Hanson & Doremus Investment Management Reduces Holdings in Alphabet Inc. $GOOGL

Hanson & Doremus Investment Management lowered its stake in Alphabet Inc. (NASDAQ:GOOGL) by 1.3% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 35,947 shares of the information services provider’s stock after selling 461 shares during the quarter. Alphabet makes up about 0.8% of Hanson & Doremus Investment Management’s holdings, making the stock its 21st biggest position. Hanson & Doremus Investment Management’s holdings in Alphabet were worth $6,335,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Brighton Jones LLC raised its stake in Alphabet by 3.9% in the 4th quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider’s stock valued at $20,886,000 after purchasing an additional 4,110 shares during the last quarter. Revolve Wealth Partners LLC boosted its stake in shares of Alphabet by 3.5% during the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider’s stock worth $2,826,000 after purchasing an additional 506 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of Alphabet by 0.8% during the first quarter. Rhumbline Advisers now owns 11,267,743 shares of the information services provider’s stock worth $1,742,444,000 after buying an additional 86,670 shares in the last quarter. MKT Advisors LLC raised its position in shares of Alphabet by 2.6% in the first quarter. MKT Advisors LLC now owns 7,589 shares of the information services provider’s stock valued at $1,114,000 after buying an additional 195 shares during the last quarter. Finally, Sandbox Financial Partners LLC raised its position in shares of Alphabet by 0.5% in the first quarter. Sandbox Financial Partners LLC now owns 16,160 shares of the information services provider’s stock valued at $2,499,000 after buying an additional 73 shares during the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.

Insider Buying and Selling at Alphabet

In other Alphabet news, insider John Kent Walker sold 17,816 shares of the stock in a transaction that occurred on Monday, September 29th. The shares were sold at an average price of $247.42, for a total value of $4,408,034.72. Following the completion of the sale, the insider owned 42,985 shares of the company’s stock, valued at $10,635,348.70. This trade represents a 29.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $243.41, for a total transaction of $7,910,825.00. Following the sale, the chief executive officer owned 2,402,119 shares in the company, valued at $584,699,785.79. This represents a 1.33% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 276,738 shares of company stock worth $59,135,475. Insiders own 11.64% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on GOOGL shares. Wall Street Zen lowered shares of Alphabet from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st. Loop Capital reissued a “hold” rating and set a $190.00 price target (up previously from $165.00) on shares of Alphabet in a research note on Tuesday, August 5th. Sanford C. Bernstein lifted their price objective on Alphabet from $185.00 to $195.00 and gave the company a “market perform” rating in a research report on Tuesday, July 22nd. Citizens Jmp upped their target price on Alphabet from $250.00 to $290.00 and gave the company an “outperform” rating in a research note on Friday, September 19th. Finally, Tigress Financial raised their price target on Alphabet from $240.00 to $280.00 and gave the stock a “strong-buy” rating in a research note on Friday, September 5th. Four investment analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $240.76.

Alphabet Price Performance

Alphabet stock opened at $245.35 on Friday. The firm has a fifty day moving average of $221.25 and a 200-day moving average of $185.96. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $256.00. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $2.97 trillion, a P/E ratio of 26.13, a PEG ratio of 1.66 and a beta of 1.00.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm had revenue of $96.43 billion during the quarter, compared to analysts’ expectations of $93.60 billion. As a group, analysts predict that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were paid a $0.21 dividend. The ex-dividend date was Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet’s dividend payout ratio (DPR) is 8.95%.

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.