Alphabet Inc. (NASDAQ:GOOGL) Shares Sold by Tower Bridge Advisors

Tower Bridge Advisors cut its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 11.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 66,402 shares of the information services provider’s stock after selling 8,369 shares during the quarter. Alphabet accounts for 1.1% of Tower Bridge Advisors’ portfolio, making the stock its 20th largest position. Tower Bridge Advisors’ holdings in Alphabet were worth $12,095,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of GOOGL. Vermillion & White Wealth Management Group LLC acquired a new position in Alphabet during the fourth quarter worth about $30,000. Tributary Capital Management LLC acquired a new position in shares of Alphabet in the 1st quarter worth approximately $30,000. DiNuzzo Private Wealth Inc. bought a new stake in shares of Alphabet in the 4th quarter worth approximately $38,000. CarsonAllaria Wealth Management Ltd. lifted its stake in Alphabet by 59.2% during the first quarter. CarsonAllaria Wealth Management Ltd. now owns 293 shares of the information services provider’s stock valued at $44,000 after purchasing an additional 109 shares during the last quarter. Finally, Richardson Capital Management LLC boosted its holdings in Alphabet by 87.5% during the first quarter. Richardson Capital Management LLC now owns 300 shares of the information services provider’s stock worth $45,000 after buying an additional 140 shares in the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have issued reports on GOOGL. Citigroup upped their price target on Alphabet from $190.00 to $212.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Wedbush reaffirmed an “outperform” rating and set a $205.00 target price on shares of Alphabet in a report on Monday, July 22nd. TD Securities lifted their price target on Alphabet from $200.00 to $220.00 in a research note on Wednesday, July 10th. Morgan Stanley upped their price objective on shares of Alphabet from $195.00 to $210.00 and gave the company an “overweight” rating in a research note on Tuesday, July 23rd. Finally, Loop Capital reiterated a “hold” rating and issued a $170.00 target price on shares of Alphabet in a report on Wednesday, July 3rd. Six investment analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $203.74.

Insider Buying and Selling

In other news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $162.35, for a total transaction of $3,652,875.00. Following the sale, the chief executive officer now directly owns 2,182,385 shares in the company, valued at approximately $354,310,204.75. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, SVP Prabhakar Raghavan sold 34,257 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $162.60, for a total value of $5,570,188.20. Following the completion of the transaction, the senior vice president now directly owns 312,210 shares of the company’s stock, valued at approximately $50,765,346. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $162.35, for a total value of $3,652,875.00. Following the transaction, the chief executive officer now owns 2,182,385 shares of the company’s stock, valued at approximately $354,310,204.75. The disclosure for this sale can be found here. Insiders sold a total of 156,565 shares of company stock valued at $26,823,893 over the last ninety days. 11.55% of the stock is owned by company insiders.

Alphabet Stock Up 1.0 %

Shares of GOOGL stock opened at $163.38 on Friday. Alphabet Inc. has a 12 month low of $120.21 and a 12 month high of $191.75. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04. The firm has a market cap of $2.02 trillion, a PE ratio of 25.06, a price-to-earnings-growth ratio of 1.28 and a beta of 1.05. The stock has a 50 day moving average of $173.44 and a 200-day moving average of $163.65.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. The firm had revenue of $84.74 billion during the quarter, compared to the consensus estimate of $70.60 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. During the same period in the prior year, the firm earned $1.44 EPS. On average, equities analysts predict that Alphabet Inc. will post 7.62 EPS for the current year.

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be paid a $0.20 dividend. The ex-dividend date is Monday, September 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.49%. Alphabet’s payout ratio is 12.27%.

Alphabet 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.