Thrive Wealth Management LLC Reduces Stake in Alphabet Inc. (NASDAQ:GOOG)

Thrive Wealth Management LLC trimmed its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 9.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 32,189 shares of the information services provider's stock after selling 3,198 shares during the period. Alphabet makes up approximately 1.0% of Thrive Wealth Management LLC's portfolio, making the stock its 13th biggest holding. Thrive Wealth Management LLC's holdings in Alphabet were worth $5,029,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of GOOG. LSV Asset Management bought a new position in shares of Alphabet in the fourth quarter worth approximately $27,000. WealthTrak Capital Management LLC bought a new position in shares of Alphabet in the fourth quarter worth approximately $38,000. Mountain Hill Investment Partners Corp. purchased a new stake in Alphabet in the fourth quarter worth approximately $39,000. Noble Wealth Management PBC purchased a new stake in Alphabet in the fourth quarter worth approximately $43,000. Finally, Sellwood Investment Partners LLC purchased a new stake in Alphabet in the fourth quarter worth approximately $43,000. 27.26% of the stock is currently owned by institutional investors.

Insider Transactions at Alphabet

In related news, insider John Kent Walker sold 11,764 shares of the business's stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $166.84, for a total value of $1,962,705.76. Following the sale, the insider now owns 49,037 shares in the company, valued at approximately $8,181,333.08. The trade was a 19.35% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Amie Thuener O'toole sold 673 shares of the company's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $155.33, for a total value of $104,537.09. Following the sale, the chief accounting officer now owns 15,303 shares in the company, valued at approximately $2,377,014.99. This trade represents a 4.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 195,770 shares of company stock worth $32,036,638 over the last three months. 12.99% of the stock is currently owned by insiders.

Alphabet Price Performance

Shares of GOOG traded up $0.42 during mid-day trading on Thursday, hitting $169.81. 24,841,790 shares of the stock were exchanged, compared to its average volume of 20,334,455. The firm has a 50-day moving average of $161.29 and a two-hundred day moving average of $176.14. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $208.70. The company has a market cap of $2.06 trillion, a PE ratio of 21.09, a price-to-earnings-growth ratio of 1.34 and a beta of 1.01. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.84 and a current ratio of 1.84.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, topping analysts' consensus estimates of $2.02 by $0.79. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. The business had revenue of $90.23 billion for 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 business's revenue was up 12.0% compared to the same quarter last year. On average, equities analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 9th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Monday, June 9th. This is a boost from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a yield of 0.49%. Alphabet's dividend payout ratio (DPR) is 9.36%.

Analyst Upgrades and Downgrades

GOOG has been the subject of several research reports. Westpark Capital reaffirmed a "buy" rating and issued a $210.00 target price on shares of Alphabet in a research note on Friday, April 25th. JPMorgan Chase & Co. increased their price objective on Alphabet from $180.00 to $195.00 and gave the company an "overweight" rating in a research note on Friday, April 25th. UBS Group dropped their price objective on Alphabet from $209.00 to $173.00 and set a "neutral" rating for the company in a research note on Friday, April 11th. Scotiabank dropped their price objective on Alphabet from $232.00 to $200.00 and set a "sector outperform" rating for the company in a research note on Monday, April 21st. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $171.00 price target on shares of Alphabet in a research note on Friday, April 25th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, fourteen have assigned a buy rating and five have issued a strong buy rating to the company. According to MarketBeat.com, Alphabet currently has a consensus rating of "Moderate Buy" and an average price target of $204.88.

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.