Alphabet Inc. (NASDAQ:GOOG) Shares Sold by Cottage Street Advisors LLC

Cottage Street Advisors LLC cut its position in Alphabet Inc. (NASDAQ:GOOG) by 0.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 38,253 shares of the information services provider’s stock after selling 308 shares during the quarter. Alphabet makes up 2.9% of Cottage Street Advisors LLC’s investment portfolio, making the stock its 11th biggest holding. Cottage Street Advisors LLC’s holdings in Alphabet were worth $5,976,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. LSV Asset Management acquired a new stake in Alphabet during the 4th quarter worth approximately $27,000. Principia Wealth Advisory LLC lifted its position in Alphabet by 111.8% during the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider’s stock worth $26,000 after acquiring an additional 85 shares during the period. WealthTrak Capital Management LLC acquired a new stake in Alphabet during the 4th quarter worth approximately $38,000. Mountain Hill Investment Partners Corp. acquired a new stake in Alphabet during the 4th quarter worth approximately $39,000. Finally, Noble Wealth Management PBC acquired a new stake in Alphabet during the 4th quarter worth approximately $43,000. 27.26% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $176.68, for a total value of $5,742,100.00. Following the transaction, the chief executive officer now owns 2,555,196 shares in the company, valued at approximately $451,452,029.28. This trade represents a 1.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John L. Hennessy sold 200 shares of Alphabet stock in a transaction on Monday, April 14th. The shares were sold at an average price of $161.90, for a total value of $32,380.00. Following the completion of the transaction, the director now owns 7,613 shares in the company, valued at $1,232,544.70. The trade was a 2.56% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 228,070 shares of company stock valued at $37,745,632 over the last quarter. Company insiders own 12.99% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on GOOG. Susquehanna reaffirmed a “positive” rating on shares of Alphabet in a research report on Friday, May 2nd. KeyCorp decreased their price objective on Alphabet from $202.00 to $185.00 and set an “overweight” rating for the company in a research report on Wednesday, April 9th. Citigroup reissued a “sell” rating on shares of Alphabet in a report on Wednesday, April 23rd. Needham & Company LLC cut Alphabet from a “buy” rating to a “cautious” rating in a report on Friday, May 2nd. Finally, Oppenheimer raised their price target on Alphabet from $185.00 to $200.00 and gave the company an “outperform” rating in a report on Friday, April 25th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, fourteen have assigned a buy rating and five have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $204.88.

Alphabet Stock Performance

NASDAQ GOOG opened at $167.73 on Friday. Alphabet Inc. has a 1-year low of $142.66 and a 1-year high of $208.70. The company has a market capitalization of $2.04 trillion, a P/E ratio of 18.70, a PEG ratio of 1.23 and a beta of 1.01. The business has a 50 day moving average price of $166.31 and a 200 day moving average price of $176.39. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.77 and a quick ratio of 1.77.

Alphabet (NASDAQ:GOOG) last released 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 $90.23 billion during the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. Alphabet’s revenue was up 12.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.89 earnings per share. Sell-side analysts expect that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 9th were given a $0.21 dividend. The ex-dividend date of this dividend was Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.50%. This is an increase from Alphabet’s previous quarterly dividend of $0.20. Alphabet’s payout ratio is currently 9.36%.

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.