Harbor Investment Advisory LLC Decreases Stock Position in Alphabet Inc. (NASDAQ:GOOG)

Harbor Investment Advisory LLC decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 6.6% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 89,056 shares of the information services provider’s stock after selling 6,246 shares during the period. Alphabet makes up approximately 1.3% of Harbor Investment Advisory LLC’s investment portfolio, making the stock its 12th largest holding. Harbor Investment Advisory LLC’s holdings in Alphabet were worth $13,913,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Fiduciary Advisors Inc. purchased a new stake in Alphabet during the 4th quarter worth approximately $27,000. LSV Asset Management acquired a new stake in shares of Alphabet during the fourth quarter worth $27,000. WealthTrak Capital Management LLC acquired a new stake in shares of Alphabet during the fourth quarter worth $38,000. Mountain Hill Investment Partners Corp. purchased a new stake in shares of Alphabet during the fourth quarter valued at $39,000. Finally, Noble Wealth Management PBC acquired a new position in shares of Alphabet in the 4th quarter valued at $43,000. Institutional investors and hedge funds own 27.26% of the company’s stock.

Insider Activity

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $158.56, for a total transaction of $5,153,200.00. Following the completion of the transaction, the chief executive officer now owns 2,717,696 shares of the company’s stock, valued at $430,917,877.76. This represents a 1.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Amie Thuener O’toole sold 673 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $155.33, for a total value of $104,537.09. Following the completion of the transaction, the chief accounting officer now owns 15,303 shares in the company, valued at approximately $2,377,014.99. This trade represents a 4.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 163,159 shares of company stock worth $26,534,426 in the last quarter. Corporate insiders own 12.99% of the company’s stock.

Alphabet Trading Down 1.2%

GOOG stock opened at $170.87 on Monday. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $208.70. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.03. The firm has a market cap of $2.07 trillion, a P/E ratio of 21.23, a PEG ratio of 1.34 and a beta of 1.01. The company’s 50-day simple moving average is $160.88 and its 200-day simple moving average is $176.27.

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 analysts’ consensus estimates of $2.02 by $0.79. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. The company had revenue of $90.23 billion during the quarter, compared to analysts’ expectations of $89.30 billion. During the same quarter in the prior year, the firm posted $1.89 EPS. Alphabet’s quarterly revenue was up 12.0% compared to the same quarter last year. As a group, equities analysts forecast that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Increases Dividend

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

Analyst Ratings Changes

GOOG has been the subject of a number of research reports. Westpark Capital reaffirmed a “buy” rating and set a $210.00 price target on shares of Alphabet in a research report on Friday, April 25th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Alphabet in a report on Wednesday, February 5th. KeyCorp dropped their target price on Alphabet from $202.00 to $185.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 9th. JPMorgan Chase & Co. raised their price target on shares of Alphabet from $180.00 to $195.00 and gave the stock an “overweight” rating in a research report on Friday, April 25th. Finally, Needham & Company LLC cut shares of Alphabet from a “buy” rating to a “cautious” rating in a research note on Friday, May 2nd. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, fourteen have given a buy rating and five have issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $203.94.

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.