Abundance Wealth Counselors Sells 373 Shares of Alphabet Inc. (NASDAQ:GOOG)

Abundance Wealth Counselors cut its holdings in Alphabet Inc. (NASDAQ:GOOG) by 10.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,345 shares of the information services provider’s stock after selling 373 shares during the period. Abundance Wealth Counselors’ holdings in Alphabet were worth $523,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in GOOG. Principia Wealth Advisory LLC increased its holdings in shares of Alphabet by 111.8% in the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider’s stock worth $26,000 after buying an additional 85 shares during the last quarter. LSV Asset Management bought a new position in Alphabet during the 4th quarter valued at about $27,000. WealthTrak Capital Management LLC bought a new position in Alphabet during the 4th quarter valued at about $38,000. Mountain Hill Investment Partners Corp. bought a new position in Alphabet during the 4th quarter valued at about $39,000. Finally, Noble Wealth Management PBC bought a new position in Alphabet during the 4th quarter valued at about $43,000. 27.26% of the stock is currently owned by institutional investors.

Insider Transactions at Alphabet

In related news, Director John L. Hennessy sold 200 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $161.90, for a total transaction of $32,380.00. Following the completion of the sale, the director now owns 7,613 shares of the company’s stock, valued at $1,232,544.70. This represents a 2.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Amie Thuener O’toole sold 673 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $155.33, for a total transaction of $104,537.09. Following the sale, the chief accounting officer now directly owns 15,303 shares of the company’s stock, valued at $2,377,014.99. The trade was a 4.21% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 195,570 shares of company stock valued at $32,003,532. Company insiders own 12.99% of the company’s stock.

Alphabet Price Performance

Shares of GOOG opened at $173.98 on Friday. The company has a 50 day moving average price of $166.15 and a 200-day moving average price of $176.43. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $208.70. The stock has a market capitalization of $2.11 trillion, a PE ratio of 19.40, a PEG ratio of 1.23 and a beta of 1.01. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.77 and a current ratio of 1.77.

Alphabet (NASDAQ:GOOG) last announced 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. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. The firm had revenue of $90.23 billion during the quarter, compared to analysts’ expectations of $89.30 billion. During the same quarter in the prior year, the company earned $1.89 EPS. The company’s revenue was up 12.0% compared to the same quarter last year. Equities analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Increases Dividend

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

Analysts Set New Price Targets

GOOG has been the topic of several analyst reports. Oppenheimer upped their price target on shares of Alphabet from $185.00 to $200.00 and gave the company an “outperform” rating in a report on Friday, April 25th. Cantor Fitzgerald reiterated a “neutral” rating and set a $171.00 price target on shares of Alphabet in a report on Friday, April 25th. Westpark Capital reiterated a “buy” rating and set a $210.00 price target on shares of Alphabet in a report on Friday, April 25th. The Goldman Sachs Group reiterated a “buy” rating and set a $220.00 price target on shares of Alphabet in a report on Monday, June 2nd. Finally, Susquehanna reiterated a “positive” rating on shares of Alphabet in a report on Friday, May 2nd. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, fourteen have issued a buy rating and five have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $204.88.

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.