Alphabet Inc. (NASDAQ:GOOGL) is Penobscot Investment Management Company Inc.’s 7th Largest Position

Penobscot Investment Management Company Inc. lifted its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 7.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 120,740 shares of the information services provider’s stock after buying an additional 8,572 shares during the period. Alphabet makes up approximately 2.0% of Penobscot Investment Management Company Inc.’s investment portfolio, making the stock its 7th biggest holding. Penobscot Investment Management Company Inc.’s holdings in Alphabet were worth $16,866,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in GOOGL. FMR LLC increased its holdings in Alphabet by 5.6% in the 3rd quarter. FMR LLC now owns 227,317,469 shares of the information services provider’s stock worth $29,746,764,000 after buying an additional 12,070,681 shares during the period. International Assets Investment Management LLC boosted its holdings in shares of Alphabet by 4,894.1% in the 4th quarter. International Assets Investment Management LLC now owns 5,445,396 shares of the information services provider’s stock valued at $7,606,670,000 after acquiring an additional 5,336,359 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC acquired a new stake in shares of Alphabet in the third quarter worth $634,465,000. Ontario Teachers Pension Plan Board purchased a new position in shares of Alphabet during the third quarter worth $601,545,000. Finally, Lone Pine Capital LLC acquired a new position in Alphabet during the third quarter valued at $407,367,000. 40.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Alphabet

In related news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $166.80, for a total transaction of $3,753,000.00. Following the completion of the sale, the chief executive officer now directly owns 2,280,511 shares of the company’s stock, valued at approximately $380,389,234.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $166.80, for a total value of $3,753,000.00. Following the transaction, the chief executive officer now directly owns 2,280,511 shares in the company, valued at approximately $380,389,234.80. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 2,100 shares of the stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $175.76, for a total transaction of $369,096.00. Following the transaction, the director now directly owns 5,891 shares of the company’s stock, valued at approximately $1,035,402.16. The disclosure for this sale can be found here. Insiders have sold 252,629 shares of company stock worth $37,091,240 over the last quarter. 0.88% of the stock is currently owned by company insiders.

Alphabet Trading Up 1.9 %

Shares of GOOGL stock opened at $171.25 on Wednesday. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a twelve month low of $105.16 and a twelve month high of $174.71. The company’s 50-day moving average price is $151.40 and its 200-day moving average price is $142.83. The stock has a market cap of $2.12 trillion, a price-to-earnings ratio of 26.27, a PEG ratio of 1.28 and a beta of 1.02.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Thursday, April 25th. The information services provider reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.49 by $0.40. The company had revenue of $80.54 billion for the quarter, compared to analyst estimates of $66.04 billion. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. During the same period in the previous year, the business posted $1.17 EPS. As a group, equities analysts predict that Alphabet Inc. will post 7.57 earnings per share for the current year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 10th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, June 10th. This represents a $0.80 annualized dividend and a yield of 0.47%.

Analyst Ratings Changes

Several equities research analysts have weighed in on GOOGL shares. Mizuho increased their price target on Alphabet from $170.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. JMP Securities raised their target price on Alphabet from $160.00 to $200.00 and gave the stock a “market outperform” rating in a report on Friday, April 26th. Piper Sandler reissued an “overweight” rating and issued a $200.00 price target (up from $160.00) on shares of Alphabet in a report on Friday, April 26th. Oppenheimer raised their price objective on shares of Alphabet from $185.00 to $205.00 and gave the stock an “outperform” rating in a research note on Friday, April 26th. Finally, Roth Mkm lifted their target price on shares of Alphabet from $164.00 to $202.00 and gave the company a “buy” rating in a report on Friday, April 26th. Five research analysts have rated the stock with a hold rating, thirty have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $190.60.

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.