Alphabet Inc. (NASDAQ:GOOGL) Shares Sold by Precedent Wealth Partners LLC

Precedent Wealth Partners LLC lessened its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 13.6% in the first quarter, HoldingsChannel.com reports. The firm owned 3,817 shares of the information services provider’s stock after selling 600 shares during the period. Precedent Wealth Partners LLC’s holdings in Alphabet were worth $590,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in GOOGL. Rockbridge Capital Management LLC bought a new stake in Alphabet in the fourth quarter valued at $3,119,000. Optivise Advisory Services LLC lifted its stake in Alphabet by 8.0% in the fourth quarter. Optivise Advisory Services LLC now owns 5,464 shares of the information services provider’s stock valued at $1,035,000 after buying an additional 403 shares during the last quarter. Community Bank N.A. lifted its stake in Alphabet by 6.4% in the fourth quarter. Community Bank N.A. now owns 46,173 shares of the information services provider’s stock valued at $8,741,000 after buying an additional 2,790 shares during the last quarter. Premier Fund Managers Ltd lifted its stake in Alphabet by 30.0% in the fourth quarter. Premier Fund Managers Ltd now owns 61,792 shares of the information services provider’s stock valued at $11,816,000 after buying an additional 14,262 shares during the last quarter. Finally, Absolute Capital Management LLC lifted its stake in Alphabet by 14.0% in the fourth quarter. Absolute Capital Management LLC now owns 2,096 shares of the information services provider’s stock valued at $401,000 after buying an additional 258 shares during the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.

Analyst Upgrades and Downgrades

GOOGL has been the topic of a number of recent research reports. Citigroup raised their target price on Alphabet from $195.00 to $200.00 and gave the company a “buy” rating in a research note on Friday, April 25th. Stifel Nicolaus cut their price objective on shares of Alphabet from $225.00 to $192.00 and set a “buy” rating on the stock in a research note on Wednesday, April 23rd. Oppenheimer lifted their price objective on shares of Alphabet from $185.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, April 25th. Truist Financial cut their price objective on shares of Alphabet from $220.00 to $200.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Finally, Roth Mkm restated a “buy” rating and set a $220.00 price objective on shares of Alphabet in a research note on Wednesday, March 19th. Ten equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $199.75.

Alphabet Stock Down 0.5%

Shares of Alphabet stock opened at $175.95 on Wednesday. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $207.05. The business has a 50-day moving average of $163.88 and a two-hundred day moving average of $174.74. The company has a market capitalization of $2.14 trillion, a P/E ratio of 19.62, a price-to-earnings-growth ratio of 1.13 and a beta of 1.01. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.77 and a quick ratio of 1.77.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.02 by $0.79. The business had revenue of $76.49 billion during 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 period last year, the company earned $1.89 earnings per share. As a group, equities 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. Stockholders of record on Monday, June 9th were paid a dividend of $0.21 per share. This is an increase from Alphabet’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a dividend yield of 0.48%. The ex-dividend date was Monday, June 9th. Alphabet’s payout ratio is currently 9.36%.

Insider Transactions at Alphabet

In related news, CAO Amie Thuener O’toole sold 673 shares of the business’s stock in a transaction 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 directly owns 15,303 shares in the company, valued at $2,377,014.99. The trade was a 4.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider John Kent Walker sold 11,764 shares of the company’s stock in a transaction on Thursday, March 27th. The shares were 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 of the company’s stock, valued at approximately $8,181,333.08. The trade was a 19.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 195,570 shares of company stock worth $32,003,532. 11.55% of the stock is owned by company insiders.

Alphabet 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.