Legacy Private Trust Co. Trims Holdings in Alphabet Inc. $GOOGL

Legacy Private Trust Co. lowered its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 1.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 123,892 shares of the information services provider’s stock after selling 2,367 shares during the period. Alphabet accounts for 1.4% of Legacy Private Trust Co.’s investment portfolio, making the stock its 13th largest holding. Legacy Private Trust Co.’s holdings in Alphabet were worth $21,833,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of GOOGL. Guardian Wealth Management Inc. grew its holdings in shares of Alphabet by 242.9% during the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider’s stock worth $26,000 after buying an additional 119 shares during the last quarter. von Borstel & Associates Inc. acquired a new stake in Alphabet during the 1st quarter worth approximately $28,000. IMA Advisory Services Inc. purchased a new position in shares of Alphabet in the 1st quarter valued at approximately $28,000. NBZ Investment Advisors LLC grew its stake in shares of Alphabet by 85.7% in the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock valued at $30,000 after purchasing an additional 90 shares during the last quarter. Finally, Financial Gravity Asset Management Inc. acquired a new position in shares of Alphabet in the first quarter valued at approximately $39,000. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Trading Up 0.2%

Shares of GOOGL stock opened at $240.80 on Monday. The company has a market capitalization of $2.91 trillion, a price-to-earnings ratio of 25.64, a PEG ratio of 1.62 and a beta of 1.01. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The firm has a 50-day moving average price of $201.89 and a 200 day moving average price of $177.58. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $242.25.

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

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet’s dividend payout ratio is currently 8.95%.

Insiders Place Their Bets

In other news, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $199.92, for a total transaction of $6,497,400.00. Following the sale, the chief executive officer owned 2,462,392 shares in the company, valued at $492,281,408.64. This trade represents a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of the company’s stock in a transaction 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 owned 243,400 shares of the company’s stock, valued at $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. In the last quarter, insiders sold 254,710 shares of company stock worth $49,208,380. 11.55% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on GOOGL. Tigress Financial increased their price target on Alphabet from $240.00 to $280.00 and gave the stock a “strong-buy” rating in a report on Friday, September 5th. JPMorgan Chase & Co. raised their target price on shares of Alphabet from $200.00 to $232.00 and gave the stock an “overweight” rating in a research note on Thursday, July 24th. Rosenblatt Securities boosted their price target on shares of Alphabet from $191.00 to $224.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 3rd. Piper Sandler increased their price target on shares of Alphabet from $195.00 to $220.00 and gave the stock an “overweight” rating in a report on Thursday, July 24th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $270.00 price objective (up previously from $235.00) on shares of Alphabet in a report on Tuesday, September 2nd. Three investment analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $221.44.

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.