Westside Investment Management Inc. Cuts Stake in Alphabet Inc. (NASDAQ:GOOG)

Westside Investment Management Inc. trimmed its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 6.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 32,468 shares of the information services provider’s stock after selling 2,409 shares during the quarter. Alphabet comprises about 1.2% of Westside Investment Management Inc.’s holdings, making the stock its 19th biggest holding. Westside Investment Management Inc.’s holdings in Alphabet were worth $4,991,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of GOOG. Norges Bank purchased a new stake in shares of Alphabet during the 4th quarter valued at about $4,101,040,000. International Assets Investment Management LLC purchased a new stake in shares of Alphabet during the 4th quarter valued at about $11,600,970,000. Cerity Partners LLC boosted its holdings in shares of Alphabet by 198.7% during the 4th quarter. Cerity Partners LLC now owns 3,882,882 shares of the information services provider’s stock valued at $547,215,000 after acquiring an additional 2,583,128 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings 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 valued at $647,064,000 after acquiring an additional 2,222,950 shares during the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc purchased a new stake in shares of Alphabet during the 4th quarter valued at about $147,246,000. 27.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GOOG has been the topic of a number of recent analyst reports. Oppenheimer raised their price target on shares of Alphabet from $172.00 to $185.00 and gave the company an “outperform” rating in a report on Monday, April 8th. Stifel Nicolaus raised their price objective on shares of Alphabet from $154.00 to $174.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. Morgan Stanley reissued an “overweight” rating and issued a $165.00 price objective on shares of Alphabet in a report on Thursday, April 11th. Finally, Rosenblatt Securities downgraded shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective on the stock. in a report on Friday, June 28th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $167.86.

Insider Buying and Selling

In related news, CAO Amie Thuener O’toole sold 682 shares of the business’s 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 sale, the chief accounting officer now owns 29,284 shares in the company, valued at $4,880,764.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $166.67, for a total transaction of $113,668.94. Following the completion of the transaction, the chief accounting officer now directly owns 29,284 shares of the company’s stock, valued at $4,880,764.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $157.41, for a total transaction 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 $362,516,961.51. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 146,288 shares of company stock worth $25,345,053. Insiders own 12.99% of the company’s stock.

Alphabet Trading Up 0.4 %

Shares of GOOG opened at $187.39 on Friday. The company’s fifty day moving average is $175.99 and its 200 day moving average is $156.79. Alphabet Inc. has a fifty-two week low of $115.83 and a fifty-two week high of $187.62. The stock has a market capitalization of $2.32 trillion, a PE ratio of 28.74, a P/E/G ratio of 1.41 and a beta of 1.05. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.15 and a current ratio of 2.15.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Thursday, April 25th. The information services provider reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.38. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. The company had revenue of $80.54 billion for the quarter, compared to analysts’ expectations of $78.75 billion. During the same quarter in the previous year, the business posted $1.17 earnings per share. Alphabet’s quarterly revenue was up 15.4% on a year-over-year basis. Sell-side analysts expect that Alphabet Inc. will post 7.6 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently declared a — dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 10th were given a $0.20 dividend. The ex-dividend date was Monday, June 10th. Alphabet’s dividend payout ratio is presently 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.