Hobbs Wealth Management LLC Sells 69 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Hobbs Wealth Management LLC lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 2.5% during the 1st quarter, HoldingsChannel reports. The firm owned 2,678 shares of the information services provider’s stock after selling 69 shares during the quarter. Alphabet comprises 0.5% of Hobbs Wealth Management LLC’s holdings, making the stock its 27th biggest position. Hobbs Wealth Management LLC’s holdings in Alphabet were worth $414,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. FMR LLC grew its stake in shares of Alphabet by 9.8% in the fourth quarter. FMR LLC now owns 248,416,916 shares of the information services provider’s stock worth $47,025,322,000 after acquiring an additional 22,100,902 shares during the last quarter. Norges Bank bought a new stake in shares of Alphabet in the 4th quarter worth approximately $24,383,677,000. Price T Rowe Associates Inc. MD increased its position in shares of Alphabet by 8.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 98,638,127 shares of the information services provider’s stock valued at $18,672,198,000 after purchasing an additional 7,574,417 shares during the period. Capital Research Global Investors increased its holdings in Alphabet by 16.2% in the 4th quarter. Capital Research Global Investors now owns 72,033,086 shares of the information services provider’s stock valued at $13,635,878,000 after buying an additional 10,037,685 shares during the period. Finally, Northern Trust Corp raised its stake in shares of Alphabet by 17.0% in the 4th quarter. Northern Trust Corp now owns 69,616,854 shares of the information services provider’s stock valued at $13,178,470,000 after buying an additional 10,135,430 shares in the last quarter. 40.03% of the stock is owned by institutional investors.

Insider Transactions at Alphabet

In other news, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $170.87, for a total transaction of $5,553,275.00. Following the sale, the chief executive officer owned 2,620,196 shares of the company’s stock, valued at $447,712,890.52. This trade represents a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John L. Hennessy sold 600 shares of the company’s stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $105,000.00. Following the completion of the transaction, the director owned 6,813 shares of the company’s stock, valued at $1,192,275. This trade represents a 8.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 215,643 shares of company stock valued at $36,330,928 over the last three months. 11.64% of the stock is currently owned by corporate insiders.

Alphabet Price Performance

Shares of GOOGL stock opened at $179.08 on Friday. The firm’s 50 day moving average price is $168.70 and its two-hundred day moving average price is $173.97. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.77 and a current ratio of 1.77. The stock has a market cap of $2.17 trillion, a PE ratio of 19.96, a PEG ratio of 1.26 and a beta of 1.00. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $207.05.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, beating analysts’ consensus estimates of $2.02 by $0.79. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. The business had revenue of $76.49 billion during the quarter, compared to the consensus estimate of $89.30 billion. During the same quarter in the prior year, the company posted $1.89 earnings per share. As a group, analysts forecast that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 9th were paid a $0.21 dividend. The ex-dividend date was Monday, June 9th. This is a boost from Alphabet’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.47%. Alphabet’s dividend payout ratio is 9.36%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. KeyCorp raised their price objective on shares of Alphabet from $185.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, April 25th. Needham & Company LLC restated a “buy” rating and set a $178.00 price target on shares of Alphabet in a research note on Friday, April 25th. DA Davidson lowered their price objective on Alphabet from $200.00 to $160.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. BNP Paribas lowered Alphabet from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 26th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $171.00 price target on shares of Alphabet in a report on Wednesday, June 25th. Ten equities research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $199.95.

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.