Riggs Asset Managment Co. Inc. Sells 211 Shares of Alphabet Inc. (NASDAQ:GOOG)

Riggs Asset Managment Co. Inc. lessened its stake in Alphabet Inc. (NASDAQ:GOOG) by 0.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 46,567 shares of the information services provider’s stock after selling 211 shares during the quarter. Alphabet makes up 2.1% of Riggs Asset Managment Co. Inc.’s holdings, making the stock its 14th biggest position. Riggs Asset Managment Co. Inc.’s holdings in Alphabet were worth $7,090,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank bought a new stake in Alphabet in the 4th quarter valued at $4,101,040,000. International Assets Investment Management LLC acquired a new position in shares of Alphabet in the fourth quarter valued at $11,600,970,000. Cerity Partners LLC raised its position 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 valued at $547,215,000 after purchasing an additional 2,583,128 shares during the period. Assenagon Asset Management S.A. lifted its stake in shares of Alphabet by 93.9% during the 4th 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 during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Alphabet by 50.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,918,113 shares of the information services provider’s stock worth $596,572,000 after buying an additional 1,308,691 shares during the period. 27.26% of the stock is owned by institutional investors.

Insider Transactions at Alphabet

In related news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $157.41, for a total value of $3,541,725.00. Following the completion of the transaction, the chief executive officer now owns 2,303,011 shares in the company, valued at approximately $362,516,961.51. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $157.41, for a total value of $3,541,725.00. Following the sale, the chief executive officer now owns 2,303,011 shares in the company, valued at approximately $362,516,961.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $166.67, for a total value of $113,668.94. Following the transaction, the chief accounting officer now owns 29,284 shares of the company’s stock, valued at $4,880,764.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 146,288 shares of company stock worth $25,345,053. Insiders own 12.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. TD Cowen boosted their price objective on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Wednesday. Oppenheimer increased their price objective on Alphabet from $172.00 to $185.00 and gave the stock an “outperform” rating in a research report on Monday, April 8th. Morgan Stanley reissued an “overweight” rating and issued a $165.00 target price on shares of Alphabet in a research report on Thursday, April 11th. Rosenblatt Securities lowered shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price target on the stock. in a research report on Friday, June 28th. Finally, Stifel Nicolaus raised their target price on shares of Alphabet from $154.00 to $174.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $174.38.

Alphabet Price Performance

Shares of GOOG traded down $5.36 during midday trading on Thursday, hitting $187.30. The company’s stock had a trading volume of 16,382,083 shares, compared to its average volume of 20,728,900. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a one year low of $118.68 and a one year high of $193.31. The stock has a market capitalization of $2.31 trillion, a price-to-earnings ratio of 28.72, a price-to-earnings-growth ratio of 1.43 and a beta of 1.05. The company’s fifty day simple moving average is $178.46 and its two-hundred day simple moving average is $158.56.

Alphabet (NASDAQ:GOOG) last issued its earnings results on Thursday, April 25th. The information services provider reported $1.89 EPS for the quarter, topping the consensus estimate of $1.51 by $0.38. The firm had revenue of $80.54 billion during the quarter, compared to the consensus estimate 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 quarter in the previous year, the firm earned $1.17 earnings per share. As a group, equities analysts expect that Alphabet Inc. will post 7.6 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The company also recently declared a — dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 10th were paid a dividend of $0.20 per share. The ex-dividend date was Monday, June 10th. Alphabet’s payout ratio is 12.27%.

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.