Granite Investment Partners LLC Sells 6,401 Shares of Alphabet Inc. (NASDAQ:GOOG)

Granite Investment Partners LLC trimmed its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 3.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 203,700 shares of the information services provider's stock after selling 6,401 shares during the period. Alphabet makes up about 1.7% of Granite Investment Partners LLC's portfolio, making the stock its 7th biggest position. Granite Investment Partners LLC's holdings in Alphabet were worth $38,793,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. GPS Wealth Strategies Group LLC raised its holdings in shares of Alphabet by 6.8% in the fourth quarter. GPS Wealth Strategies Group LLC now owns 16,248 shares of the information services provider's stock valued at $3,094,000 after acquiring an additional 1,041 shares in the last quarter. North Forty Two & Co. bought a new stake in shares of Alphabet in the 4th quarter valued at about $281,000. Requisite Capital Management LLC purchased a new stake in shares of Alphabet in the 4th quarter worth approximately $927,000. Nordea Investment Management AB lifted its position in shares of Alphabet by 10.9% in the 4th quarter. Nordea Investment Management AB now owns 7,184,399 shares of the information services provider's stock worth $1,384,039,000 after purchasing an additional 704,875 shares during the period. Finally, Oriental Harbor Investment Fund bought a new position in shares of Alphabet during the third quarter valued at approximately $80,656,000. Hedge funds and other institutional investors own 27.26% of the company's stock.

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Alphabet Price Performance

GOOG stock traded down $3.18 during trading on Wednesday, hitting $155.50. The company had a trading volume of 16,903,668 shares, compared to its average volume of 19,400,727. The firm has a market capitalization of $1.90 trillion, a price-to-earnings ratio of 19.32, a P/E/G ratio of 1.34 and a beta of 1.04. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.03. The business has a 50 day moving average of $169.17 and a 200 day moving average of $177.83. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $208.70.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its earnings results on Tuesday, February 4th. The information services provider reported $2.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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, research analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 10th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date was Monday, March 10th. Alphabet's payout ratio is 9.94%.

Insiders Place Their Bets

In other Alphabet news, CAO Amie Thuener O'toole sold 1,340 shares of Alphabet stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $202.08, for a total transaction of $270,787.20. Following the transaction, the chief accounting officer now directly owns 17,848 shares in the company, valued at approximately $3,606,723.84. The trade was a 6.98 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 200 shares of the stock in a transaction on Monday, April 14th. The shares were sold at an average price of $161.90, for a total value of $32,380.00. Following the completion of the sale, the director now owns 7,613 shares of the company's stock, valued at $1,232,544.70. The trade was a 2.56 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 115,663 shares of company stock worth $20,286,447. 12.99% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Needham & Company LLC restated a "buy" rating on shares of Alphabet in a research note on Wednesday, February 5th. Westpark Capital initiated coverage on shares of Alphabet in a research report on Tuesday, April 1st. They set a "buy" rating and a $210.00 price target for the company. Benchmark reaffirmed a "negative" rating on shares of Alphabet in a research report on Wednesday, February 5th. Cantor Fitzgerald reiterated a "neutral" rating and set a $200.00 price objective on shares of Alphabet in a research note on Wednesday, March 19th. Finally, Citizens Jmp downgraded shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Thursday, January 2nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $208.71.

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.