Capital Market Strategies LLC lowered its position in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 31.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,786 shares of the information services provider’s stock after selling 2,670 shares during the quarter. Capital Market Strategies LLC’s holdings in Alphabet were worth $1,020,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Alphabet by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider’s stock worth $78,839,544,000 after purchasing an additional 14,307,345 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Alphabet by 11.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider’s stock worth $6,783,364,000 after purchasing an additional 4,473,901 shares in the last quarter. Invesco Ltd. increased its position in shares of Alphabet by 1.4% during the 1st quarter. Invesco Ltd. now owns 43,648,514 shares of the information services provider’s stock worth $6,749,806,000 after purchasing an additional 593,345 shares in the last quarter. Deutsche Bank AG increased its position in Alphabet by 1.9% in the 1st quarter. Deutsche Bank AG now owns 39,792,300 shares of the information services provider’s stock valued at $6,153,481,000 after acquiring an additional 727,335 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Alphabet by 0.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 38,556,577 shares of the information services provider’s stock valued at $5,962,389,000 after acquiring an additional 104,859 shares in the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.
Insider Activity
In related news, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the transaction, the director owned 243,400 shares of the company’s stock, valued at $45,213,984. This trade represents a 7.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John L. Hennessy sold 1,000 shares of Alphabet stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $200.00, for a total transaction of $200,000.00. Following the transaction, the director directly owned 6,916 shares in the company, valued at $1,383,200. The trade was a 12.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold 254,710 shares of company stock worth $49,208,380 over the last quarter. 11.64% of the stock is owned by insiders.
Analysts Set New Price Targets
Several research firms have weighed in on GOOGL. Citizens Jmp upgraded shares of Alphabet from a “market perform” rating to an “outperform” rating and set a $220.00 price objective for the company in a research report on Friday, June 27th. Barclays raised their price objective on shares of Alphabet from $235.00 to $250.00 and gave the company an “overweight” rating in a research report on Wednesday, September 3rd. Oppenheimer restated an “outperform” rating and issued a $270.00 price objective (up previously from $235.00) on shares of Alphabet in a research report on Tuesday, September 2nd. Cantor Fitzgerald raised their price objective on shares of Alphabet from $196.00 to $201.00 and gave the company a “neutral” rating in a research report on Thursday, July 24th. Finally, Stifel Nicolaus raised their price objective on shares of Alphabet from $200.00 to $218.00 and gave the company a “buy” rating in a research report on Tuesday, July 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $221.44.
Get Our Latest Stock Analysis on GOOGL
Alphabet Stock Up 0.2%
Shares of NASDAQ GOOGL opened at $240.80 on Friday. The firm has a market capitalization of $2.91 trillion, a PE ratio of 25.64, a price-to-earnings-growth ratio of 1.62 and a beta of 1.01. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $242.25. The firm’s 50-day moving average is $201.89 and its 200-day moving average is $177.48.
Alphabet (NASDAQ:GOOGL – Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.16. The company had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Equities analysts expect that Alphabet Inc. will post 8.9 EPS for the current year.
Alphabet Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.3%. Alphabet’s dividend payout ratio (DPR) is presently 8.95%.
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.
Featured Stories
- Five stocks we like better than Alphabet
- What to Know About Investing in Penny Stocks
- Tesla’s U.S. Market Is At An 8-Year Low… How Bad Could It Get?
- Roth IRA Calculator: Calculate Your Potential Returns
- Congress: The Biggest Trades Impacting Markets Today
- Stock Trading Terms – Stock Terms Every Investor Needs to Know
- 3 Companies Boosting Buybacks While Others Pull Back
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Should You Invest $1,000 in Alphabet Right Now?
Before you consider Alphabet, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Alphabet wasn’t on the list.
While Alphabet currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
Enter your email address and we’ll send you MarketBeat’s guide to investing in 5G and which 5G stocks show the most promise.
