ZRC Wealth Management LLC Trims Stock Position in Alphabet Inc. (NASDAQ:GOOG)

ZRC Wealth Management LLC decreased its position in Alphabet Inc. (NASDAQ:GOOG) by 5.0% in the first quarter, Holdings Channel reports. The institutional investor owned 15,493 shares of the information services provider’s stock after selling 814 shares during the period. Alphabet accounts for about 1.2% of ZRC Wealth Management LLC’s portfolio, making the stock its 21st largest position. ZRC Wealth Management LLC’s holdings in Alphabet were worth $2,359,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GOOG. Spinnaker Investment Group LLC grew its position in shares of Alphabet by 3.7% in the first quarter. Spinnaker Investment Group LLC now owns 2,341 shares of the information services provider’s stock valued at $356,000 after purchasing an additional 83 shares during the period. First Trust Direct Indexing L.P. grew its position in shares of Alphabet by 4.7% in the first quarter. First Trust Direct Indexing L.P. now owns 41,599 shares of the information services provider’s stock valued at $6,334,000 after purchasing an additional 1,854 shares during the period. Wealthstar Advisors LLC boosted its position in Alphabet by 9.1% during the first quarter. Wealthstar Advisors LLC now owns 2,650 shares of the information services provider’s stock worth $403,000 after acquiring an additional 220 shares during the last quarter. Cornerstone Wealth Management LLC boosted its position in Alphabet by 7.4% during the first quarter. Cornerstone Wealth Management LLC now owns 28,169 shares of the information services provider’s stock worth $4,289,000 after acquiring an additional 1,937 shares during the last quarter. Finally, Advisor Resource Council boosted its position in Alphabet by 91.1% during the first quarter. Advisor Resource Council now owns 18,903 shares of the information services provider’s stock worth $2,664,000 after acquiring an additional 9,010 shares during the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Insider Activity

In related news, CEO Sundar Pichai sold 22,500 shares of the company’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 transaction of $3,541,725.00. Following the sale, 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 legal filing with the SEC, which is available through this link. In related news, SVP Prabhakar Raghavan sold 3,262 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $183.99, for a total transaction of $600,175.38. Following the sale, the senior vice president now directly owns 9 shares of the company’s stock, valued at approximately $1,655.91. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 2,303,011 shares in the company, valued at $362,516,961.51. The disclosure for this sale can be found here. In the last three months, insiders have sold 146,288 shares of company stock valued at $25,345,053. Company insiders own 12.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Stifel Nicolaus boosted their price target on shares of Alphabet from $154.00 to $174.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. 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. Morgan Stanley restated an “overweight” rating and set a $165.00 price target on shares of Alphabet in a research report on Thursday, April 11th. Finally, Oppenheimer boosted their target price on shares of Alphabet from $172.00 to $185.00 and gave the company an “outperform” rating in a report on Monday, April 8th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Alphabet currently has a consensus rating of “Moderate Buy” and an average target price of $167.86.

Alphabet Price Performance

Alphabet stock opened at $187.39 on Friday. The company’s 50 day simple moving average is $176.58 and its 200-day simple moving average is $157.00. The company has a market capitalization of $2.32 trillion, a price-to-earnings ratio of 28.74, a price-to-earnings-growth ratio of 1.41 and a beta of 1.05. Alphabet Inc. has a 1 year low of $115.83 and a 1 year high of $187.62. 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 released its quarterly earnings results on Thursday, April 25th. The information services provider reported $1.89 earnings per share (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 the consensus estimate of $78.75 billion. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. The business’s revenue was up 15.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.17 EPS. As a group, equities research analysts expect that Alphabet Inc. will post 7.6 earnings per share for the current year.

Alphabet Dividend Announcement

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

About Alphabet

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.