Progressive Investment Management Corp lessened its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 1.8% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 111,401 shares of the information services provider's stock after selling 1,994 shares during the period. Alphabet comprises approximately 5.4% of Progressive Investment Management Corp's portfolio, making the stock its 4th largest position. Progressive Investment Management Corp's holdings in Alphabet were worth $21,215,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of the company. Geode Capital Management LLC lifted its holdings in shares of Alphabet by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 103,557,486 shares of the information services provider's stock valued at $17,247,208,000 after purchasing an additional 259,213 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Alphabet by 2.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 30,824,307 shares of the information services provider's stock worth $5,870,181,000 after purchasing an additional 875,480 shares during the period. Norges Bank purchased a new position in Alphabet in the 4th quarter valued at $5,166,070,000. Principal Financial Group Inc. increased its stake in Alphabet by 2.5% in the 3rd quarter. Principal Financial Group Inc. now owns 11,024,276 shares of the information services provider's stock valued at $1,843,149,000 after buying an additional 264,962 shares during the period. Finally, Swedbank AB raised its position in Alphabet by 1.7% during the 4th quarter. Swedbank AB now owns 8,483,070 shares of the information services provider's stock worth $1,615,516,000 after buying an additional 144,170 shares during the last quarter. Institutional investors and hedge funds own 27.26% of the company's stock.
Insider Transactions at Alphabet
In other news, CAO Amie Thuener O'toole sold 1,368 shares of the firm's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $191.55, for a total transaction of $262,040.40. Following the transaction, the chief accounting officer now directly owns 20,681 shares of the company's stock, valued at approximately $3,961,445.55. This trade represents a 6.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kavitark Ram Shriram sold 29,066 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $184.89, for a total transaction of $5,374,012.74. Following the completion of the sale, the director now directly owns 272,466 shares of the company's stock, valued at approximately $50,376,238.74. This represents a 9.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 87,992 shares of company stock worth $16,097,111. 12.99% of the stock is currently owned by company insiders.
Analyst Ratings Changes
Several brokerages have recently weighed in on GOOG. Rosenblatt Securities reaffirmed a "neutral" rating on shares of Alphabet in a report on Wednesday, March 19th. Scotiabank lifted their price objective on Alphabet from $212.00 to $240.00 and gave the company a "sector outperform" rating in a report on Friday, January 24th. Needham & Company LLC reissued a "buy" rating on shares of Alphabet in a research note on Wednesday, February 5th. Wedbush restated an "outperform" rating and issued a $220.00 price target on shares of Alphabet in a research note on Thursday, January 30th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and set a $200.00 price objective on shares of Alphabet in a report on Wednesday, March 19th. One analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $208.56.
Read Our Latest Stock Analysis on GOOG
Alphabet Stock Up 0.1 %
Shares of GOOG traded up $0.22 during mid-day trading on Monday, reaching $156.28. 19,729,620 shares of the stock traded hands, compared to its average volume of 19,723,809. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.03. The stock has a fifty day simple moving average of $181.53 and a 200 day simple moving average of $178.69. The firm has a market cap of $1.91 trillion, a price-to-earnings ratio of 19.42, a P/E/G ratio of 1.34 and a beta of 1.03. Alphabet Inc. has a 12-month low of $148.20 and a 12-month high of $208.70.
Alphabet (NASDAQ:GOOG - Get Free Report) last posted its quarterly earnings data on Tuesday, February 4th. The information services provider reported $2.15 EPS for the quarter, beating analysts' consensus estimates of $2.12 by $0.03. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. Sell-side analysts expect that Alphabet Inc. will post 8.89 EPS for the current fiscal year.
Alphabet Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 10th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date was Monday, March 10th. Alphabet's dividend payout ratio is presently 9.94%.
Alphabet Company Profile
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Free Report)
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.
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