Legacy Private Trust Co. Cuts Holdings in Alphabet Inc. $GOOGL

Legacy Private Trust Co. lessened its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 1.9% in the second quarter, Holdings Channel.com reports. The fund owned 123,892 shares of the information services provider’s stock after selling 2,367 shares during the quarter. Alphabet comprises approximately 1.4% of Legacy Private Trust Co.’s holdings, making the stock its 13th largest position. Legacy Private Trust Co.’s holdings in Alphabet were worth $21,833,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of GOOGL. Guardian Wealth Management Inc. raised its holdings in Alphabet by 242.9% in the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider’s stock valued at $26,000 after buying an additional 119 shares during the period. von Borstel & Associates Inc. acquired a new stake in shares of Alphabet in the first quarter worth $28,000. IMA Advisory Services Inc. purchased a new position in shares of Alphabet in the 1st quarter valued at $28,000. NBZ Investment Advisors LLC raised its stake in shares of Alphabet by 85.7% in the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock valued at $30,000 after acquiring an additional 90 shares during the period. Finally, Financial Gravity Asset Management Inc. acquired a new position in shares of Alphabet during the 1st quarter valued at $39,000. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on GOOGL. Rosenblatt Securities increased their price target on Alphabet from $191.00 to $224.00 and gave the company a “neutral” rating in a report on Wednesday, September 3rd. Canaccord Genuity Group upped their price objective on shares of Alphabet from $230.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, September 4th. Citizens Jmp raised Alphabet from a “market perform” rating to an “outperform” rating and set a $220.00 target price on the stock in a research report on Friday, June 27th. Needham & Company LLC increased their price target on Alphabet from $220.00 to $260.00 and gave the company a “buy” rating in a report on Wednesday, September 3rd. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Alphabet in a report on Wednesday, September 3rd. Three research analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $221.44.

Alphabet Stock Up 0.2%

Shares of Alphabet stock opened at $240.80 on Monday. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $242.25. The firm has a market capitalization of $2.91 trillion, a PE ratio of 25.64, a price-to-earnings-growth ratio of 1.62 and a beta of 1.01. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock’s fifty day moving average is $201.89 and its 200-day moving average is $177.58.

Alphabet (NASDAQ:GOOGL) last released 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 business had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. Equities analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet’s dividend payout ratio (DPR) is 8.95%.

Insider Activity

In other Alphabet news, insider John Kent Walker sold 23,820 shares of the business’s stock in a transaction on Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the sale, the insider directly owned 42,999 shares of the company’s stock, valued at $8,371,905.30. The trade was a 35.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $229.73, for a total value of $7,466,225.00. Following the completion of the sale, the chief executive officer directly owned 2,429,892 shares of the company’s stock, valued at approximately $558,219,089.16. This trade represents a 1.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 254,710 shares of company stock worth $49,208,380 over the last three months. 11.55% of the stock is owned by insiders.

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.