First Interstate Bank Has $1.56 Million Stake in Alphabet Inc. (NASDAQ:GOOG)

First Interstate Bank cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 2.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,507 shares of the information services provider’s stock after selling 194 shares during the quarter. First Interstate Bank’s holdings in Alphabet were worth $1,560,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in GOOG. 1620 Investment Advisors Inc. bought a new position in shares of Alphabet in the second quarter valued at about $37,000. Richardson Financial Services Inc. acquired a new position in Alphabet in the 4th quarter valued at about $34,000. Slocum Gordon & Co LLP bought a new position in Alphabet in the 2nd quarter valued at about $44,000. Hoese & Co LLP lifted its position in Alphabet by 62.5% during the second quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock worth $45,000 after acquiring an additional 100 shares during the last quarter. Finally, Iron Horse Wealth Management LLC bought a new stake in shares of Alphabet during the second quarter worth approximately $48,000. Institutional investors own 27.26% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on GOOG. Cantor Fitzgerald upgraded Alphabet to a “hold” rating in a research note on Thursday, September 5th. Rosenblatt Securities cut Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective on the stock. in a research report on Friday, June 28th. Oppenheimer boosted their target price on shares of Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. DA Davidson raised shares of Alphabet to a “hold” rating in a research report on Tuesday. Finally, TD Cowen lifted their price objective on shares of Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $182.86.

Alphabet Stock Up 2.2 %

GOOG stock opened at $155.54 on Friday. Alphabet Inc. has a 52 week low of $121.46 and a 52 week high of $193.31. The business has a 50-day simple moving average of $169.73 and a 200 day simple moving average of $165.83. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04. The company has a market cap of $1.92 trillion, a PE ratio of 23.86, a price-to-earnings-growth 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 EPS for the quarter, beating the consensus estimate of $1.85 by $0.04. The company had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $84.22 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The business’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.44 EPS. Sell-side analysts anticipate that Alphabet Inc. will post 7.63 EPS for the current fiscal year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 9th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date is Monday, September 9th. Alphabet’s dividend payout ratio is presently 12.27%.

Insider Activity

In related news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was 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 directly owns 2,213,011 shares in the company, valued at approximately $392,588,151.40. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $183.47, for a total transaction of $125,126.54. Following the sale, the chief accounting officer now owns 30,650 shares of the company’s stock, valued at approximately $5,623,355.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 2,213,011 shares of the company’s stock, valued at approximately $392,588,151.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 201,867 shares of company stock worth $34,218,581. Insiders own 12.99% of the company’s stock.

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.