Oak Asset Management LLC Trims Stake in Alphabet Inc. (NASDAQ:GOOGL)

Oak Asset Management LLC reduced its position in Alphabet Inc. (NASDAQ:GOOGL) by 8.4% in the 1st quarter, Holdings Channel reports. The firm owned 11,635 shares of the information services provider’s stock after selling 1,065 shares during the period. Oak Asset Management LLC’s holdings in Alphabet were worth $1,756,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Peterson Wealth Management increased its position in Alphabet by 134.3% in the 3rd quarter. Peterson Wealth Management now owns 7,596 shares of the information services provider’s stock valued at $994,000 after acquiring an additional 4,354 shares during the period. Albar Capital Ltd increased its position in Alphabet by 0.5% in the 3rd quarter. Albar Capital Ltd now owns 22,925 shares of the information services provider’s stock valued at $3,000,000 after acquiring an additional 120 shares during the period. Advanced Portfolio Management LLC increased its position in Alphabet by 12.3% in the 3rd quarter. Advanced Portfolio Management LLC now owns 21,639 shares of the information services provider’s stock valued at $2,832,000 after acquiring an additional 2,372 shares during the period. Absoluto Partners Gestao de Recursos Ltda increased its position in Alphabet by 46.5% during the 3rd quarter. Absoluto Partners Gestao de Recursos Ltda now owns 28,385 shares of the information services provider’s stock worth $3,714,000 after purchasing an additional 9,016 shares during the period. Finally, Axxcess Wealth Management LLC increased its position in Alphabet by 71.9% during the 3rd quarter. Axxcess Wealth Management LLC now owns 164,488 shares of the information services provider’s stock worth $21,016,000 after purchasing an additional 68,820 shares during the period. 40.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction on 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 transaction, the chief executive officer now directly owns 2,303,011 shares of the company’s stock, valued at approximately $362,516,961.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction on 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 completion of the sale, the chief executive officer now directly owns 2,303,011 shares in the company, valued at approximately $362,516,961.51. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $166.67, for a total value of $113,668.94. Following the completion of the sale, 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. In the last ninety days, insiders have sold 123,788 shares of company stock valued at $21,143,403. 11.55% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. TD Cowen boosted their target price on Alphabet from $170.00 to $200.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. Argus boosted their target price on Alphabet from $170.00 to $200.00 and gave the stock a “buy” rating in a research report on Tuesday, April 30th. Truist Financial boosted their target price on Alphabet from $170.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. Citigroup boosted their target price on Alphabet from $168.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. Finally, Canaccord Genuity Group boosted their target price on Alphabet from $190.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. Six analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $193.66.

Alphabet Trading Up 0.3 %

Shares of Alphabet stock opened at $185.82 on Friday. Alphabet Inc. has a fifty-two week low of $115.35 and a fifty-two week high of $186.09. The firm has a market cap of $2.30 trillion, a PE ratio of 28.50, a P/E/G ratio of 1.39 and a beta of 1.05. The business’s fifty day moving average is $174.46 and its two-hundred day moving average is $155.39. 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 (NASDAQ:GOOGL) last issued its earnings results on Thursday, April 25th. The information services provider reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.40. The business had revenue of $80.54 billion for the quarter, compared to analyst estimates of $66.04 billion. Alphabet had a return on equity of 29.52% and a net margin of 25.90%. During the same period last year, the company posted $1.17 EPS. Analysts anticipate that Alphabet Inc. will post 7.6 earnings per share for the current year.

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 10th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.43%. The ex-dividend date of this dividend was Monday, June 10th. Alphabet’s dividend payout ratio (DPR) is currently 12.27%.

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.