Cary Street Partners Investment Advisory LLC Cuts Holdings in Alphabet Inc. (NASDAQ:GOOG)

Cary Street Partners Investment Advisory LLC lowered its holdings in Alphabet Inc. (NASDAQ:GOOG) by 99.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,383 shares of the information services provider’s stock after selling 221,224 shares during the quarter. Cary Street Partners Investment Advisory LLC’s holdings in Alphabet were worth $195,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bruce G. Allen Investments LLC bought a new stake in shares of Alphabet in the fourth quarter worth approximately $26,000. Tandem Wealth Advisors LLC purchased a new stake in Alphabet in the third quarter worth approximately $25,000. Equitec Proprietary Markets LLC bought a new stake in Alphabet in the 4th quarter worth approximately $28,000. Buck Wealth Strategies LLC purchased a new stake in Alphabet during the 3rd quarter valued at $32,000. Finally, Barometer Capital Management Inc. purchased a new position in shares of Alphabet in the 3rd quarter worth $32,000. 27.26% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $166.80, for a total value of $3,753,000.00. Following the transaction, the chief executive officer now owns 2,280,511 shares of the company’s stock, valued at $380,389,234.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $166.80, for a total transaction of $3,753,000.00. Following the completion of the transaction, the chief executive officer now owns 2,280,511 shares in the company, valued at $380,389,234.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $136.49, for a total value of $93,086.18. Following the completion of the sale, the chief accounting officer now owns 28,602 shares in the company, valued at $3,903,886.98. The disclosure for this sale can be found here. Insiders sold 275,129 shares of company stock worth $40,382,765 in the last three months. 12.99% of the stock is owned by company insiders.

Alphabet Stock Up 0.6 %

Shares of GOOG stock opened at $165.57 on Thursday. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.15 and a quick ratio of 2.10. Alphabet Inc. has a one year low of $104.50 and a one year high of $176.42. The company’s fifty day moving average price is $150.52 and its 200-day moving average price is $143.31. The company has a market capitalization of $2.06 trillion, a price-to-earnings ratio of 25.39, a PEG ratio of 1.23 and a beta of 1.02.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Thursday, April 25th. The information services provider reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.51 by $0.38. The business had revenue of $80.54 billion for the quarter, compared to analysts’ expectations of $78.75 billion. Alphabet had a return on equity of 29.52% and a net margin of 25.90%. The business’s quarterly revenue was up 15.4% on a year-over-year basis. During the same period last year, the firm earned $1.17 earnings per share. Sell-side analysts expect that Alphabet Inc. will post 7.66 EPS for the current fiscal year.

Alphabet Announces Dividend

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

Analyst Upgrades and Downgrades

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

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.