MainStreet Investment Advisors LLC trimmed its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 2.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 88,657 shares of the information services provider’s stock after selling 2,562 shares during the quarter. Alphabet accounts for 2.0% of MainStreet Investment Advisors LLC’s portfolio, making the stock its 10th largest holding. MainStreet Investment Advisors LLC’s holdings in Alphabet were worth $13,710,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. Harbour Trust & Investment Management Co boosted its holdings in Alphabet by 0.3% during the first quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider’s stock valued at $4,187,000 after purchasing an additional 80 shares in the last quarter. Rockbridge Capital Management LLC acquired a new stake in Alphabet during the fourth quarter valued at approximately $3,119,000. Cypress Capital LLC boosted its holdings in Alphabet by 4.1% during the first quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider’s stock valued at $2,213,000 after purchasing an additional 563 shares in the last quarter. Optivise Advisory Services LLC boosted its holdings in Alphabet by 8.0% during 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 purchasing an additional 403 shares in the last quarter. Finally, Community Bank N.A. boosted its holdings in Alphabet by 6.4% during 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 purchasing an additional 2,790 shares in the last quarter. 40.03% of the stock is owned by institutional investors and hedge funds.
Alphabet Stock Performance
Shares of Alphabet stock opened at $182.97 on Thursday. The firm has a fifty day moving average of $171.67 and a two-hundred day moving average of $173.20. The stock has a market capitalization of $2.22 trillion, a price-to-earnings ratio of 20.40, a PEG ratio of 1.28 and a beta of 1.00. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $207.05. 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 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 dividend of $0.21 per share. This is a boost from Alphabet’s previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 9th. This represents a $0.84 annualized dividend and a dividend yield of 0.46%. Alphabet’s payout ratio is presently 9.36%.
Insider Buying and Selling at Alphabet
In related news, Director Kavitark Ram Shriram sold 9,000 shares of the company’s stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $1,575,000.00. Following the completion of the sale, the director owned 255,400 shares in the company, valued at $44,695,000. This represents a 3.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John L. Hennessy sold 400 shares of the company’s stock in a transaction on Monday, July 14th. The shares were sold at an average price of $181.98, for a total transaction of $72,792.00. Following the completion of the sale, the director owned 6,013 shares of the company’s stock, valued at approximately $1,094,245.74. This represents a 6.24% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 183,343 shares of company stock worth $31,296,140. Insiders own 11.64% of the company’s stock.
Wall Street Analysts Forecast Growth
Several brokerages have recently commented on GOOGL. Wells Fargo & Company boosted their target price on Alphabet from $175.00 to $177.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 8th. Wedbush set a $190.00 target price on Alphabet and gave the stock an “outperform” rating in a report on Tuesday, April 15th. Royal Bank Of Canada reissued an “outperform” rating and issued a $200.00 target price on shares of Alphabet in a report on Wednesday, April 23rd. Truist Financial reissued a “buy” rating and issued a $200.00 target price on shares of Alphabet in a report on Wednesday, July 2nd. Finally, Morgan Stanley reduced their target price on Alphabet from $210.00 to $185.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Ten 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $200.86.
Read Our Latest Report on GOOGL
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.
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