Atlantic Union Bankshares Corp Reduces Stake in Alphabet Inc. (NASDAQ:GOOG)

Atlantic Union Bankshares Corp lowered its position in Alphabet Inc. (NASDAQ:GOOG) by 6.2% during the first quarter, Holdings Channel.com reports. The institutional investor owned 16,663 shares of the information services provider’s stock after selling 1,098 shares during the period. Atlantic Union Bankshares Corp’s holdings in Alphabet were worth $2,537,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Capital Asset Advisory Services LLC lifted its holdings in Alphabet by 2.9% in the first quarter. Capital Asset Advisory Services LLC now owns 62,959 shares of the information services provider’s stock valued at $9,692,000 after acquiring an additional 1,796 shares during the period. Indiana Trust & Investment Management CO lifted its holdings in Alphabet by 11.3% in the first quarter. Indiana Trust & Investment Management CO now owns 7,447 shares of the information services provider’s stock valued at $1,134,000 after acquiring an additional 754 shares during the period. Howard Financial Services LTD. lifted its holdings in Alphabet by 1.6% in the first quarter. Howard Financial Services LTD. now owns 5,027 shares of the information services provider’s stock valued at $765,000 after acquiring an additional 81 shares during the period. Courier Capital LLC lifted its holdings in Alphabet by 0.7% in the first quarter. Courier Capital LLC now owns 92,502 shares of the information services provider’s stock valued at $14,084,000 after acquiring an additional 636 shares during the period. Finally, Fifth Third Wealth Advisors LLC lifted its holdings in Alphabet by 46.5% in the first quarter. Fifth Third Wealth Advisors LLC now owns 21,531 shares of the information services provider’s stock valued at $3,278,000 after acquiring an additional 6,831 shares during the period. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Analyst Upgrades and Downgrades

GOOG has been the subject of a number of analyst reports. Stifel Nicolaus boosted their price target on Alphabet from $154.00 to $174.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. Morgan Stanley reaffirmed an “overweight” rating and set a $165.00 target price on shares of Alphabet in a research note on Thursday, April 11th. Oppenheimer upped their target price on Alphabet from $172.00 to $185.00 and gave the stock an “outperform” rating in a research note on Monday, April 8th. Finally, Rosenblatt Securities downgraded Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 target price for the company. in a research note on Friday. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $167.86.

Alphabet Price Performance

NASDAQ GOOG traded down $3.44 during mid-day trading on Friday, hitting $183.42. The stock had a trading volume of 23,020,275 shares, compared to its average volume of 21,313,381. The firm’s 50 day moving average is $174.40 and its 200 day moving average is $155.53. Alphabet Inc. has a twelve month low of $115.83 and a twelve month high of $187.50. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.15 and a quick ratio of 2.15. The stock has a market capitalization of $2.27 trillion, a price-to-earnings ratio of 28.13, a PEG ratio of 1.39 and a beta of 1.01.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Thursday, April 25th. The information services provider reported $1.89 EPS for the quarter, beating the consensus estimate of $1.51 by $0.38. Alphabet had a return on equity of 29.52% and a net margin of 25.90%. The firm had revenue of $80.54 billion during the quarter, compared to the consensus estimate of $78.75 billion. During the same period in the prior year, the company earned $1.17 EPS. The firm’s revenue was up 15.4% compared to the same quarter last year. Equities research analysts forecast that Alphabet Inc. will post 7.6 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The company also recently disclosed a — dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 10th were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, June 10th. Alphabet’s dividend payout ratio is currently 12.27%.

Insider Activity at Alphabet

In other Alphabet news, SVP Prabhakar Raghavan sold 3,258 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $155.97, for a total value of $508,150.26. Following the completion of the sale, the senior vice president now directly owns 144,685 shares in the company, valued at approximately $22,566,519.45. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Alphabet news, SVP Prabhakar Raghavan sold 3,258 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $155.97, for a total value of $508,150.26. Following the completion of the sale, the senior vice president now directly owns 144,685 shares in the company, valued at approximately $22,566,519.45. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $154.79, for a total value of $105,566.78. Following the completion of the sale, the chief accounting officer now owns 29,284 shares of the company’s stock, valued at $4,532,870.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 146,284 shares of company stock valued at $24,534,393. 12.99% of the stock is owned by insiders.

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.