 31,662,209 shares, compared to its average volume of 30,836,780. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.03. The stock has a market cap of $2.11 trillion, a P/E ratio of 19.35, a P/E/G ratio of 1.06 and a beta of 1.01. The firm has a fifty day simple moving average of $165.45 and a two-hundred day simple moving average of $174.58. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $207.05.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, beating the consensus estimate of $2.02 by $0.79. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. The business had revenue of $76.49 billion for the quarter, compared to the consensus estimate of $89.30 billion. During the same quarter in the previous year, the firm earned $1.89 earnings per share. On average, equities analysts expect that Alphabet Inc. will post 8.9 EPS for the current 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 given a $0.21 dividend. This is a boost 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 annualized dividend and a yield of 0.48%. Alphabet's dividend payout ratio is presently 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.