Alphabet Inc. (NASDAQ:GOOG) Position Lessened by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc trimmed its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 2.5% in the fourth quarter, HoldingsChannel reports. The firm owned 298,920 shares of the information services provider’s stock after selling 7,538 shares during the period. Alphabet makes up 1.1% of Pinnacle Financial Partners Inc’s investment portfolio, making the stock its 18th largest position. Pinnacle Financial Partners Inc’s holdings in Alphabet were worth $55,590,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Weiss Asset Management LP bought a new position in Alphabet during the 3rd quarter valued at $25,000. Fiduciary Advisors Inc. purchased a new position in Alphabet in the 4th quarter worth about $27,000. Safe Harbor Fiduciary LLC acquired a new stake in shares of Alphabet during the third quarter valued at approximately $33,000. Sanctuary Wealth Management L.L.C. raised its stake in Alphabet by 87.3% during the 3rd quarter. Sanctuary Wealth Management L.L.C. now owns 251 shares of the information services provider’s stock valued at $42,000 after purchasing an additional 117 shares during the period. Finally, Maryland Capital Advisors Inc. lifted its stake in Alphabet by 33.0% in the 4th quarter. Maryland Capital Advisors Inc. now owns 266 shares of the information services provider’s stock worth $51,000 after acquiring an additional 66 shares in the last quarter. 27.26% of the stock is owned by institutional investors.

Insider Buying and Selling at Alphabet

In other news, Director Kavitark Ram Shriram sold 37,134 shares of Alphabet stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $185.02, for a total transaction of $6,870,532.68. Following the transaction, the director now owns 282,832 shares in the company, valued at $52,329,576.64. The trade was a 11.61 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Amie Thuener O’toole sold 1,367 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $170.41, for a total transaction of $232,950.47. Following the completion of the transaction, the chief accounting officer now owns 23,515 shares of the company’s stock, valued at $4,007,191.15. This trade represents a 5.49 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 134,299 shares of company stock worth $25,055,751. Insiders own 12.99% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Pivotal Research increased their target price on shares of Alphabet from $215.00 to $225.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Canaccord Genuity Group upped their target price on Alphabet from $220.00 to $225.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Barclays raised their price target on Alphabet from $200.00 to $220.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Oppenheimer boosted their target price on shares of Alphabet from $215.00 to $225.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Finally, Scotiabank boosted their price target on Alphabet from $212.00 to $240.00 and gave the company a “sector outperform” rating in a research note on Friday, January 24th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Alphabet presently has a consensus rating of “Moderate Buy” and a consensus price target of $209.13.

Alphabet Trading Down 2.1 %

GOOG stock opened at $177.37 on Wednesday. Alphabet Inc. has a fifty-two week low of $131.55 and a fifty-two week high of $208.70. The stock has a market capitalization of $2.16 trillion, a price-to-earnings ratio of 22.03, a P/E/G ratio of 1.34 and a beta of 1.00. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.84 and a quick ratio of 1.84. The business has a fifty day moving average price of $193.29 and a 200 day moving average price of $177.66.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Tuesday, February 4th. The information services provider reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.12 by $0.03. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. Analysts expect that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 10th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.45%. The ex-dividend date of this dividend is Monday, March 10th. Alphabet’s dividend payout ratio (DPR) is 9.94%.

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.