Trust Point Inc. Sells 6,588 Shares of Alphabet Inc. (NASDAQ:GOOG)

Trust Point Inc. trimmed its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 25.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 18,803 shares of the information services provider's stock after selling 6,588 shares during the quarter. Trust Point Inc.'s holdings in Alphabet were worth $2,938,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GOOG. Norges Bank bought a new stake in shares of Alphabet during the 4th quarter valued at $5,166,070,000. GAMMA Investing LLC increased 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 worth $2,237,733,000 after acquiring an additional 14,246,573 shares during the last quarter. Raymond James Financial Inc. bought a new position in Alphabet in the 4th quarter worth about $1,551,533,000. Northern Trust Corp increased 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 worth $10,873,751,000 after acquiring an additional 7,917,625 shares during the last quarter. Finally, GQG Partners LLC increased 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 worth $1,376,066,000 after acquiring an additional 7,221,746 shares during the last quarter. 27.26% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Susquehanna restated a "positive" rating on shares of Alphabet in a research note on Friday, May 2nd. Rosenblatt Securities upgraded Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 25th. Cantor Fitzgerald restated a "neutral" rating and issued a $171.00 target price on shares of Alphabet in a research note on Friday, April 25th. KeyCorp decreased their target price on Alphabet from $202.00 to $185.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Finally, Needham & Company LLC lowered Alphabet from a "buy" rating to a "cautious" rating in a research report on Friday, May 2nd. Three research analysts have rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and five have issued a strong buy rating to the company's stock. According to data from MarketBeat, Alphabet presently has a consensus rating of "Moderate Buy" and an average price target of $204.88.

Insider Activity at Alphabet

In other news, insider John Kent Walker sold 11,764 shares of Alphabet stock in a transaction that occurred 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 directly owns 49,037 shares in the company, valued at approximately $8,181,333.08. This trade represents a 19.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Amie Thuener O'toole sold 673 shares of Alphabet stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $155.33, for a total value of $104,537.09. Following the completion of the sale, the chief accounting officer now owns 15,303 shares in the company, valued at approximately $2,377,014.99. This represents a 4.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 195,570 shares of company stock worth $32,003,532 in the last ninety days. 12.99% of the stock is owned by company insiders.

Alphabet Trading Down 0.6%

Shares of GOOG stock opened at $175.88 on Monday. The stock has a market capitalization of $2.13 trillion, a PE ratio of 21.85, a P/E/G ratio of 1.34 and a beta of 1.01. Alphabet Inc. has a 1-year low of $142.66 and a 1-year high of $208.70. The business has a 50-day moving average of $164.57 and a 200 day moving average of $176.38. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.84 and a quick ratio of 1.84.

Alphabet (NASDAQ:GOOG - 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. The company had revenue of $90.23 billion during the quarter, compared to analysts' expectations of $89.30 billion. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. Alphabet's quarterly revenue was up 12.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.89 EPS. As a group, sell-side analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 9th will be issued a dividend of $0.21 per share. The ex-dividend date is Monday, June 9th. This is a boost from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a yield of 0.48%. Alphabet's dividend payout ratio is currently 9.36%.

About Alphabet

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.

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.