Wallace Advisory Group LLC Sells 472 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Wallace Advisory Group LLC decreased its holdings in Alphabet Inc. (NASDAQ:GOOGLFree Report) by 3.6% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 12,654 shares of the information services provider’s stock after selling 472 shares during the quarter. Alphabet accounts for 1.4% of Wallace Advisory Group LLC’s holdings, making the stock its 10th largest position. Wallace Advisory Group LLC’s holdings in Alphabet were worth $1,957,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Macroview Investment Management LLC raised its stake in Alphabet by 4.2% in the 4th quarter. Macroview Investment Management LLC now owns 1,293 shares of the information services provider’s stock worth $245,000 after purchasing an additional 52 shares in the last quarter. Cornerstone Planning Group LLC raised its stake in Alphabet by 2.3% in the 4th quarter. Cornerstone Planning Group LLC now owns 2,381 shares of the information services provider’s stock worth $457,000 after purchasing an additional 53 shares in the last quarter. Addison Advisors LLC raised its stake in Alphabet by 0.7% in the 4th quarter. Addison Advisors LLC now owns 7,527 shares of the information services provider’s stock worth $1,425,000 after purchasing an additional 53 shares in the last quarter. Burt Wealth Advisors raised its stake in Alphabet by 1.0% in the 4th quarter. Burt Wealth Advisors now owns 5,307 shares of the information services provider’s stock worth $1,005,000 after purchasing an additional 54 shares in the last quarter. Finally, Perritt Capital Management Inc raised its stake in Alphabet by 10.4% in the 4th quarter. Perritt Capital Management Inc now owns 618 shares of the information services provider’s stock worth $117,000 after purchasing an additional 58 shares in the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on GOOGL. Stifel Nicolaus decreased their target price on shares of Alphabet from $225.00 to $192.00 and set a “buy” rating on the stock in a report on Wednesday, April 23rd. Tigress Financial raised their target price on shares of Alphabet from $220.00 to $240.00 and gave the company a “strong-buy” rating in a report on Wednesday, April 30th. Wells Fargo & Company raised their target price on shares of Alphabet from $167.00 to $175.00 and gave the company an “equal weight” rating in a report on Friday, April 25th. KeyCorp raised their target price on shares of Alphabet from $185.00 to $195.00 and gave the company an “overweight” rating in a report on Friday, April 25th. Finally, Piper Sandler raised their target price on shares of Alphabet from $185.00 to $195.00 and gave the company an “overweight” rating in a report on Friday, April 25th. Ten analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $199.75.

View Our Latest Stock Report on Alphabet

Insiders Place Their Bets

In other news, insider John Kent Walker sold 11,764 shares of the business’s stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $166.84, for a total value of $1,962,705.76. Following the transaction, the insider now owns 49,037 shares in the company, valued at approximately $8,181,333.08. The trade was a 19.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John L. Hennessy sold 600 shares of the business’s stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $105,000.00. Following the completion of the transaction, the director now owns 6,813 shares in the company, valued at $1,192,275. This trade represents a 8.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 164,533 shares of company stock valued at $26,772,774 in the last ninety days. 11.55% of the stock is currently owned by insiders.

Alphabet Trading Down 1.2%

GOOGL opened at $169.73 on Friday. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $207.05. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.84 and a quick ratio of 1.84. The firm has a market capitalization of $2.06 trillion, a price-to-earnings ratio of 21.08, a PEG ratio of 1.34 and a beta of 1.01. The company’s 50 day moving average price is $159.10 and its two-hundred day moving average price is $174.56.

Alphabet (NASDAQ:GOOGLGet Free Report) last posted its earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, topping analysts’ consensus estimates of $2.02 by $0.79. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. The firm had revenue of $76.49 billion for the quarter, compared to analyst estimates of $89.30 billion. During the same period in the previous year, the firm posted $1.89 EPS. As a group, research analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 9th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.49%. This is a positive change from Alphabet’s previous quarterly dividend of $0.20. The ex-dividend date is Monday, June 9th. Alphabet’s payout ratio is presently 9.36%.

About Alphabet

(Free Report)

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.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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