Alphabet Inc. $GOOGL Stock Position Lowered by Central Pacific Bank Trust Division

Central Pacific Bank Trust Division lessened its position in Alphabet Inc. (NASDAQ:GOOGL) by 32.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 24,519 shares of the information services provider’s stock after selling 11,596 shares during the quarter. Central Pacific Bank Trust Division’s holdings in Alphabet were worth $4,321,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Alphabet by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider’s stock valued at $78,839,544,000 after acquiring an additional 14,307,345 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Alphabet by 11.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider’s stock worth $6,783,364,000 after buying an additional 4,473,901 shares in the last quarter. Invesco Ltd. lifted its position in Alphabet by 1.4% in the 1st quarter. Invesco Ltd. now owns 43,648,514 shares of the information services provider’s stock worth $6,749,806,000 after buying an additional 593,345 shares in the last quarter. Deutsche Bank AG lifted its position in Alphabet by 1.9% in the 1st quarter. Deutsche Bank AG now owns 39,792,300 shares of the information services provider’s stock worth $6,153,481,000 after buying an additional 727,335 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Alphabet by 0.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 38,556,577 shares of the information services provider’s stock worth $5,962,389,000 after buying an additional 104,859 shares in the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Insider Activity

In related news, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $199.92, for a total value of $6,497,400.00. Following the transaction, the chief executive officer directly owned 2,462,392 shares in the company, valued at approximately $492,281,408.64. This trade represents a 1.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director John L. Hennessy sold 1,000 shares of the firm’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $200.00, for a total transaction of $200,000.00. Following the completion of the transaction, the director owned 6,916 shares in the company, valued at $1,383,200. The trade was a 12.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 254,710 shares of company stock valued at $49,208,380. 11.64% of the stock is owned by corporate insiders.

Alphabet Stock Performance

Shares of GOOGL opened at $240.80 on Friday. The company’s fifty day moving average is $201.89 and its 200-day moving average is $177.48. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $242.25. The firm has a market cap of $2.91 trillion, a price-to-earnings ratio of 25.64, a price-to-earnings-growth ratio of 1.62 and a beta of 1.01. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping the consensus estimate of $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.60 billion. Equities analysts expect that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be paid a $0.21 dividend. The ex-dividend date is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. Alphabet’s dividend payout ratio (DPR) is presently 8.95%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on GOOGL. Piper Sandler increased their target price on shares of Alphabet from $195.00 to $220.00 and gave the stock an “overweight” rating in a research report on Thursday, July 24th. Citizens Jmp upgraded shares of Alphabet from a “market perform” rating to an “outperform” rating and set a $220.00 target price for the company in a research report on Friday, June 27th. JMP Securities increased their target price on shares of Alphabet from $225.00 to $250.00 and gave the stock a “market outperform” rating in a research report on Wednesday, September 3rd. Loop Capital reiterated a “hold” rating and issued a $190.00 target price (up previously from $165.00) on shares of Alphabet in a research report on Tuesday, August 5th. Finally, Wall Street Zen upgraded shares of Alphabet from a “hold” rating to a “buy” rating in a research report on Saturday. Three analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, Alphabet presently has an average rating of “Moderate Buy” and an average price target of $221.44.

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.