Provident Investment Management Inc. Sells 5,062 Shares of Alphabet Inc. (NASDAQ:GOOG)

Provident Investment Management Inc. lowered its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 1.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 401,648 shares of the information services provider's stock after selling 5,062 shares during the period. Alphabet makes up 7.3% of Provident Investment Management Inc.'s portfolio, making the stock its 2nd biggest position. Provident Investment Management Inc.'s holdings in Alphabet were worth $76,490,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in GOOG. GPS Wealth Strategies Group LLC lifted its holdings in shares of Alphabet by 6.8% during the 4th quarter. GPS Wealth Strategies Group LLC now owns 16,248 shares of the information services provider's stock worth $3,094,000 after acquiring an additional 1,041 shares during the period. North Forty Two & Co. acquired a new position in Alphabet in the fourth quarter valued at about $281,000. Coldstream Capital Management Inc. lifted its position in Alphabet by 14.4% during the 3rd quarter. Coldstream Capital Management Inc. now owns 116,776 shares of the information services provider's stock worth $19,642,000 after buying an additional 14,738 shares in the last quarter. Requisite Capital Management LLC bought a new position in Alphabet in the 4th quarter valued at $927,000. Finally, Stevens Capital Management LP grew its position in shares of Alphabet by 172.9% during the 3rd quarter. Stevens Capital Management LP now owns 91,237 shares of the information services provider's stock worth $15,254,000 after buying an additional 57,810 shares during the period. 27.26% of the stock is currently owned by institutional investors and hedge funds.

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Alphabet Price Performance

Shares of NASDAQ:GOOG traded down $4.89 during midday trading on Friday, reaching $147.74. 39,777,547 shares of the company were exchanged, compared to its average volume of 19,017,938. The stock has a market cap of $1.80 trillion, a PE ratio of 18.35, a price-to-earnings-growth ratio of 1.34 and a beta of 1.04. The business's fifty day moving average is $177.04 and its two-hundred day moving average is $178.30. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.03. Alphabet Inc. has a one year low of $146.24 and a one year 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 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, analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 10th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.54%. The ex-dividend date of this dividend was Monday, March 10th. Alphabet's payout ratio is 9.94%.

Analyst Ratings Changes

GOOG has been the subject of several recent analyst reports. Benchmark restated a "negative" rating on shares of Alphabet in a report on Wednesday, February 5th. Westpark Capital began coverage on Alphabet in a research note on Tuesday. They set a "buy" rating and a $210.00 price objective on the stock. Citizens Jmp lowered shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research report on Thursday, January 2nd. Morgan Stanley restated an "overweight" rating on shares of Alphabet in a research report on Wednesday, February 5th. Finally, Wedbush reiterated an "outperform" rating and set a $220.00 price objective on shares of Alphabet in a report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $208.65.

Insider Activity at Alphabet

In other Alphabet news, insider John Kent Walker sold 11,764 shares of Alphabet stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $166.84, for a total transaction of $1,962,705.76. Following the completion of the sale, the insider now directly owns 49,037 shares in the company, valued at $8,181,333.08. This trade represents a 19.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Amie Thuener O'toole sold 1,340 shares of the firm's 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 completion of the transaction, the chief accounting officer now directly owns 17,848 shares of the company's stock, valued at approximately $3,606,723.84. The trade was a 6.98 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 87,297 shares of company stock worth $15,936,270 over the last three months. Company insiders own 12.99% of the company's stock.

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.