OneAscent Wealth Management LLC Lowers Holdings in Alphabet Inc. (NASDAQ:GOOGL)

OneAscent Wealth Management LLC cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 18.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,164 shares of the information services provider’s stock after selling 1,379 shares during the quarter. Alphabet accounts for 0.5% of OneAscent Wealth Management LLC’s investment portfolio, making the stock its 22nd largest position. OneAscent Wealth Management LLC’s holdings in Alphabet were worth $1,167,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Allstate Corp raised its position in Alphabet by 3,224.2% in the 4th quarter. Allstate Corp now owns 173,988 shares of the information services provider’s stock valued at $32,936,000 after purchasing an additional 168,754 shares in the last quarter. Maridea Wealth Management LLC acquired a new stake in Alphabet in the fourth quarter valued at approximately $299,000. Brown Brothers Harriman & Co. raised its holdings in Alphabet by 6.1% in the fourth quarter. Brown Brothers Harriman & Co. now owns 577,953 shares of the information services provider’s stock valued at $109,407,000 after acquiring an additional 33,125 shares in the last quarter. Troy Asset Management Ltd lifted its stake in Alphabet by 17.4% in the fourth quarter. Troy Asset Management Ltd now owns 2,323,972 shares of the information services provider’s stock worth $439,928,000 after acquiring an additional 343,838 shares during the last quarter. Finally, RiverFront Investment Group LLC grew its holdings in Alphabet by 14.0% during the 4th quarter. RiverFront Investment Group LLC now owns 8,900 shares of the information services provider’s stock worth $1,685,000 after acquiring an additional 1,090 shares in the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Analyst Upgrades and Downgrades

GOOGL has been the subject of several recent analyst reports. Piper Sandler decreased their price objective on shares of Alphabet from $210.00 to $208.00 and set an “overweight” rating for the company in a research report on Wednesday, February 5th. KeyCorp lowered their price objective on Alphabet from $220.00 to $202.00 and set an “overweight” rating for the company in a research report on Tuesday, March 18th. Bank of America reissued a “buy” rating and set a $210.00 target price on shares of Alphabet in a research report on Monday, December 23rd. Robert W. Baird reaffirmed an “outperform” rating and issued a $205.00 price target on shares of Alphabet in a report on Tuesday, December 10th. Finally, Stifel Nicolaus raised their price objective on shares of Alphabet from $200.00 to $225.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Ten investment analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and five have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $209.13.

Alphabet Stock Performance

GOOGL opened at $145.60 on Monday. Alphabet Inc. has a 1-year low of $145.38 and a 1-year high of $207.05. The stock has a market cap of $1.77 trillion, a P/E ratio of 18.09, a P/E/G ratio of 1.34 and a beta of 1.03. The stock’s 50 day simple moving average is $175.15 and its 200 day simple moving average is $176.93. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.84 and a quick ratio of 1.84.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings results on Tuesday, February 4th. The information services provider reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.12 by $0.03. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. As a group, equities analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 10th were issued a $0.20 dividend. The ex-dividend date was Monday, March 10th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.55%. Alphabet’s dividend payout ratio (DPR) is 9.94%.

Insider Activity at Alphabet

In related news, CAO Amie Thuener O’toole sold 673 shares of the stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $155.33, for a total transaction of $104,537.09. Following the transaction, the chief accounting officer now directly owns 15,303 shares in the company, valued at approximately $2,377,014.99. This represents a 4.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $158.56, for a total transaction of $5,153,200.00. Following the completion of the sale, the chief executive officer now directly owns 2,717,696 shares in the company, valued at $430,917,877.76. This represents a 1.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 119,797 shares of company stock valued at $21,089,470. 11.55% of the stock is owned by insiders.

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.