Lake Street Private Wealth LLC Lowers Stake in Alphabet Inc. (NASDAQ:GOOG)

Lake Street Private Wealth LLC cut its stake in Alphabet Inc. (NASDAQ:GOOG) by 1.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,704 shares of the information services provider’s stock after selling 577 shares during the quarter. Alphabet makes up approximately 1.0% of Lake Street Private Wealth LLC’s portfolio, making the stock its 24th largest holding. Lake Street Private Wealth LLC’s holdings in Alphabet were worth $6,203,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. LSV Asset Management acquired a new stake in Alphabet in the 4th quarter valued at approximately $27,000. WealthTrak Capital Management LLC purchased a new stake in shares of Alphabet during the 4th quarter worth $38,000. Mountain Hill Investment Partners Corp. purchased a new stake in shares of Alphabet during the 4th quarter worth $39,000. Noble Wealth Management PBC purchased a new stake in shares of Alphabet during the 4th quarter worth $43,000. Finally, FPC Investment Advisory Inc. lifted its position in Alphabet by 287.9% in the fourth quarter. FPC Investment Advisory Inc. now owns 225 shares of the information services provider’s stock valued at $46,000 after acquiring an additional 167 shares during the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GOOG has been the subject of a number of research reports. Westpark Capital reissued a “buy” rating and issued a $210.00 price target on shares of Alphabet in a research report on Friday, April 25th. Needham & Company LLC cut Alphabet from a “buy” rating to a “cautious” rating in a research report on Friday, May 2nd. JPMorgan Chase & Co. boosted their price target on Alphabet from $180.00 to $195.00 and gave the stock an “overweight” rating in a research note on Friday, April 25th. Oppenheimer upped their target price on Alphabet from $185.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, April 25th. Finally, Tigress Financial reissued a “strong-buy” rating on shares of Alphabet in a research note on Friday, May 2nd. Three analysts have rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and five have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $204.88.

Alphabet Stock Up 1.0%

NASDAQ:GOOG opened at $169.39 on Thursday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.84 and a current ratio of 1.84. The stock has a 50-day simple moving average of $161.29 and a 200 day simple moving average of $176.14. Alphabet Inc. has a one year low of $142.66 and a one year high of $208.70. The company has a market capitalization of $2.06 trillion, a price-to-earnings ratio of 21.04, a price-to-earnings-growth ratio of 1.34 and a beta of 1.01.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, beating analysts’ consensus estimates of $2.02 by $0.79. The company had revenue of $90.23 billion for the quarter, compared to analysts’ expectations of $89.30 billion. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. The business’s revenue for the quarter was up 12.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.89 earnings per share. Sell-side analysts predict that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 9th will be issued a $0.21 dividend. The ex-dividend date of this dividend is Monday, June 9th. This represents a $0.84 annualized dividend and a dividend yield of 0.50%. This is a boost from Alphabet’s previous quarterly dividend of $0.20. Alphabet’s dividend payout ratio is currently 9.36%.

Insider Buying and Selling at Alphabet

In other news, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $168.71, for a total transaction of $5,483,075.00. Following the transaction, the chief executive officer now directly owns 2,587,696 shares in the company, valued at $436,570,192.16. The trade was a 1.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Amie Thuener O’toole sold 673 shares of the company’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $155.33, for a total transaction of $104,537.09. Following the completion of the sale, the chief accounting officer now owns 15,303 shares of the company’s stock, valued at $2,377,014.99. This represents a 4.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 195,770 shares of company stock valued at $32,036,638. Corporate insiders own 12.99% of the company’s stock.

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.