Alphabet Inc. (NASDAQ:GOOGL) Shares Sold by Peak Asset Management LLC

Peak Asset Management LLC reduced its stake in Alphabet Inc. (NASDAQ:GOOGL) by 1.7% during the 1st quarter, HoldingsChannel reports. The firm owned 109,135 shares of the information services provider’s stock after selling 1,902 shares during the period. Alphabet accounts for 3.2% of Peak Asset Management LLC’s portfolio, making the stock its 9th biggest position. Peak Asset Management LLC’s holdings in Alphabet were worth $16,877,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Norges Bank purchased a new stake in shares of Alphabet in the fourth quarter valued at approximately $24,383,677,000. FMR LLC raised its position in Alphabet by 9.8% in the fourth quarter. FMR LLC now owns 248,416,916 shares of the information services provider’s stock worth $47,025,322,000 after acquiring an additional 22,100,902 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Alphabet by 16,993.2% in the first quarter. GAMMA Investing LLC now owns 16,062,457 shares of the information services provider’s stock valued at $2,483,898,000 after acquiring an additional 15,968,487 shares during the period. Northern Trust Corp lifted its holdings in Alphabet by 17.0% in the fourth quarter. Northern Trust Corp now owns 69,616,854 shares of the information services provider’s stock valued at $13,178,470,000 after acquiring an additional 10,135,430 shares during the period. Finally, Capital Research Global Investors boosted its position in shares of Alphabet by 16.2% during the 4th quarter. Capital Research Global Investors now owns 72,033,086 shares of the information services provider’s stock worth $13,635,878,000 after purchasing an additional 10,037,685 shares in the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.

Insider Transactions at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the sale, the chief executive officer directly owned 2,559,892 shares in the company, valued at $456,991,919.84. The trade was a 1.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kavitark Ram Shriram sold 18,566 shares of the company’s stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the transaction, the director directly owned 243,400 shares in the company, valued at approximately $45,213,984. The trade was a 7.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 249,399 shares of company stock valued at $43,525,794 in the last three months. 11.55% of the stock is currently owned by company insiders.

Alphabet Stock Performance

Alphabet stock opened at $189.13 on Monday. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $207.05. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The company has a market capitalization of $2.29 trillion, a price-to-earnings ratio of 20.14, a price-to-earnings-growth ratio of 1.28 and a beta of 1.01. The firm’s fifty day moving average price is $178.32 and its 200 day moving average price is $172.82.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be issued a $0.21 dividend. The ex-dividend date of this dividend is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. Alphabet’s dividend payout ratio is currently 8.95%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Oppenheimer boosted their price objective on shares of Alphabet from $185.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, April 25th. Citizens Jmp raised 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. BMO Capital Markets upped their price target on Alphabet from $208.00 to $225.00 and gave the stock an “outperform” rating in a report on Thursday, July 24th. Rosenblatt Securities lifted their price objective on Alphabet from $189.00 to $191.00 and gave the stock a “neutral” rating in a report on Thursday, July 24th. Finally, UBS Group upped their target price on Alphabet from $192.00 to $202.00 and gave the company a “neutral” rating in a report on Thursday, July 24th. Ten equities research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Alphabet currently has an average rating of “Moderate Buy” and a consensus price target of $211.39.

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.