Progressive Investment Management Corp Sells 1,994 Shares of Alphabet Inc. (NASDAQ:GOOG)

Progressive Investment Management Corp cut its position in Alphabet Inc. (NASDAQ:GOOG) by 1.8% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 111,401 shares of the information services provider’s stock after selling 1,994 shares during the quarter. Alphabet accounts for 5.4% of Progressive Investment Management Corp’s investment portfolio, making the stock its 4th largest holding. Progressive Investment Management Corp’s holdings in Alphabet were worth $21,215,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in GOOG. Fiduciary Advisors Inc. acquired a new position in shares of Alphabet during the fourth quarter worth approximately $27,000. Weiss Asset Management LP acquired a new position in Alphabet during the 3rd quarter worth $25,000. Safe Harbor Fiduciary LLC bought a new position in Alphabet in the 3rd quarter valued at $33,000. Mountain Hill Investment Partners Corp. acquired a new stake in shares of Alphabet in the 4th quarter valued at $39,000. Finally, Noble Wealth Management PBC bought a new stake in shares of Alphabet during the fourth quarter worth $43,000. 27.26% of the stock is owned by institutional investors.

Insider Activity

In other Alphabet news, insider John Kent Walker sold 11,764 shares of Alphabet stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $166.84, for a total value of $1,962,705.76. Following the sale, the insider now directly owns 49,037 shares in the company, valued at approximately $8,181,333.08. The trade was a 19.35 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Amie Thuener O’toole sold 1,368 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $191.55, for a total transaction of $262,040.40. Following the transaction, the chief accounting officer now owns 20,681 shares of the company’s stock, valued at approximately $3,961,445.55. This represents a 6.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 104,812 shares of company stock worth $19,336,979 over the last three months. Corporate insiders own 12.99% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on GOOG shares. The Goldman Sachs Group reiterated a “buy” rating on shares of Alphabet in a report on Wednesday, February 5th. Morgan Stanley reaffirmed an “overweight” rating on shares of Alphabet in a research note on Wednesday, February 5th. Citizens Jmp cut shares of Alphabet from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 2nd. Wedbush restated an “outperform” rating and issued a $220.00 price objective on shares of Alphabet in a report on Thursday, January 30th. Finally, Oppenheimer lifted their target price on shares of Alphabet from $215.00 to $225.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, Alphabet presently has an average rating of “Moderate Buy” and a consensus price target of $208.56.

Alphabet Price Performance

Shares of GOOG opened at $156.06 on Friday. The stock has a 50 day simple moving average of $181.53 and a 200 day simple moving average of $178.31. Alphabet Inc. has a 52-week low of $148.20 and a 52-week high of $208.70. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.84 and a current ratio of 1.84. The firm has a market capitalization of $1.90 trillion, a PE ratio of 19.39, a P/E/G ratio of 1.34 and a beta of 1.03.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Tuesday, February 4th. The information services provider reported $2.15 earnings per share for the quarter, beating 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%. Sell-side analysts predict that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 10th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.51%. The ex-dividend date of this dividend was Monday, March 10th. Alphabet’s dividend payout ratio is 9.94%.

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.