Harrington Investments INC Decreases Stake in Alphabet Inc. (NASDAQ:GOOGL)

Harrington Investments INC lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 2.9% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 35,601 shares of the information services provider’s stock after selling 1,065 shares during the quarter. Alphabet makes up 3.7% of Harrington Investments INC’s holdings, making the stock its 3rd biggest holding. Harrington Investments INC’s holdings in Alphabet were worth $6,485,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GOOGL. Christopher J. Hasenberg Inc grew its stake in shares of Alphabet by 75.0% in the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after purchasing an additional 60 shares during the last quarter. Vermillion & White Wealth Management Group LLC bought a new stake in shares of Alphabet in the fourth quarter worth $30,000. Tributary Capital Management LLC bought a new stake in shares of Alphabet in the first quarter worth $30,000. Kings Path Partners LLC bought a new stake in shares of Alphabet in the second quarter worth $36,000. Finally, Denver PWM LLC acquired a new position in Alphabet in the second quarter valued at $41,000. Institutional investors own 40.03% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Citigroup boosted their target price on shares of Alphabet from $190.00 to $212.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Bank of America upped their price objective on shares of Alphabet from $200.00 to $206.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. TD Securities upped their price objective on shares of Alphabet from $200.00 to $220.00 in a report on Wednesday, July 10th. DA Davidson initiated coverage on shares of Alphabet in a report on Tuesday, September 10th. They set a “neutral” rating and a $170.00 price objective on the stock. Finally, Roth Mkm reiterated a “buy” rating and set a $206.00 price objective on shares of Alphabet in a report on Thursday, August 29th. Eight investment analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $201.08.

Insider Activity

In other news, SVP Prabhakar Raghavan sold 34,257 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the sale, the senior vice president now owns 312,210 shares in the company, valued at approximately $50,765,346. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, SVP Prabhakar Raghavan sold 34,257 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the transaction, the senior vice president now owns 312,210 shares of the company’s stock, valued at approximately $50,765,346. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $183.47, for a total transaction of $125,126.54. Following the transaction, the chief accounting officer now directly owns 30,650 shares in the company, valued at approximately $5,623,355.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 180,167 shares of company stock worth $29,762,606. 11.55% of the stock is currently owned by corporate insiders.

Alphabet Stock Performance

Shares of GOOGL stock opened at $163.59 on Monday. The stock has a market capitalization of $2.02 trillion, a P/E ratio of 25.09, a PEG ratio of 1.13 and a beta of 1.04. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The firm’s 50 day moving average is $164.72 and its 200 day moving average is $165.79. Alphabet Inc. has a 12 month low of $120.21 and a 12 month high of $191.75.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The business had revenue of $84.74 billion for the quarter, compared to analysts’ expectations of $70.60 billion. During the same period in the prior year, the company posted $1.44 EPS. On average, sell-side analysts anticipate that Alphabet Inc. will post 7.64 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, September 9th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.49%. The ex-dividend date was Monday, September 9th. Alphabet’s dividend payout ratio (DPR) is currently 12.27%.

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.