SouthState Corp Cuts Stake in Alphabet Inc. (NASDAQ:GOOG)

SouthState Corp cut its position in Alphabet Inc. (NASDAQ:GOOG) by 1.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 127,316 shares of the information services provider’s stock after selling 1,250 shares during the period. Alphabet makes up about 1.5% of SouthState Corp’s investment portfolio, making the stock its 17th largest holding. SouthState Corp’s holdings in Alphabet were worth $17,943,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Tandem Wealth Advisors LLC purchased a new position in Alphabet in the 3rd quarter worth about $25,000. Bruce G. Allen Investments LLC purchased a new position in shares of Alphabet during the fourth quarter valued at approximately $26,000. Equitec Proprietary Markets LLC purchased a new position in shares of Alphabet during the fourth quarter valued at approximately $28,000. Buck Wealth Strategies LLC bought a new position in Alphabet during the third quarter valued at approximately $32,000. Finally, Barometer Capital Management Inc. purchased a new stake in Alphabet in the third quarter worth approximately $32,000. Institutional investors own 27.26% of the company’s stock.

Insider Buying and Selling

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $166.80, for a total value of $3,753,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,280,511 shares in the company, valued at approximately $380,389,234.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other 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 transaction, the chief executive officer now owns 2,280,511 shares in the company, valued at $380,389,234.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $136.49, for a total value of $93,086.18. Following the completion of the sale, the chief accounting officer now owns 28,602 shares in the company, valued at $3,903,886.98. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 275,129 shares of company stock worth $40,382,765. 12.99% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

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

Alphabet Stock Performance

NASDAQ GOOG traded up $0.53 on Friday, reaching $168.99. 22,767,056 shares of the stock were exchanged, compared to its average volume of 22,353,938. The firm has a market capitalization of $2.10 trillion, a PE ratio of 25.92, a PEG ratio of 1.26 and a beta of 1.02. Alphabet Inc. has a one year low of $104.70 and a one year high of $176.42. The company’s 50-day simple moving average is $150.99 and its two-hundred day simple moving average is $143.49. The company has a current ratio of 2.15, a quick ratio of 2.10 and a debt-to-equity ratio of 0.05.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Thursday, April 25th. The information services provider reported $1.89 EPS for the quarter, beating the consensus estimate of $1.51 by $0.38. The firm had revenue of $80.54 billion for the quarter, compared to the consensus estimate of $78.75 billion. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. During the same period last year, the firm earned $1.17 EPS. The company’s revenue was up 15.4% on a year-over-year basis. Analysts expect that Alphabet Inc. will post 7.66 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently disclosed a — dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 10th will be paid a $0.20 dividend. The ex-dividend date is Monday, June 10th.

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.