Princeton Capital Management LLC Sells 6,861 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Princeton Capital Management LLC reduced its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 6.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 93,936 shares of the information services provider’s stock after selling 6,861 shares during the quarter. Alphabet comprises 5.6% of Princeton Capital Management LLC’s holdings, making the stock its 5th largest holding. Princeton Capital Management LLC’s holdings in Alphabet were worth $17,110,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in GOOGL. Christopher J. Hasenberg Inc raised its position 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 valued at $26,000 after purchasing an additional 60 shares during the period. Vermillion & White Wealth Management Group LLC purchased a new position in Alphabet during the fourth quarter worth about $30,000. Tributary Capital Management LLC bought a new position in shares of Alphabet in the first quarter worth approximately $30,000. Kings Path Partners LLC purchased a new stake in shares of Alphabet during the 2nd quarter valued at $36,000. Finally, CarsonAllaria Wealth Management Ltd. lifted its stake in Alphabet by 59.2% during the first quarter. CarsonAllaria Wealth Management Ltd. now owns 293 shares of the information services provider’s stock worth $44,000 after purchasing an additional 109 shares during the last quarter. Institutional investors own 40.03% of the company’s stock.

Insider Activity at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 2,835 shares of Alphabet stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total value of $429,587.55. Following the sale, the chief accounting officer now directly owns 29,182 shares in the company, valued at approximately $4,421,948.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $177.40, for a total value of $3,991,500.00. Following the sale, the chief executive officer now owns 2,213,011 shares of the company’s stock, valued at approximately $392,588,151.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 2,835 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total transaction of $429,587.55. Following the transaction, the chief accounting officer now owns 29,182 shares of the company’s stock, valued at $4,421,948.46. The disclosure for this sale can be found here. Insiders have sold a total of 179,367 shares of company stock worth $30,016,931 over the last 90 days. Insiders own 11.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $210.00 price target on shares of Alphabet in a research note on Friday, August 30th. Royal Bank of Canada upped their target price on Alphabet from $200.00 to $204.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Wedbush reissued an “outperform” rating and set a $205.00 price target on shares of Alphabet in a research report on Thursday, September 5th. Guggenheim increased their target price on Alphabet from $195.00 to $205.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Finally, DA Davidson initiated coverage on Alphabet in a research report on Tuesday, September 10th. They issued a “neutral” rating and a $170.00 price objective on the stock. Eight research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $201.76.

Alphabet Stock Performance

Shares of NASDAQ GOOGL opened at $157.46 on Monday. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08. The company has a market capitalization of $1.94 trillion, a P/E ratio of 24.15, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04. Alphabet Inc. has a one year low of $120.21 and a one year high of $191.75. The business’s 50-day moving average price is $167.46 and its two-hundred day moving average price is $164.87.

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

Alphabet Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 9th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.51%. The ex-dividend date is Monday, September 9th. Alphabet’s dividend payout ratio is 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.