Envestnet Portfolio Solutions Inc. Trims Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Envestnet Portfolio Solutions Inc. trimmed its position in Alphabet Inc. (NASDAQ:GOOGLFree Report) by 15.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 396,129 shares of the information services provider’s stock after selling 72,314 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Alphabet were worth $61,257,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GOOGL. Norges Bank bought a new stake in Alphabet in the fourth quarter worth $24,383,677,000. FMR LLC boosted its holdings in Alphabet by 9.8% in the fourth quarter. FMR LLC now owns 248,416,916 shares of the information services provider’s stock worth $47,025,322,000 after acquiring an additional 22,100,902 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Alphabet by 16,993.2% in the first quarter. GAMMA Investing LLC now owns 16,062,457 shares of the information services provider’s stock worth $2,483,898,000 after acquiring an additional 15,968,487 shares in the last quarter. Northern Trust Corp boosted its holdings in Alphabet by 17.0% in the fourth quarter. Northern Trust Corp now owns 69,616,854 shares of the information services provider’s stock worth $13,178,470,000 after acquiring an additional 10,135,430 shares in the last quarter. Finally, Capital Research Global Investors boosted its holdings in Alphabet by 16.2% in the fourth quarter. Capital Research Global Investors now owns 72,033,086 shares of the information services provider’s stock worth $13,635,878,000 after acquiring an additional 10,037,685 shares in the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $176.68, for a total transaction of $5,742,100.00. Following the completion of the sale, the chief executive officer now directly owns 2,555,196 shares of the company’s stock, valued at approximately $451,452,029.28. This trade represents a 1.26% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Amie Thuener O’toole sold 673 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $155.33, for a total value of $104,537.09. Following the sale, the chief accounting officer now directly owns 15,303 shares of the company’s stock, valued at $2,377,014.99. This represents a 4.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 228,070 shares of company stock worth $37,745,632. 11.64% of the stock is currently owned by company insiders.

Alphabet Stock Performance

NASDAQ:GOOGL opened at $166.64 on Friday. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.03. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $207.05. The stock has a 50-day moving average price of $164.77 and a 200 day moving average price of $174.72. The stock has a market capitalization of $2.02 trillion, a P/E ratio of 18.58, a P/E/G ratio of 1.06 and a beta of 1.01.

Alphabet (NASDAQ:GOOGLGet Free Report) last released its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, beating the consensus estimate of $2.02 by $0.79. The business had revenue of $76.49 billion during the quarter, compared to analysts’ expectations of $89.30 billion. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. During the same quarter last year, the business posted $1.89 EPS. Equities research analysts forecast that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 9th were issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.50%. The ex-dividend date was Monday, June 9th. This is a boost from Alphabet’s previous quarterly dividend of $0.20. Alphabet’s dividend payout ratio (DPR) is currently 9.36%.

Wall Street Analyst Weigh In

Several research firms have commented on GOOGL. Piper Sandler boosted their target price on Alphabet from $185.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, April 25th. Roth Mkm reaffirmed a “buy” rating and set a $220.00 price target on shares of Alphabet in a report on Wednesday, March 19th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $200.00 price target on shares of Alphabet in a report on Wednesday, April 23rd. Mizuho lowered their price target on Alphabet from $230.00 to $205.00 and set an “outperform” rating on the stock in a report on Wednesday, April 9th. Finally, DA Davidson lowered their price target on Alphabet from $200.00 to $160.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Ten analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $199.75.

Read Our Latest Stock Report on GOOGL

About Alphabet

(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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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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