Trust Point Inc. Sells 14,488 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Trust Point Inc. lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 27.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 38,450 shares of the information services provider's stock after selling 14,488 shares during the quarter. Alphabet comprises approximately 0.5% of Trust Point Inc.'s portfolio, making the stock its 24th biggest holding. Trust Point Inc.'s holdings in Alphabet were worth $5,946,000 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. Compass Planning Associates Inc bought a new position in Alphabet during the fourth quarter worth about $30,000. PayPay Securities Corp boosted its position in shares of Alphabet by 36.1% in the fourth quarter. PayPay Securities Corp now owns 245 shares of the information services provider's stock valued at $46,000 after acquiring an additional 65 shares during the period. Anderson Financial Strategies LLC bought a new position in shares of Alphabet in the fourth quarter valued at approximately $49,000. Navigoe LLC bought a new stake in Alphabet during the fourth quarter valued at approximately $51,000. Finally, Prudent Man Investment Management Inc. bought a new stake in Alphabet during the fourth quarter valued at approximately $53,000. Institutional investors own 40.03% of the company's stock.

Analyst Upgrades and Downgrades

GOOGL has been the subject of several research analyst reports. JPMorgan Chase & Co. dropped their target price on shares of Alphabet from $220.00 to $180.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Piper Sandler lifted their target price on shares of Alphabet from $185.00 to $195.00 and gave the company an "overweight" rating in a research report on Friday, April 25th. Susquehanna dropped their target price 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. Roth Mkm reiterated a "buy" rating and set a $220.00 target price on shares of Alphabet in a research report on Wednesday, March 19th. Finally, Sanford C. Bernstein lifted their target price on shares of Alphabet from $165.00 to $185.00 and gave the company a "market perform" rating in a research report on Friday, April 25th. Ten research 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 stock. Based on data from MarketBeat.com, Alphabet presently has a consensus rating of "Moderate Buy" and an average price target of $199.75.

Insider Transactions at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $168.71, for a total value of $5,483,075.00. Following the transaction, the chief executive officer now owns 2,587,696 shares in the company, valued at $436,570,192.16. The trade was a 1.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John Kent Walker sold 11,764 shares of the company's stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $166.84, for a total transaction of $1,962,705.76. Following the completion of the transaction, 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 disclosure for this sale can be found here. Insiders have sold 195,570 shares of company stock valued at $32,003,532 in the last three months. 11.64% of the stock is currently owned by company insiders.

Alphabet Stock Down 1.5%

Shares of NASDAQ:GOOGL traded down $2.63 during midday trading on Thursday, reaching $173.32. The company's stock had a trading volume of 28,640,034 shares, compared to its average volume of 30,477,180. The firm has a 50 day moving average of $164.17 and a 200-day moving average of $174.73. The firm has a market capitalization of $2.10 trillion, a P/E ratio of 19.32, a PEG ratio of 1.11 and a beta of 1.01. 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 12-month low of $140.53 and a 12-month high of $207.05.

Alphabet (NASDAQ:GOOGL - 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. The firm had revenue of $76.49 billion for the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. During the same period in the prior year, the firm earned $1.89 EPS. On average, research analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 9th were given a $0.21 dividend. The ex-dividend date was Monday, June 9th. This is an increase from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.48%. Alphabet's dividend payout ratio is currently 9.36%.

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.