Alphabet (NASDAQ:GOOGL) Stock Price Down 1.3% – Here’s What Happened

Alphabet Inc. (NASDAQ:GOOGL) shares traded down 1.3% during trading on Wednesday . The company traded as low as $167.37 and last traded at $168.29. 6,655,401 shares were traded during trading, a decline of 74% from the average session volume of 25,803,866 shares. The stock had previously closed at $170.56.

Wall Street Analyst Weigh In

GOOGL has been the subject of several research analyst reports. Wedbush raised their price objective on shares of Alphabet from $210.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, January 6th. Stifel Nicolaus raised their target price on Alphabet from $200.00 to $225.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Morgan Stanley reduced their price target on Alphabet from $215.00 to $210.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 5th. Rosenblatt Securities reissued a “neutral” rating and set a $205.00 price objective on shares of Alphabet in a research report on Wednesday, March 19th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Alphabet from $232.00 to $220.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 5th. Ten analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat, Alphabet currently has a consensus rating of “Moderate Buy” and an average price target of $210.59.

Alphabet Stock Down 1.8 %

The company’s 50-day moving average is $181.72 and its 200 day moving average is $176.86. The stock has a market capitalization of $2.04 trillion, a PE ratio of 20.83, a price-to-earnings-growth ratio of 1.34 and a beta of 1.02. 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 (NASDAQ:GOOGL) last posted its quarterly earnings results on Tuesday, February 4th. The information services provider reported $2.15 earnings per share (EPS) for the quarter, topping 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%. As a group, analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 10th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, March 10th. This represents a $0.80 annualized dividend and a yield of 0.48%. Alphabet’s payout ratio is presently 9.94%.

Insider Transactions at Alphabet

In related news, insider John Kent Walker sold 16,820 shares of the firm’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $192.62, for a total transaction of $3,239,868.40. Following the sale, the insider now directly owns 43,981 shares of the company’s stock, valued at $8,471,620.22. This trade represents a 27.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Amie Thuener O’toole sold 1,368 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $191.55, for a total value of $262,040.40. Following the completion of the transaction, the chief accounting officer now directly owns 20,681 shares of the company’s stock, valued at $3,961,445.55. The trade was a 6.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 93,048 shares of company stock worth $17,374,274 over the last three months. 11.55% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Alphabet

Hedge funds have recently modified their holdings of the company. Compass Planning Associates Inc purchased a new stake in Alphabet in the 4th quarter worth $30,000. LMR Partners LLP purchased a new stake in shares of Alphabet during the third quarter worth about $32,000. E Fund Management Hong Kong Co. Ltd. raised its position in shares of Alphabet by 518.8% during the 4th quarter. E Fund Management Hong Kong Co. Ltd. now owns 198 shares of the information services provider’s stock worth $37,000 after purchasing an additional 166 shares during the last quarter. Fiduciary Advisors Inc. acquired a new position in shares of Alphabet during the 4th quarter worth about $39,000. Finally, PayPay Securities Corp lifted its stake in Alphabet by 36.1% in the 4th quarter. PayPay Securities Corp now owns 245 shares of the information services provider’s stock valued at $46,000 after buying an additional 65 shares in the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

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.