Prio Wealth Limited Partnership Sells 47,084 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Prio Wealth Limited Partnership trimmed its stake in Alphabet Inc. (NASDAQ:GOOGL) by 9.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 473,859 shares of the information services provider’s stock after selling 47,084 shares during the quarter. Alphabet comprises about 2.6% of Prio Wealth Limited Partnership’s holdings, making the stock its 7th biggest position. Prio Wealth Limited Partnership’s holdings in Alphabet were worth $86,313,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Christopher J. Hasenberg Inc increased its position in Alphabet by 75.0% in the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after buying an additional 60 shares in the last quarter. Tributary Capital Management LLC acquired a new position in Alphabet during the first quarter worth $30,000. Kings Path Partners LLC bought a new position in shares of Alphabet in the second quarter valued at $36,000. Denver PWM LLC acquired a new position in shares of Alphabet during the second quarter valued at about $41,000. Finally, CarsonAllaria Wealth Management Ltd. raised its holdings in shares of Alphabet by 59.2% in the 1st quarter. CarsonAllaria Wealth Management Ltd. now owns 293 shares of the information services provider’s stock worth $44,000 after acquiring an additional 109 shares during the last quarter. 40.03% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CAO Amie Thuener O’toole sold 2,835 shares of Alphabet stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total transaction of $429,587.55. Following the completion of the sale, the chief accounting officer now owns 29,182 shares in the company, valued at approximately $4,421,948.46. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CAO Amie Thuener O’toole sold 2,835 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total value of $429,587.55. Following the sale, the chief accounting officer now directly owns 29,182 shares of the company’s stock, valued at $4,421,948.46. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Prabhakar Raghavan sold 34,257 shares of Alphabet stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the sale, the senior vice president now owns 312,210 shares of the company’s stock, valued at approximately $50,765,346. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 216,092 shares of company stock worth $35,644,136 in the last ninety days. 11.55% of the stock is currently owned by insiders.

Alphabet Price Performance

GOOGL stock opened at $163.24 on Friday. The firm has a 50 day moving average of $161.37 and a 200-day moving average of $167.63. The firm has a market capitalization of $2.01 trillion, a P/E ratio of 23.42, a price-to-earnings-growth ratio of 1.21 and a beta of 1.04. Alphabet Inc. has a 12 month low of $120.21 and a 12 month high of $191.75. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, beating the consensus estimate 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 last year, the firm earned $1.44 EPS. As a group, sell-side analysts predict that Alphabet Inc. will post 7.64 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Monday, September 9th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.49%. The ex-dividend date was Monday, September 9th. Alphabet’s payout ratio is 11.48%.

Analysts Set New Price Targets

A number of analysts have commented on GOOGL shares. Wolfe Research assumed coverage on Alphabet in a report on Tuesday, July 16th. They set an “outperform” rating and a $240.00 price objective for the company. Wedbush reaffirmed an “outperform” rating and set a $205.00 price objective on shares of Alphabet in a report on Thursday, September 5th. Loop Capital reiterated a “hold” rating and issued a $170.00 target price on shares of Alphabet in a report on Wednesday, July 3rd. TD Securities boosted their price target on shares of Alphabet from $200.00 to $220.00 in a report on Wednesday, July 10th. Finally, Evercore ISI decreased their price objective on shares of Alphabet from $225.00 to $200.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $200.95.

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.