Norris Perne & French LLP MI Sells 143,530 Shares of Alphabet Inc. $GOOGL

Norris Perne & French LLP MI lowered its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 34.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 270,524 shares of the information services provider’s stock after selling 143,530 shares during the quarter. Alphabet accounts for about 3.3% of Norris Perne & French LLP MI’s investment portfolio, making the stock its 3rd biggest position. Norris Perne & French LLP MI’s holdings in Alphabet were worth $47,674,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GOOGL. Investment Research & Advisory Group Inc. boosted its holdings in Alphabet by 0.3% during the second quarter. Investment Research & Advisory Group Inc. now owns 42,738 shares of the information services provider’s stock valued at $7,532,000 after purchasing an additional 132 shares in the last quarter. Global Trust Asset Management LLC lifted its position in shares of Alphabet by 2.3% during the 2nd quarter. Global Trust Asset Management LLC now owns 6,190 shares of the information services provider’s stock worth $1,091,000 after buying an additional 138 shares during the period. Investment Advisory Services Inc. TX ADV boosted its stake in Alphabet by 10.6% in the 2nd quarter. Investment Advisory Services Inc. TX ADV now owns 10,038 shares of the information services provider’s stock valued at $1,769,000 after buying an additional 965 shares in the last quarter. Independence Bank of Kentucky grew its position in Alphabet by 2.1% in the second quarter. Independence Bank of Kentucky now owns 91,576 shares of the information services provider’s stock valued at $16,138,000 after acquiring an additional 1,851 shares during the period. Finally, Walker Asset Management LLC raised its stake in Alphabet by 3.9% during the second quarter. Walker Asset Management LLC now owns 2,956 shares of the information services provider’s stock worth $521,000 after acquiring an additional 111 shares in the last quarter. Institutional investors own 40.03% of the company’s stock.

Analyst Ratings Changes

GOOGL has been the topic of several recent analyst reports. Roth Capital boosted their target price on shares of Alphabet from $205.00 to $210.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Morgan Stanley set a $270.00 price objective on shares of Alphabet and gave the stock an “overweight” rating in a report on Thursday. Wolfe Research increased their price target on Alphabet from $220.00 to $290.00 in a research report on Tuesday, September 30th. Truist Financial raised their price target on Alphabet from $225.00 to $285.00 and gave the company a “buy” rating in a report on Monday, September 22nd. Finally, Susquehanna boosted their price objective on Alphabet from $220.00 to $225.00 and gave the stock a “positive” rating in a research note on Thursday, July 24th. Four investment analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Alphabet currently has an average rating of “Moderate Buy” and a consensus price target of $240.76.

Insider Buying and Selling

In other Alphabet news, Director Frances Arnold sold 103 shares of the company’s stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $243.13, for a total transaction of $25,042.39. Following the completion of the transaction, the director owned 17,284 shares of the company’s stock, valued at $4,202,258.92. This represents a 0.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John Kent Walker sold 17,816 shares of the firm’s stock in a transaction that occurred on Monday, September 29th. The stock was sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the transaction, the insider directly owned 42,985 shares of the company’s stock, valued at $10,635,348.70. This represents a 29.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 276,738 shares of company stock valued at $59,135,475. Corporate insiders own 11.64% of the company’s stock.

Alphabet Price Performance

NASDAQ GOOGL opened at $245.35 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The stock has a market cap of $2.97 trillion, a price-to-earnings ratio of 26.13, a PEG ratio of 1.66 and a beta of 1.00. The business has a 50 day simple moving average of $221.25 and a 200 day simple moving average of $185.96. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $256.00.

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, beating analysts’ consensus estimates of $2.15 by $0.16. The firm had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Announces Dividend

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

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.