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PICTET BANK & TRUST Ltd reduced its position in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 17.7% during the first quarter, Holdings Channel reports. The institutional investor owned 20,796 shares of the information services provider’s stock after selling 4,459 shares during the quarter. Alphabet comprises 3.9% of PICTET BANK & TRUST Ltd’s investment portfolio, making the stock its 10th largest holding. PICTET BANK & TRUST Ltd’s holdings in Alphabet were worth $3,216,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of GOOGL. Anderson Financial Strategies LLC purchased a new position in shares of Alphabet during the 4th quarter valued at approximately $49,000. Navigoe LLC purchased a new stake in shares of Alphabet during the fourth quarter worth $51,000. Prudent Man Investment Management Inc. acquired a new position in shares of Alphabet during the 4th quarter valued at about $53,000. Campbell Capital Management Inc. acquired a new position in Alphabet in the fourth quarter valued at about $57,000. Finally, EQ Wealth Advisors LLC acquired a new position in Alphabet in the first quarter valued at about $49,000. 40.03% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
A number of analysts have issued reports on GOOGL shares. Wells Fargo & Company boosted their price target on shares of Alphabet from $167.00 to $175.00 and gave the stock an “equal weight” rating in a research note on Friday, April 25th. DA Davidson dropped their price target on shares of Alphabet from $200.00 to $160.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Jefferies Financial Group dropped their price target on shares of Alphabet from $235.00 to $200.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Piper Sandler increased their price target on shares of Alphabet from $185.00 to $195.00 and gave the company an “overweight” rating in a research note on Friday, April 25th. Finally, Citigroup reiterated a “buy” rating and issued a $203.00 price target (up from $200.00) on shares of Alphabet in a research note on Tuesday, June 24th. Ten analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $199.95.
View Our Latest Stock Analysis on GOOGL
Alphabet Price Performance
Shares of NASDAQ GOOGL opened at $176.79 on Tuesday. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $207.05. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.77 and a quick ratio of 1.77. The stock has a fifty day moving average price of $169.03 and a 200 day moving average price of $173.67. The company has a market cap of $2.15 trillion, a PE ratio of 19.71, a P/E/G ratio of 1.26 and a beta of 1.00.
Alphabet (NASDAQ:GOOGL – Get Free Report) last released its earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, beating analysts’ consensus estimates of $2.02 by $0.79. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. The company had revenue of $76.49 billion during the quarter, compared to the consensus estimate of $89.30 billion. During the same quarter last year, the company earned $1.89 earnings per share. Sell-side analysts forecast that Alphabet Inc. will post 8.9 EPS for the current year.
Alphabet Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 9th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 0.48%. The ex-dividend date of this dividend was Monday, June 9th. This is an increase from Alphabet’s previous quarterly dividend of $0.20. Alphabet’s payout ratio is 9.36%.
Insider Transactions at Alphabet
In other news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $170.87, for a total transaction of $5,553,275.00. Following the completion of the transaction, the chief executive officer owned 2,620,196 shares of the company’s stock, valued at $447,712,890.52. The trade was a 1.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Kavitark Ram Shriram sold 10,500 shares of Alphabet stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total value of $1,837,500.00. Following the transaction, the director directly owned 261,966 shares of the company’s stock, valued at $45,844,050. This trade represents a 3.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold 215,643 shares of company stock valued at $36,330,928 in the last 90 days. 11.55% of the stock is currently owned by insiders.
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.
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