Concord Wealth Partners Sells 4,238 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Concord Wealth Partners reduced its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 11.5% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 32,615 shares of the information services provider’s stock after selling 4,238 shares during the quarter. Alphabet comprises approximately 1.0% of Concord Wealth Partners’ holdings, making the stock its 23rd largest holding. Concord Wealth Partners’ holdings in Alphabet were worth $6,174,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Sage Advisors LLC purchased a new stake in Alphabet during the 2nd quarter valued at $234,000. Ashburton Jersey Ltd purchased a new stake in Alphabet during the 2nd quarter valued at $1,328,000. Global Wealth Strategies & Associates raised its holdings in Alphabet by 20.4% during the 3rd quarter. Global Wealth Strategies & Associates now owns 1,841 shares of the information services provider’s stock valued at $305,000 after buying an additional 312 shares during the period. Jacobs & Co. CA raised its holdings in Alphabet by 1.8% during the 3rd quarter. Jacobs & Co. CA now owns 95,512 shares of the information services provider’s stock valued at $15,840,000 after buying an additional 1,662 shares during the period. Finally, Davis Capital Management raised its holdings in Alphabet by 35.4% during the 3rd quarter. Davis Capital Management now owns 2,060 shares of the information services provider’s stock valued at $342,000 after buying an additional 539 shares during the period. 40.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

GOOGL has been the topic of several recent research reports. Piper Sandler decreased their price target on Alphabet from $210.00 to $208.00 and set an “overweight” rating on the stock in a report on Wednesday, February 5th. Royal Bank of Canada increased their target price on Alphabet from $204.00 to $210.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Truist Financial increased their target price on Alphabet from $220.00 to $225.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. KeyCorp increased their target price on Alphabet from $215.00 to $225.00 and gave the stock an “overweight” rating in a research note on Friday, January 10th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $210.00 target price on shares of Alphabet in a research note on Thursday, December 12th. Ten research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $210.62.

Insiders Place Their Bets

In other Alphabet news, Director Kavitark Ram Shriram sold 37,134 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $185.02, for a total transaction of $6,870,532.68. Following the completion of the sale, the director now directly owns 282,832 shares of the company’s stock, valued at approximately $52,329,576.64. This trade represents a 11.61 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Kent Walker sold 16,820 shares of the stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $192.62, for a total value of $3,239,868.40. Following the sale, the insider now directly owns 43,981 shares of the company’s stock, valued at $8,471,620.22. The trade was a 27.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 89,529 shares of company stock valued at $16,600,078. 11.55% of the stock is owned by company insiders.

Alphabet Trading Down 3.3 %

NASDAQ:GOOGL opened at $185.34 on Monday. The stock has a 50-day simple moving average of $191.61 and a 200-day simple moving average of $174.61. The stock has a market cap of $2.27 trillion, a P/E ratio of 23.02, a P/E/G ratio of 1.39 and a beta of 0.99. Alphabet Inc. has a 1 year low of $130.66 and a 1 year high of $207.05. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.95 and a current ratio of 1.84.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Tuesday, February 4th. The information services provider reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.03. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. As a group, analysts anticipate that Alphabet Inc. will post 8.91 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 10th will be given a dividend of $0.20 per share. The ex-dividend date is Monday, March 10th. This represents a $0.80 dividend on an annualized basis and a yield of 0.43%. Alphabet’s payout ratio is 9.94%.

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.