Synergy Asset Management LLC Has $26.81 Million Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Synergy Asset Management LLC trimmed its holdings in Alphabet Inc. (NASDAQ:GOOGLFree Report) by 3.5% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 173,395 shares of the information services provider’s stock after selling 6,349 shares during the quarter. Alphabet accounts for about 3.4% of Synergy Asset Management LLC’s holdings, making the stock its 7th biggest holding. Synergy Asset Management LLC’s holdings in Alphabet were worth $26,814,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Compass Planning Associates Inc bought a new stake in Alphabet in the fourth quarter valued at approximately $30,000. Anderson Financial Strategies LLC bought a new stake in Alphabet during the 4th quarter valued at $49,000. Navigoe LLC bought a new stake in Alphabet during the 4th quarter valued at $51,000. Prudent Man Investment Management Inc. bought a new stake in Alphabet during the 4th quarter valued at $53,000. Finally, Campbell Capital Management Inc. bought a new position in shares of Alphabet during the fourth quarter valued at about $57,000. 40.03% of the stock is currently owned by institutional investors.

Alphabet Stock Up 2.3%

NASDAQ:GOOGL opened at $170.68 on Thursday. The firm has a market cap of $2.07 trillion, a P/E ratio of 19.03, a P/E/G ratio of 1.06 and a beta of 1.01. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.77 and a current ratio of 1.77. The firm has a 50-day simple moving average of $165.45 and a two-hundred day simple moving average of $174.58. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $207.05.

Alphabet (NASDAQ:GOOGLGet Free Report) last announced 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 company had revenue of $76.49 billion during the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. During the same quarter last year, the firm earned $1.89 earnings per share. Analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 9th were issued a $0.21 dividend. This is a positive change from Alphabet’s previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.49%. Alphabet’s dividend payout ratio (DPR) is presently 9.36%.

Insiders Place Their Bets

In other Alphabet news, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $105,000.00. Following the completion of the sale, the director now owns 6,813 shares of the company’s stock, valued at approximately $1,192,275. The trade was a 8.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet 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 disclosure for this sale can be found here. In the last quarter, insiders sold 216,306 shares of company stock valued at $35,782,927. Corporate insiders own 11.64% of the company’s stock.

Analyst Upgrades and Downgrades

GOOGL has been the subject of several recent analyst reports. Sanford C. Bernstein upped their price objective on shares of Alphabet from $165.00 to $185.00 and gave the company a “market perform” rating in a research note on Friday, April 25th. UBS Group set a $195.00 price target on Alphabet in a research report on Friday, April 25th. DA Davidson decreased their target price on Alphabet from $200.00 to $160.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Truist Financial decreased their target price on Alphabet from $220.00 to $200.00 and set a “buy” rating for the company in a report on Thursday, April 17th. Finally, Jefferies Financial Group decreased their price target on shares of Alphabet from $235.00 to $200.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Ten equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $200.17.

Read Our Latest Report on Alphabet

Alphabet Company Profile

(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.

Further Reading

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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