Connable Office Inc. Cuts Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Connable Office Inc. decreased its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 15.6% during the 1st quarter, Holdings Channel.com reports. The firm owned 21,821 shares of the information services provider’s stock after selling 4,019 shares during the period. Connable Office Inc.’s holdings in Alphabet were worth $3,374,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Earned Wealth Advisors LLC increased its holdings in Alphabet by 191.1% during the 1st quarter. Earned Wealth Advisors LLC now owns 9,875 shares of the information services provider’s stock worth $1,527,000 after purchasing an additional 6,483 shares during the period. Marble Harbor Investment Counsel LLC increased its holdings in Alphabet by 3.7% during the 1st quarter. Marble Harbor Investment Counsel LLC now owns 41,657 shares of the information services provider’s stock worth $6,442,000 after purchasing an additional 1,500 shares during the period. SGL Investment Advisors Inc. increased its holdings in Alphabet by 3.8% during the 1st quarter. SGL Investment Advisors Inc. now owns 7,696 shares of the information services provider’s stock worth $1,187,000 after purchasing an additional 281 shares during the period. NewEdge Wealth LLC increased its holdings in shares of Alphabet by 2.1% in the 1st quarter. NewEdge Wealth LLC now owns 747,386 shares of the information services provider’s stock valued at $115,576,000 after acquiring an additional 15,326 shares during the last quarter. Finally, Allianz SE increased its holdings in shares of Alphabet by 0.8% in the 1st quarter. Allianz SE now owns 468,576 shares of the information services provider’s stock valued at $72,461,000 after acquiring an additional 3,770 shares during the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Alphabet Stock Performance

NASDAQ GOOGL opened at $201.42 on Monday. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $207.05. The stock has a market cap of $2.44 trillion, a price-to-earnings ratio of 21.45, a price-to-earnings-growth ratio of 1.36 and a beta of 1.01. The business has a fifty day moving average of $180.89 and a 200-day moving average of $172.80. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.

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, topping analysts’ consensus estimates of $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. The company had revenue of $96,428,000 billion during the quarter, compared to analysts’ expectations of $93.60 billion. As a group, analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The firm 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 dividend of $0.21 per share. The ex-dividend date is Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.4%. Alphabet’s dividend payout ratio is 8.95%.

Wall Street Analyst Weigh In

GOOGL has been the topic of a number of recent analyst reports. Bank of America increased their price objective on Alphabet from $210.00 to $217.00 and gave the company a “buy” rating in a report on Thursday, July 24th. UBS Group increased their price objective on Alphabet from $192.00 to $202.00 and gave the company a “neutral” rating in a report on Thursday, July 24th. JPMorgan Chase & Co. raised their price target on Alphabet from $200.00 to $232.00 and gave the stock an “overweight” rating in a research note on Thursday, July 24th. Citizens Jmp upgraded Alphabet from a “market perform” rating to an “outperform” rating and set a $220.00 price target on the stock in a research note on Friday, June 27th. Finally, Tigress Financial raised their price target on Alphabet from $220.00 to $240.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, April 30th. Ten investment analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and an average target price of $211.53.

Insider Buying and Selling

In other news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the transaction, the chief executive officer directly owned 2,559,892 shares in the company, valued at $456,991,919.84. This represents a 1.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of the firm’s stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the completion of the sale, the director directly owned 243,400 shares in the company, valued at $45,213,984. This represents a 7.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 273,219 shares of company stock worth $49,474,273. 11.55% of the stock is owned by company insiders.

About Alphabet

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.