WASHINGTON TRUST Co Sells 8,863 Shares of Alphabet Inc. (NASDAQ:GOOGL)

WASHINGTON TRUST Co reduced its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 2.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 412,884 shares of the information services provider's stock after selling 8,863 shares during the quarter. Alphabet makes up about 2.4% of WASHINGTON TRUST Co's holdings, making the stock its 11th largest position. WASHINGTON TRUST Co's holdings in Alphabet were worth $63,848,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of GOOGL. Anderson Financial Strategies LLC purchased a new position in shares of Alphabet in the fourth quarter worth about $49,000. Navigoe LLC purchased a new position in Alphabet in the 4th quarter valued at approximately $51,000. Prudent Man Investment Management Inc. purchased a new stake in shares of Alphabet during the fourth quarter worth $53,000. Campbell Capital Management Inc. bought a new position in shares of Alphabet in the fourth quarter worth $57,000. Finally, Marshall Investment Management LLC purchased a new position in shares of Alphabet in the fourth quarter valued at $59,000. Institutional investors own 40.03% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on GOOGL shares. Morgan Stanley decreased their price objective on Alphabet from $210.00 to $185.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Truist Financial reissued a "buy" rating and issued a $200.00 price target on shares of Alphabet in a report on Wednesday, July 2nd. Tigress Financial upped their target price on shares of Alphabet from $220.00 to $240.00 and gave the stock a "strong-buy" rating in a report on Wednesday, April 30th. Sanford C. Bernstein raised their price target on shares of Alphabet from $165.00 to $185.00 and gave the company a "market perform" rating in a report on Friday, April 25th. Finally, JMP Securities raised shares of Alphabet from a "market perform" rating to a "market outperform" rating and set a $220.00 price target on the stock in a report on Friday, June 27th. Ten equities research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $199.95.

Alphabet Stock Down 1.5%

Shares of GOOGL stock traded down $2.74 during midday trading on Monday, reaching $176.79. 34,110,803 shares of the stock were exchanged, compared to its average volume of 31,600,813. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.03. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $207.05. The firm has a market cap of $2.15 trillion, a PE ratio of 19.71, a price-to-earnings-growth ratio of 1.26 and a beta of 1.00. The company's 50 day moving average is $168.70 and its two-hundred day moving average is $173.77.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, topping the consensus estimate of $2.02 by $0.79. The company had revenue of $76.49 billion for the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. During the same quarter in the prior year, the business posted $1.89 EPS. On average, equities research analysts predict that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Increases Dividend

The firm also recently announced 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 positive change 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 dividend on an annualized basis and a yield of 0.48%. Alphabet's payout ratio is 9.36%.

Insider Buying and Selling at Alphabet

In other Alphabet news, Director Kavitark Ram Shriram sold 9,000 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $1,575,000.00. Following the completion of the sale, the director directly owned 255,400 shares of the company's stock, valued at approximately $44,695,000. This represents a 3.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $105,000.00. Following the transaction, the director owned 6,813 shares in the company, valued at $1,192,275. This represents a 8.09% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 215,643 shares of company stock worth $36,330,928. Insiders own 11.55% of the company's stock.

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.