Pinnacle West Asset Management Inc. Sells 175 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Pinnacle West Asset Management Inc. lessened its stake in Alphabet Inc. (NASDAQ:GOOGL) by 1.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,240 shares of the information services provider’s stock after selling 175 shares during the period. Alphabet accounts for 1.8% of Pinnacle West Asset Management Inc.’s portfolio, making the stock its 15th largest holding. Pinnacle West Asset Management Inc.’s holdings in Alphabet were worth $2,506,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently bought and sold shares of GOOGL. Compass Planning Associates Inc bought a new stake in shares of Alphabet during the 4th quarter valued at $30,000. LMR Partners LLP bought a new stake in shares of Alphabet during the 3rd quarter valued at $32,000. E Fund Management Hong Kong Co. Ltd. grew its holdings in shares of Alphabet by 518.8% in the 4th quarter. E Fund Management Hong Kong Co. Ltd. now owns 198 shares of the information services provider’s stock valued at $37,000 after buying an additional 166 shares during the period. Fiduciary Advisors Inc. acquired a new position in shares of Alphabet in the 4th quarter valued at $39,000. Finally, PayPay Securities Corp grew its holdings in shares of 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 during the period. Institutional investors own 40.03% of the company’s stock.

Insider Buying and Selling

In other Alphabet news, CAO Amie Thuener O’toole sold 2,834 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $197.55, for a total value of $559,856.70. Following the sale, the chief accounting officer now owns 20,681 shares in the company, valued at $4,085,531.55. This trade represents a 12.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Ruth Porat sold 17,690 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $183.48, for a total transaction of $3,245,761.20. Following the completion of the sale, the insider now owns 1,449,286 shares in the company, valued at $265,914,995.28. This represents a 1.21 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 97,182 shares of company stock worth $18,192,354. Corporate insiders own 11.55% of the company’s stock.

Alphabet Stock Down 4.6 %

Shares of GOOGL opened at $165.87 on Tuesday. Alphabet Inc. has a 12 month low of $136.13 and a 12 month high of $207.05. The firm’s 50 day moving average is $187.71 and its 200-day moving average is $176.56. The stock has a market capitalization of $2.02 trillion, a PE ratio of 20.60, a P/E/G 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 announced its earnings results on Tuesday, February 4th. The information services provider reported $2.15 EPS for the quarter, topping the consensus estimate of $2.12 by $0.03. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. Equities research analysts forecast that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Announces Dividend

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

Analyst Ratings Changes

Several equities analysts have recently issued reports on GOOGL shares. Bank of America reissued a “buy” rating and issued a $210.00 price target on shares of Alphabet in a report on Monday, December 23rd. Citizens Jmp lowered shares of Alphabet from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 2nd. DZ Bank lowered shares of Alphabet from a “buy” rating to a “hold” rating and set a $198.00 price target for the company. in a report on Thursday, February 6th. Morgan Stanley reduced their target price on shares of Alphabet from $215.00 to $210.00 and set an “overweight” rating for the company in a research note on Wednesday, February 5th. Finally, Wells Fargo & Company upped their target price on shares of Alphabet from $187.00 to $190.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. Ten research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $210.62.

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.