Alphabet Inc. (NASDAQ:GOOGL) Stock Position Lowered by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 15.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,849,687 shares of the information services provider's stock after selling 694,699 shares during the quarter. Alphabet accounts for about 0.9% of Allspring Global Investments Holdings LLC's portfolio, making the stock its 10th biggest position. Allspring Global Investments Holdings LLC's holdings in Alphabet were worth $581,033,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of GOOGL. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of Alphabet during the fourth quarter valued at approximately $30,000. Tributary Capital Management LLC bought a new position in Alphabet during the first quarter valued at $30,000. DiNuzzo Private Wealth Inc. bought a new position in Alphabet during the fourth quarter valued at $38,000. Richardson Capital Management LLC grew its holdings in Alphabet by 87.5% during the first quarter. Richardson Capital Management LLC now owns 300 shares of the information services provider's stock valued at $45,000 after purchasing an additional 140 shares during the period. Finally, Armor Investment Advisors LLC grew its holdings in Alphabet by 31.0% during the fourth quarter. Armor Investment Advisors LLC now owns 338 shares of the information services provider's stock valued at $47,000 after purchasing an additional 80 shares during the period. 40.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on GOOGL. Jefferies Financial Group increased their price objective on Alphabet from $200.00 to $215.00 and gave the company a "buy" rating in a report on Wednesday, June 26th. BMO Capital Markets reaffirmed an "outperform" rating and issued a $215.00 price target on shares of Alphabet in a report on Wednesday, May 15th. Susquehanna raised their price target on Alphabet from $170.00 to $225.00 and gave the stock a "positive" rating in a report on Monday, April 29th. Bank of America reaffirmed a "buy" rating and issued a $200.00 price target on shares of Alphabet in a report on Tuesday, June 11th. Finally, Royal Bank of Canada raised their price target on Alphabet from $155.00 to $200.00 and gave the stock an "outperform" rating in a report on Friday, April 26th. Six investment analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $193.66.

Alphabet Stock Up 0.3 %

Alphabet stock traded up $0.58 during trading hours on Wednesday, hitting $185.82. 10,242,108 shares of the stock traded hands, compared to its average volume of 28,418,066. The firm's 50-day moving average price is $173.92 and its two-hundred day moving average price is $155.17. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.05. The company has a market cap of $2.30 trillion, a PE ratio of 28.50, a PEG ratio of 1.37 and a beta of 1.05. Alphabet Inc. has a one year low of $115.35 and a one year high of $186.09.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings data on Thursday, April 25th. The information services provider reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.49 by $0.40. The business had revenue of $80.54 billion for the quarter, compared to analysts' expectations of $66.04 billion. Alphabet had a return on equity of 29.52% and a net margin of 25.90%. During the same period in the previous year, the firm posted $1.17 EPS. On average, research analysts forecast that Alphabet Inc. will post 7.6 EPS for the current year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 10th were given a $0.20 dividend. The ex-dividend date was Monday, June 10th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.43%. Alphabet's dividend payout ratio is currently 12.27%.

Insider Transactions at Alphabet

In other news, CAO Amie Thuener O'toole sold 682 shares of the business's stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $166.67, for a total value of $113,668.94. Following the sale, the chief accounting officer now directly owns 29,284 shares of the company's stock, valued at approximately $4,880,764.28. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, SVP Prabhakar Raghavan sold 3,262 shares of the business'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 value of $600,175.38. Following the completion of the transaction, the senior vice president now directly owns 9 shares in the company, valued at approximately $1,655.91. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Amie Thuener O'toole sold 682 shares of the business's stock in a transaction that occurred on Thursday, May 2nd. The stock was 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 owns 29,284 shares of the company's stock, valued at $4,880,764.28. The disclosure for this sale can be found here. Insiders have sold a total of 123,788 shares of company stock valued at $21,143,403 in the last ninety days. 11.55% of the stock is currently owned by corporate insiders.

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.