Penobscot Investment Management Company Inc. Grows Stock Position in Alphabet Inc. (NASDAQ:GOOG)

Penobscot Investment Management Company Inc. increased its holdings in Alphabet Inc. (NASDAQ:GOOG) by 6.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 51,317 shares of the information services provider’s stock after purchasing an additional 3,170 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Alphabet were worth $7,232,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Tandem Wealth Advisors LLC acquired a new position in shares of Alphabet during the third quarter valued at approximately $25,000. Bruce G. Allen Investments LLC acquired a new position in shares of Alphabet during the fourth quarter valued at approximately $26,000. Equitec Proprietary Markets LLC acquired a new position in shares of Alphabet during the fourth quarter valued at approximately $28,000. Buck Wealth Strategies LLC acquired a new position in shares of Alphabet during the third quarter valued at approximately $32,000. Finally, Barometer Capital Management Inc. purchased a new stake in shares of Alphabet in the third quarter valued at approximately $32,000. Institutional investors and hedge funds own 27.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on GOOG. Raymond James upped their price target on Alphabet from $150.00 to $160.00 and gave the company an “outperform” rating in a research report on Wednesday, January 24th. Stifel Nicolaus upped their price target on Alphabet from $154.00 to $174.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. Morgan Stanley restated an “overweight” rating and issued a $165.00 price target on shares of Alphabet in a research report on Thursday, April 11th. Susquehanna upped their price target on Alphabet from $150.00 to $170.00 and gave the company a “positive” rating in a research report on Wednesday, January 31st. Finally, Oppenheimer increased their price objective on Alphabet from $172.00 to $185.00 and gave the stock an “outperform” rating in a research report on Monday, April 8th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $165.67.

Alphabet Trading Down 1.9 %

GOOG opened at $164.64 on Wednesday. Alphabet Inc. has a 52 week low of $104.50 and a 52 week high of $176.42. The business has a fifty day simple moving average of $150.09 and a 200-day simple moving average of $143.16. The firm has a market cap of $2.05 trillion, a P/E ratio of 25.25, a P/E/G ratio of 1.31 and a beta of 1.05. The company has a quick ratio of 2.10, a current ratio of 2.15 and a debt-to-equity ratio of 0.05.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Thursday, April 25th. The information services provider reported $1.89 EPS for the quarter, topping the consensus estimate of $1.51 by $0.38. Alphabet had a return on equity of 29.52% and a net margin of 25.90%. The business had revenue of $80.54 billion during the quarter, compared to analyst estimates of $78.75 billion. During the same period last year, the business posted $1.17 earnings per share. The company’s quarterly revenue was up 15.4% on a year-over-year basis. On average, equities analysts expect that Alphabet Inc. will post 7.46 earnings per share for the current year.

Alphabet Announces Dividend

The company also recently declared a — dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 10th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, June 10th.

Insider Transactions at Alphabet

In other news, Director John L. Hennessy sold 2,100 shares of the stock in a transaction on Friday, April 26th. The stock was sold at an average price of $175.76, for a total value of $369,096.00. Following the sale, the director now directly owns 5,891 shares in the company, valued at $1,035,402.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director John L. Hennessy sold 2,100 shares of the stock in a transaction on Friday, April 26th. The stock was sold at an average price of $175.76, for a total value of $369,096.00. Following the sale, the director now directly owns 5,891 shares in the company, valued at $1,035,402.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Amie Thuener O’toole sold 660 shares of the stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $143.59, for a total value of $94,769.40. Following the completion of the sale, the chief accounting officer now owns 27,920 shares in the company, valued at $4,009,032.80. The disclosure for this sale can be found here. Insiders sold a total of 253,289 shares of company stock worth $36,724,534 over the last ninety days. Company insiders own 12.99% of the company’s stock.

About Alphabet

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.