Glassy Mountain Advisors Inc. Cuts Stake in Alphabet Inc. (NASDAQ:GOOG)

Glassy Mountain Advisors Inc. lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 3.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 54,267 shares of the information services provider’s stock after selling 1,737 shares during the period. Alphabet accounts for about 3.0% of Glassy Mountain Advisors Inc.’s investment portfolio, making the stock its 12th largest position. Glassy Mountain Advisors Inc.’s holdings in Alphabet were worth $8,478,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Ethos Financial Group LLC increased its stake in Alphabet by 0.7% during the fourth quarter. Ethos Financial Group LLC now owns 7,300 shares of the information services provider’s stock worth $1,395,000 after acquiring an additional 53 shares during the last quarter. Hutchinson Capital Management CA raised its stake in shares of Alphabet by 1.5% during the fourth quarter. Hutchinson Capital Management CA now owns 3,555 shares of the information services provider’s stock valued at $677,000 after purchasing an additional 54 shares during the period. M. Kulyk & Associates LLC lifted its holdings in Alphabet by 0.9% in the 4th quarter. M. Kulyk & Associates LLC now owns 6,445 shares of the information services provider’s stock worth $1,227,000 after buying an additional 56 shares in the last quarter. Retirement Planning Co of New England Inc. lifted its stake in shares of Alphabet by 0.4% in the fourth quarter. Retirement Planning Co of New England Inc. now owns 15,977 shares of the information services provider’s stock worth $3,043,000 after acquiring an additional 56 shares in the last quarter. Finally, Concentrum Wealth Management raised its position in shares of Alphabet by 0.3% in the 4th quarter. Concentrum Wealth Management now owns 17,328 shares of the information services provider’s stock valued at $3,300,000 after purchasing an additional 57 shares in the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Insider Buying and Selling

In other Alphabet news, Director Kavitark Ram Shriram sold 10,500 shares of Alphabet stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $1,837,500.00. Following the completion of the sale, the director directly owned 261,966 shares in the company, valued at $45,844,050. The trade was a 3.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John L. Hennessy sold 600 shares of the 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 approximately $1,192,275. This trade represents a 8.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 183,143 shares of company stock worth $30,529,028 in the last three months. 12.99% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on GOOG shares. Susquehanna restated a “positive” rating on shares of Alphabet in a research note on Friday, May 2nd. Oppenheimer increased their price objective on shares of Alphabet from $185.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, April 25th. BNP Paribas cut shares of Alphabet from a “strong-buy” rating to a “hold” rating in a report on Thursday, June 26th. Scotiabank lowered their target price on Alphabet from $232.00 to $200.00 and set a “sector outperform” rating for the company in a report on Monday, April 21st. Finally, Tigress Financial reiterated a “strong-buy” rating on shares of Alphabet in a research report on Friday, May 2nd. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, fourteen have assigned a buy rating and six have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $206.38.

Alphabet Trading Up 1.6%

NASDAQ:GOOG opened at $179.76 on Thursday. The stock has a market cap of $2.18 trillion, a price-to-earnings ratio of 20.04, a PEG ratio of 1.25 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 Inc. has a 1 year low of $142.66 and a 1 year high of $208.70. The business has a fifty day moving average of $169.27 and a 200-day moving average of $175.84.

Alphabet (NASDAQ:GOOG) last released its earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, topping analysts’ consensus estimates of $2.02 by $0.79. The business had revenue of $90.23 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%. The business’s revenue for the quarter was up 12.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.89 EPS. Equities analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend was Monday, June 9th. This is a positive change from Alphabet’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a dividend yield of 0.47%. Alphabet’s dividend payout ratio (DPR) 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.