Tectonic Advisors LLC Trims Stock Position in Alphabet Inc. (NASDAQ:GOOG)

Tectonic Advisors LLC cut its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 10.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,332 shares of the information services provider's stock after selling 2,168 shares during the quarter. Tectonic Advisors LLC's holdings in Alphabet were worth $2,864,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in GOOG. Norges Bank bought a new position in Alphabet in the 4th quarter valued at approximately $5,166,070,000. GAMMA Investing LLC lifted its stake in Alphabet by 18,562.3% in 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. Raymond James Financial Inc. bought a new position in Alphabet in the 4th quarter valued at approximately $1,551,533,000. Northern Trust Corp lifted its stake 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 purchasing an additional 7,917,625 shares during the last quarter. Finally, GQG Partners LLC lifted its stake in Alphabet by 181,679.1% in the 4th quarter. GQG Partners LLC now owns 7,225,721 shares of the information services provider's stock valued at $1,376,066,000 after purchasing an additional 7,221,746 shares during the last quarter. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GOOG has been the subject of several research reports. Lake Street Capital reissued a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Cowen restated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Needham & Company LLC cut shares of Alphabet from a "buy" rating to a "cautious" rating in a research report on Friday, May 2nd. BNP Paribas cut shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research report on Thursday, June 26th. Finally, KeyCorp decreased their price target on shares of Alphabet from $202.00 to $185.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have issued a buy rating and six have issued a strong buy rating to the company. According to data from MarketBeat, Alphabet presently has an average rating of "Moderate Buy" and an average price target of $208.40.

Alphabet Stock Up 0.9%

Shares of Alphabet stock traded up $1.71 during trading hours on Wednesday, reaching $184.81. The company's stock had a trading volume of 12,023,249 shares, compared to its average volume of 21,459,473. Alphabet Inc. has a one year low of $142.66 and a one year high of $208.70. The company has a market capitalization of $2.24 trillion, a P/E ratio of 20.59, a P/E/G ratio of 1.28 and a beta of 1.01. The stock's fifty day simple moving average is $172.19 and its two-hundred day simple moving average is $174.74. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.77 and a current ratio of 1.77.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, beating analysts' consensus estimates of $2.02 by $0.79. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. The company had revenue of $90.23 billion for the quarter, compared to analyst estimates of $89.30 billion. During the same period last year, the firm earned $1.89 earnings per share. The firm's revenue was up 12.0% on a year-over-year basis. On average, research analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 9th were given a dividend of $0.21 per share. This is a positive change from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.45%. The ex-dividend date was Monday, June 9th. Alphabet's dividend payout ratio (DPR) is presently 9.36%.

Insider Activity at Alphabet

In related news, Director John L. Hennessy sold 600 shares of the firm'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 $105,000.00. Following the completion of the sale, the director owned 6,813 shares in the company, valued at approximately $1,192,275. This trade represents a 8.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Kavitark Ram Shriram sold 10,500 shares of the firm's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $1,837,500.00. Following the sale, the director owned 261,966 shares of the company's stock, valued at $45,844,050. This trade represents a 3.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 182,943 shares of company stock valued at $31,223,348 over the last ninety days. Corporate insiders own 12.99% of the company's stock.

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.