SP Asset Management LLC Trims Stake in Alphabet Inc. (NASDAQ:GOOG)

SP Asset Management LLC lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 1.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 58,406 shares of the information services provider’s stock after selling 734 shares during the period. Alphabet comprises approximately 0.8% of SP Asset Management LLC’s investment portfolio, making the stock its 29th biggest position. SP Asset Management LLC’s holdings in Alphabet were worth $8,893,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Woodward Diversified Capital LLC boosted its holdings in shares of Alphabet by 0.7% in the first quarter. Woodward Diversified Capital LLC now owns 8,609 shares of the information services provider’s stock valued at $1,311,000 after acquiring an additional 62 shares in the last quarter. Intergy Private Wealth LLC raised its position in Alphabet by 1.9% in the first quarter. Intergy Private Wealth LLC now owns 3,393 shares of the information services provider’s stock worth $517,000 after acquiring an additional 63 shares in the last quarter. Smith Anglin Financial LLC raised its holdings in shares of Alphabet by 2.0% in the 1st quarter. Smith Anglin Financial LLC now owns 3,223 shares of the information services provider’s stock worth $491,000 after purchasing an additional 64 shares in the last quarter. Biechele Royce Advisors boosted its holdings in Alphabet by 3.0% during the first quarter. Biechele Royce Advisors now owns 2,260 shares of the information services provider’s stock worth $345,000 after buying an additional 65 shares in the last quarter. Finally, Fiduciary Alliance LLC grew its holdings in shares of Alphabet by 1.4% in the 1st quarter. Fiduciary Alliance LLC now owns 4,867 shares of the information services provider’s stock worth $762,000 after acquiring an additional 67 shares during the last quarter. Institutional investors own 27.26% of the company’s stock.

Alphabet Stock Performance

Alphabet stock traded down $3.00 during trading hours on Wednesday, reaching $182.50. 7,099,837 shares of the company were exchanged, compared to its average volume of 20,487,428. The firm has a market cap of $2.26 trillion, a price-to-earnings ratio of 27.91, a PEG ratio of 1.41 and a beta of 1.05. Alphabet Inc. has a 12 month low of $118.68 and a 12 month high of $193.31. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.05. The stock has a 50-day moving average of $179.81 and a 200 day moving average of $159.95.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Thursday, April 25th. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.51 by $0.38. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. The company had revenue of $80.54 billion for the quarter, compared to analyst estimates of $78.75 billion. During the same period last year, the business posted $1.17 EPS. The business’s quarterly revenue was up 15.4% on a year-over-year basis. As a group, research analysts anticipate that Alphabet Inc. will post 7.61 earnings per share for the current year.

Alphabet Dividend Announcement

The firm also recently declared a — dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 10th were paid a dividend of $0.20 per share. The ex-dividend date was Monday, June 10th. Alphabet’s dividend payout ratio is currently 12.27%.

Insider Buying and Selling at Alphabet

In other news, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $166.67, for a total transaction of $113,668.94. Following the completion of the transaction, the chief accounting officer now directly owns 29,284 shares of the company’s stock, valued at approximately $4,880,764.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $166.67, for a total value of $113,668.94. Following the sale, the chief accounting officer now directly owns 29,284 shares in the company, valued at $4,880,764.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 2,100 shares of Alphabet stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $175.76, for a total transaction of $369,096.00. Following the transaction, the director now directly owns 5,891 shares of the company’s stock, valued at $1,035,402.16. The disclosure for this sale can be found here. Insiders have sold 124,488 shares of company stock valued at $21,954,455 in the last 90 days. 12.99% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. TD Cowen lifted their price target on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Morgan Stanley restated an “overweight” rating and set a $165.00 price target on shares of Alphabet in a report on Thursday, April 11th. Oppenheimer lifted their price objective on shares of Alphabet from $172.00 to $185.00 and gave the stock an “outperform” rating in a research report on Monday, April 8th. Wolfe Research raised Alphabet to a “strong-buy” rating in a research report on Tuesday. Finally, Stifel Nicolaus upped their price target on Alphabet from $154.00 to $174.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $174.38.

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.