Massachusetts Financial Services Co. MA Sells 1,098,919 Shares of Alphabet Inc. (NASDAQ:GOOG)

Massachusetts Financial Services Co. MA lessened its holdings in Alphabet Inc. (NASDAQ:GOOG) by 27.9% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,838,378 shares of the information services provider’s stock after selling 1,098,919 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Alphabet were worth $520,615,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. Black Diamond Financial LLC increased its position in Alphabet by 13.9% during the second quarter. Black Diamond Financial LLC now owns 9,253 shares of the information services provider’s stock valued at $1,697,000 after acquiring an additional 1,126 shares during the last quarter. Angeles Investment Advisors LLC bought a new position in Alphabet during the second quarter valued at $723,000. Greenwich Wealth Management LLC increased its position in Alphabet by 25.4% during the second quarter. Greenwich Wealth Management LLC now owns 10,334 shares of the information services provider’s stock valued at $1,895,000 after acquiring an additional 2,093 shares during the last quarter. Abound Wealth Management increased its position in Alphabet by 65.9% during the second quarter. Abound Wealth Management now owns 4,890 shares of the information services provider’s stock valued at $897,000 after acquiring an additional 1,943 shares during the last quarter. Finally, Fairfield Financial Advisors LTD bought a new position in Alphabet during the second quarter valued at $66,000. Institutional investors own 27.26% of the company’s stock.

Insiders Place Their Bets

In other Alphabet news, CAO Amie Thuener O’toole sold 2,835 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total transaction of $429,587.55. Following the transaction, 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 SEC, which can be accessed through this hyperlink. In other news, CAO Amie Thuener O’toole sold 2,835 shares of the firm’s stock in a transaction dated 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $177.40, for a total transaction of $3,991,500.00. Following the completion of the sale, the chief executive officer now owns 2,213,011 shares in the company, valued at $392,588,151.40. The disclosure for this sale can be found here. Insiders have sold a total of 202,667 shares of company stock worth $34,341,581 in the last three months. Corporate insiders own 12.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on GOOG. Wolfe Research upgraded shares of Alphabet to a “strong-buy” rating in a research report on Tuesday, July 16th. TD Cowen boosted their target price on shares of Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Rosenblatt Securities lowered shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 target price for the company. in a research note on Friday, June 28th. DA Davidson raised shares of Alphabet to a “hold” rating in a research note on Tuesday, September 10th. Finally, Cantor Fitzgerald raised shares of Alphabet to a “hold” rating in a research note on Thursday, September 5th. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $182.86.

Alphabet Stock Up 0.4 %

Shares of Alphabet stock opened at $158.99 on Tuesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08. Alphabet Inc. has a 1 year low of $121.46 and a 1 year high of $193.31. The firm’s 50-day moving average is $168.43 and its two-hundred day moving average is $166.48. The stock has a market cap of $1.96 trillion, a price-to-earnings ratio of 24.38, a PEG ratio of 1.13 and a beta of 1.04.

Alphabet (NASDAQ:GOOG) last issued 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 company had revenue of $84.74 billion for the quarter, compared to analysts’ expectations of $84.22 billion. During the same period in the prior year, the business earned $1.44 EPS. The firm’s quarterly revenue was up 13.6% on a year-over-year basis. As a group, research analysts expect that Alphabet Inc. will post 7.63 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Monday, September 9th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.50%. The ex-dividend date of this dividend was Monday, September 9th. Alphabet’s payout ratio is 12.27%.

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.