Parsons Capital Management Inc. RI Cuts Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Parsons Capital Management Inc. RI cut its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 0.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 156,937 shares of the information services provider’s stock after selling 535 shares during the quarter. Alphabet makes up about 1.6% of Parsons Capital Management Inc. RI’s holdings, making the stock its 8th biggest holding. Parsons Capital Management Inc. RI’s holdings in Alphabet were worth $23,687,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. RWQ Financial Management Services Inc. increased its stake in Alphabet by 8.2% during the 4th quarter. RWQ Financial Management Services Inc. now owns 61,499 shares of the information services provider’s stock valued at $8,591,000 after purchasing an additional 4,664 shares in the last quarter. Ballast Advisors LLC increased its position in shares of Alphabet by 9.6% during the third quarter. Ballast Advisors LLC now owns 15,747 shares of the information services provider’s stock valued at $2,061,000 after acquiring an additional 1,385 shares in the last quarter. Quantum Financial Advisors LLC increased its position in shares of Alphabet by 8.0% during the third quarter. Quantum Financial Advisors LLC now owns 7,623 shares of the information services provider’s stock valued at $998,000 after acquiring an additional 564 shares in the last quarter. Colton Groome Financial Advisors LLC raised its holdings in Alphabet by 3.8% in the 4th quarter. Colton Groome Financial Advisors LLC now owns 2,700 shares of the information services provider’s stock worth $377,000 after acquiring an additional 100 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its position in Alphabet by 2.4% in the 3rd quarter. Acadian Asset Management LLC now owns 4,416,533 shares of the information services provider’s stock valued at $577,908,000 after acquiring an additional 104,366 shares in the last quarter. Institutional investors own 40.03% of the company’s stock.

Alphabet Price Performance

Shares of NASDAQ GOOGL traded up $15.95 during mid-day trading on Friday, reaching $171.95. The company’s stock had a trading volume of 64,665,299 shares, compared to its average volume of 25,802,202. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.10 and a quick ratio of 2.10. Alphabet Inc. has a 52 week low of $103.54 and a 52 week high of $174.71. The stock has a fifty day moving average of $147.85 and a two-hundred day moving average of $141.42. The firm has a market capitalization of $2.14 trillion, a PE ratio of 26.37, a P/E/G ratio of 1.58 and a beta of 1.05.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Tuesday, January 30th. The information services provider reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.04. Alphabet had a return on equity of 30.01% and a net margin of 25.90%. The company had revenue of $86.31 billion for the quarter, compared to analysts’ expectations of $70.77 billion. During the same period in the previous year, the firm earned $1.05 EPS. As a group, sell-side analysts anticipate that Alphabet Inc. will post 6.82 EPS for the current fiscal year.

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 10th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, June 10th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.47%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on GOOGL. Needham & Company LLC boosted their price target on Alphabet from $160.00 to $210.00 and gave the stock a “buy” rating in a research note on Friday. Wolfe Research lifted their price objective on Alphabet from $180.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday. Sanford C. Bernstein upped their target price on shares of Alphabet from $165.00 to $180.00 and gave the company a “market perform” rating in a research note on Friday. Robert W. Baird lifted their price target on shares of Alphabet from $160.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Evercore ISI increased their price objective on shares of Alphabet from $160.00 to $220.00 and gave the company an “outperform” rating in a research report on Friday. Five equities research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $187.82.

Insider Activity at Alphabet

In other news, Director John L. Hennessy sold 2,100 shares of the firm’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $175.76, for a total transaction of $369,096.00. Following the completion of the transaction, the director now owns 5,891 shares in the company, valued at $1,035,402.16. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director John L. Hennessy sold 2,100 shares of the company’s stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $175.76, for a total transaction of $369,096.00. Following the sale, the director now directly owns 5,891 shares of the company’s stock, valued at approximately $1,035,402.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Amie Thuener O’toole sold 660 shares of the firm’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $143.59, for a total transaction of $94,769.40. Following the completion of the transaction, the chief accounting officer now directly owns 27,920 shares of the company’s stock, valued at $4,009,032.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 253,439 shares of company stock valued at $36,746,578. Corporate insiders own 0.88% of the company’s stock.

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.