Eagle Ridge Investment Management Sells 773 Shares of Alphabet Inc. (NASDAQ:GOOG)

Eagle Ridge Investment Management lowered its position in Alphabet Inc. (NASDAQ:GOOG) by 3.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,796 shares of the information services provider’s stock after selling 773 shares during the quarter. Eagle Ridge Investment Management’s holdings in Alphabet were worth $3,354,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its stake in Alphabet by 11.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 95,941,129 shares of the information services provider’s stock valued at $12,649,838,000 after purchasing an additional 9,703,425 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in Alphabet during the fourth quarter valued at about $11,600,970,000. FMR LLC lifted its holdings in Alphabet by 3.8% during the third quarter. FMR LLC now owns 120,234,117 shares of the information services provider’s stock valued at $15,852,868,000 after purchasing an additional 4,348,188 shares during the last quarter. Cerity Partners LLC lifted its holdings in shares of Alphabet by 198.7% in the fourth quarter. Cerity Partners LLC now owns 3,882,882 shares of the information services provider’s stock worth $547,215,000 after buying an additional 2,583,128 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Alphabet by 93.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 4,591,383 shares of the information services provider’s stock worth $647,064,000 after buying an additional 2,222,950 shares in the last quarter. 27.26% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Morgan Stanley restated an “overweight” rating and issued a $165.00 price objective on shares of Alphabet in a research report on Thursday, April 11th. Susquehanna lifted their target price on shares of Alphabet from $150.00 to $170.00 and gave the stock a “positive” rating in a research note on Wednesday, January 31st. Raymond James lifted their target price on shares of Alphabet from $150.00 to $160.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 24th. Stifel Nicolaus lifted their price target on shares of Alphabet from $154.00 to $174.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. Finally, Oppenheimer upped their price objective on shares of Alphabet from $172.00 to $185.00 and gave the stock an “outperform” rating in a report on Monday, April 8th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $165.67.

Insider Activity at Alphabet

In other Alphabet news, CFO Ruth Porat sold 48,077 shares of the firm’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $137.22, for a total value of $6,597,125.94. Following the transaction, the chief financial officer now directly owns 1,777,106 shares of the company’s stock, valued at $243,854,485.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 660 shares of the firm’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $143.59, for a total value of $94,769.40. Following the transaction, the chief accounting officer now directly owns 27,920 shares of the company’s stock, valued at $4,009,032.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Ruth Porat sold 48,077 shares of the firm’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $137.22, for a total value of $6,597,125.94. Following the completion of the transaction, the chief financial officer now directly owns 1,777,106 shares in the company, valued at approximately $243,854,485.32. The disclosure for this sale can be found here. Insiders have sold 253,209 shares of company stock valued at $36,711,144 over the last ninety days. Insiders own 12.99% of the company’s stock.

Alphabet Stock Up 0.5 %

Shares of NASDAQ GOOG traded up $0.82 on Tuesday, reaching $168.72. 3,484,382 shares of the company’s stock traded hands, compared to its average volume of 22,558,266. The business’s 50 day simple moving average is $149.64 and its two-hundred day simple moving average is $142.97. Alphabet Inc. has a 12 month low of $104.50 and a 12 month high of $176.42. The company has a market cap of $2.10 trillion, a price-to-earnings ratio of 25.75, a price-to-earnings-growth ratio of 1.59 and a beta of 1.05. The company has a quick ratio of 2.10, a current ratio of 2.15 and a debt-to-equity ratio of 0.05.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Thursday, April 25th. The information services provider reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.51 by $0.38. Alphabet had a return on equity of 29.52% and a net margin of 25.90%. The company had revenue of $80.54 billion during the quarter, compared to analyst estimates of $78.75 billion. During the same quarter last year, the company earned $1.17 EPS. The firm’s revenue for the quarter was up 15.4% on a year-over-year basis. As a group, equities research analysts forecast that Alphabet Inc. will post 6.8 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently declared a — dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 10th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, June 10th.

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.