Legacy Financial Group Inc. Sells 597 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Legacy Financial Group Inc. lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 10.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,012 shares of the information services provider’s stock after selling 597 shares during the quarter. Legacy Financial Group Inc.’s holdings in Alphabet were worth $775,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in GOOGL. FMR LLC lifted its position in Alphabet by 9.8% during the 4th quarter. FMR LLC now owns 248,416,916 shares of the information services provider’s stock valued at $47,025,322,000 after purchasing an additional 22,100,902 shares during the period. Norges Bank acquired a new position in Alphabet during the 4th quarter valued at about $24,383,677,000. Price T Rowe Associates Inc. MD lifted its position in Alphabet by 8.3% during the 4th 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 lifted its position in Alphabet by 16.2% during 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 purchasing an additional 10,037,685 shares during the period. Finally, Northern Trust Corp lifted its position in Alphabet by 17.0% during 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 purchasing an additional 10,135,430 shares during the period. Institutional investors own 40.03% of the company’s stock.

Analysts Set New Price Targets

GOOGL has been the topic of a number of research reports. JPMorgan Chase & Co. cut their target price on shares of Alphabet from $220.00 to $180.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Rosenblatt Securities restated a “neutral” rating and set a $189.00 target price on shares of Alphabet in a research report on Wednesday, May 21st. Citizens Jmp raised Alphabet from a “market perform” rating to an “outperform” rating and set a $220.00 price target for the company in a research note on Friday, June 27th. Cantor Fitzgerald upped their price target on Alphabet from $171.00 to $196.00 and gave the company a “neutral” rating in a research note on Wednesday, July 16th. Finally, Wedbush set a $190.00 price target on Alphabet and gave the company an “outperform” rating in a research note on Tuesday, April 15th. Ten research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, Alphabet has a consensus rating of “Moderate Buy” and a consensus price target of $201.68.

Alphabet Price Performance

Shares of GOOGL opened at $185.06 on Monday. The stock has a market capitalization of $2.25 trillion, a P/E ratio of 20.63, a P/E/G ratio of 1.30 and a beta of 1.00. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $207.05. The company has a 50 day moving average of $172.90 and a 200-day moving average of $172.89. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.03.

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

Alphabet Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 9th were paid a dividend of $0.21 per share. This is a boost from Alphabet’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend was Monday, June 9th. Alphabet’s dividend payout ratio (DPR) is currently 9.36%.

Insider Transactions at Alphabet

In other news, Director John L. Hennessy sold 600 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total value of $105,000.00. Following the completion of the sale, the director owned 6,813 shares of the company’s stock, valued at approximately $1,192,275. This represents a 8.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $184.38, for a total value of $5,992,350.00. Following the completion of the sale, the chief executive officer directly owned 2,527,392 shares of the company’s stock, valued at approximately $466,000,536.96. The trade was a 1.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold 215,843 shares of company stock valued at $37,288,490 in the last ninety days. 11.55% of the stock is currently owned by corporate 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.