Arrow Financial Corp Lowers Stake in Alphabet Inc. (NASDAQ:GOOGL)

Arrow Financial Corp lowered its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 32.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 57,924 shares of the information services provider’s stock after selling 28,045 shares during the period. Alphabet accounts for 1.0% of Arrow Financial Corp’s investment portfolio, making the stock its 23rd biggest position. Arrow Financial Corp’s holdings in Alphabet were worth $8,957,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. von Borstel & Associates Inc. bought a new stake in shares of Alphabet in the first quarter worth $28,000. Financial Gravity Asset Management Inc. bought a new position in shares of Alphabet during the first quarter worth about $39,000. Anderson Financial Strategies LLC bought a new position in shares of Alphabet during the fourth quarter worth about $49,000. Navigoe LLC bought a new stake in Alphabet during the 4th quarter valued at $51,000. Finally, Elite Financial Inc. bought a new stake in Alphabet during the 1st quarter valued at $42,000. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Alphabet Trading Down 0.3%

Shares of GOOGL stock opened at $192.58 on Tuesday. The company has a market cap of $2.34 trillion, a PE ratio of 20.51, a P/E/G ratio of 1.31 and a beta of 1.00. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $207.05. The stock’s fifty day moving average price is $176.29 and its two-hundred day moving average price is $172.79.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date is Monday, September 8th. Alphabet’s payout ratio is 8.95%.

Insider Activity at Alphabet

In related news, Director Kavitark Ram Shriram sold 18,566 shares of the business’s stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the sale, the director directly owned 243,400 shares of the company’s stock, valued at $45,213,984. The trade was a 7.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John L. Hennessy sold 400 shares of the business’s stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $181.98, for a total value of $72,792.00. Following the completion of the sale, the director directly owned 6,013 shares of the company’s stock, valued at $1,094,245.74. The trade was a 6.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 249,409 shares of company stock valued at $43,523,710 in the last three months. Corporate insiders own 11.55% of the company’s stock.

Wall Street Analyst Weigh In

GOOGL has been the topic of a number of research reports. Royal Bank Of Canada boosted their price objective on Alphabet from $200.00 to $220.00 and gave the stock an “outperform” rating in a research note on Thursday, July 24th. Bank of America raised their target price on Alphabet from $210.00 to $217.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. DA Davidson upped their target price on Alphabet from $160.00 to $180.00 and gave the company a “neutral” rating in a report on Thursday, July 24th. Barclays lifted their price objective on Alphabet from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Thursday, July 24th. Finally, Westpark Capital lifted their price objective on Alphabet from $210.00 to $220.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. Ten analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $211.32.

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.