Alpha Cubed Investments LLC Sells 1,524 Shares of Alphabet Inc. (NASDAQ:GOOG)

Alpha Cubed Investments LLC cut its stake in Alphabet Inc. (NASDAQ:GOOG) by 2.4% during the fourth quarter, HoldingsChannel reports. The firm owned 60,866 shares of the information services provider’s stock after selling 1,524 shares during the period. Alpha Cubed Investments LLC’s holdings in Alphabet were worth $8,578,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in GOOG. Tandem Wealth Advisors LLC bought a new position in Alphabet during the 3rd quarter worth about $25,000. Bruce G. Allen Investments LLC bought a new position in Alphabet during the 4th quarter worth about $26,000. Equitec Proprietary Markets LLC bought a new position in Alphabet during the 4th quarter worth about $28,000. Buck Wealth Strategies LLC bought a new position in Alphabet during the 3rd quarter worth about $32,000. Finally, Barometer Capital Management Inc. bought a new position in Alphabet during the 3rd quarter worth about $32,000. 27.26% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director John L. Hennessy sold 2,100 shares of Alphabet stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $175.76, for a total transaction of $369,096.00. Following the completion of the transaction, the director now directly owns 5,891 shares of the company’s stock, valued at approximately $1,035,402.16. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director John L. Hennessy sold 300 shares of Alphabet stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $139.51, for a total value of $41,853.00. Following the sale, the director now owns 9,291 shares of the company’s stock, valued at approximately $1,296,187.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John L. Hennessy sold 2,100 shares of Alphabet stock in a transaction on Friday, April 26th. The shares were sold at an average price of $175.76, for a total transaction of $369,096.00. Following the completion of the sale, the director now directly owns 5,891 shares in the company, valued at approximately $1,035,402.16. The disclosure for this sale can be found here. Insiders sold a total of 253,289 shares of company stock valued at $36,724,534 in the last three months. 12.99% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

GOOG has been the topic of several recent research reports. Oppenheimer increased their target price on shares of Alphabet from $172.00 to $185.00 and gave the stock an “outperform” rating in a report on Monday, April 8th. Morgan Stanley restated an “overweight” rating and issued a $165.00 price target on shares of Alphabet in a report on Thursday, April 11th. Susquehanna raised their price target on shares of Alphabet from $150.00 to $170.00 and gave the company a “positive” rating in a report on Wednesday, January 31st. Stifel Nicolaus increased their price objective on shares of Alphabet from $154.00 to $174.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. Finally, Raymond James increased their price objective on shares of Alphabet from $150.00 to $160.00 and gave the company an “outperform” rating in a research report on Wednesday, January 24th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Alphabet has an average rating of “Buy” and a consensus price target of $165.67.

Alphabet Stock Performance

GOOG opened at $165.53 on Wednesday. Alphabet Inc. has a 12-month low of $104.50 and a 12-month high of $176.42. The company has a current ratio of 2.15, a quick ratio of 2.10 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $2.06 trillion, a PE ratio of 25.25, a P/E/G ratio of 1.31 and a beta of 1.05. The firm has a 50 day moving average of $150.09 and a two-hundred day moving average of $143.16.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Thursday, April 25th. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.51 by $0.38. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. The company had revenue of $80.54 billion during the quarter, compared to analyst estimates of $78.75 billion. During the same period last year, the firm posted $1.17 EPS. Alphabet’s revenue for the quarter was up 15.4% compared to the same quarter last year. On average, analysts anticipate that Alphabet Inc. will post 7.46 EPS for the current year.

Alphabet Dividend Announcement

The company also recently announced a — dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 10th will be issued a dividend of $0.20 per share. The ex-dividend date is Monday, June 10th.

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.