Cypress Asset Management Inc. TX Reduces Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

Cypress Asset Management Inc. TX lowered its stake in Alphabet Inc. (NASDAQ:GOOG) by 7.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 59,230 shares of the information services provider’s stock after selling 5,099 shares during the period. Alphabet makes up about 2.5% of Cypress Asset Management Inc. TX’s investment portfolio, making the stock its 10th largest holding. Cypress Asset Management Inc. TX’s holdings in Alphabet were worth $9,043,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Partnership Wealth Management LLC acquired a new stake in Alphabet during the 4th quarter valued at $26,000. Equitec Proprietary Markets LLC acquired a new stake in Alphabet during the 4th quarter valued at $28,000. DiNuzzo Private Wealth Inc. acquired a new stake in Alphabet during the 4th quarter valued at $32,000. Richardson Financial Services Inc. acquired a new stake in Alphabet during the 4th quarter valued at $34,000. Finally, Pacific Capital Wealth Advisors Inc. acquired a new stake in Alphabet during the 4th quarter valued at $34,000. Institutional investors own 27.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on GOOG shares. Oppenheimer upped their price target on shares of Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Wolfe Research raised shares of Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. TD Cowen upped their price target on shares of Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Rosenblatt Securities downgraded shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price target on the stock. in a research note on Friday, June 28th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $165.00 price target on shares of Alphabet in a research note on Thursday, April 11th. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Alphabet currently has an average rating of “Buy” and an average price target of $182.86.

Alphabet Stock Down 2.3 %

Alphabet stock traded down $4.05 during mid-day trading on Friday, hitting $168.40. 18,907,773 shares of the company’s stock were exchanged, compared to its average volume of 16,999,430. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The stock has a market cap of $2.07 trillion, a P/E ratio of 25.83, a P/E/G ratio of 1.28 and a beta of 1.05. Alphabet Inc. has a 1-year low of $121.46 and a 1-year high of $193.31. The stock has a 50 day moving average of $179.96 and a two-hundred day moving average of $162.74.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The company had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $84.22 billion. During the same period in the prior year, the company earned $1.44 earnings per share. The business’s quarterly revenue was up 13.6% compared to the same quarter last year. As a group, analysts anticipate that Alphabet Inc. will post 7.62 EPS for the current fiscal year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.48%. The ex-dividend date of this dividend is Monday, September 9th. Alphabet’s dividend payout ratio (DPR) is presently 3.07%.

Insider Buying and Selling

In related news, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $168.00, for a total value of $114,576.00. Following the completion of the transaction, the chief accounting officer now owns 31,334 shares of the company’s stock, valued at $5,264,112. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $168.00, for a total value of $114,576.00. Following the completion of the transaction, the chief accounting officer now owns 31,334 shares of the company’s stock, valued at $5,264,112. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John L. Hennessy sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $168.08, for a total transaction of $252,120.00. Following the sale, the director now directly owns 4,391 shares of the company’s stock, valued at approximately $738,039.28. The disclosure for this sale can be found here. Insiders sold 122,308 shares of company stock valued at $21,933,775 over the last quarter. Corporate insiders own 12.99% of the company’s stock.

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.