1248 Management LLC Has $11.11 Million Stock Position in Alphabet Inc. $GOOGL

Key Points

• 1248 Management LLC has reduced its shares in Alphabet Inc. by 25% in the first quarter, holding 71,864 shares after selling 23,970 shares.
• Insider trading activity has been notable, with John Kent Walker selling 23,820 shares for over $4.6 million, and Kavitark Ram Shriram selling 15,000 shares worth approximately $2.8 million.
• Alphabet has recently announced a quarterly dividend of $0.21 per share, with an annualized yield of 0.4% and a payout ratio of 8.95%.

1248 Management LLC reduced its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 25.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 71,864 shares of the information services provider's stock after selling 23,970 shares during the period. Alphabet makes up 6.1% of 1248 Management LLC's investment portfolio, making the stock its 3rd largest holding. 1248 Management LLC's holdings in Alphabet were worth $11,113,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GOOGL. Guardian Wealth Management Inc. lifted its position in Alphabet by 242.9% during the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock worth $26,000 after buying an additional 119 shares during the period. von Borstel & Associates Inc. bought a new stake in shares of Alphabet in the first quarter worth $28,000. IMA Advisory Services Inc. bought a new stake in shares of Alphabet in the 1st quarter valued at approximately $28,000. NBZ Investment Advisors LLC grew its position in shares of Alphabet by 85.7% during the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock valued at $30,000 after buying an additional 90 shares during the last quarter. Finally, Financial Gravity Asset Management Inc. bought a new position in Alphabet in the 1st quarter worth about $39,000. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director John L. Hennessy sold 600 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $203.79, for a total value of $122,274.00. Following the sale, the director directly owned 6,316 shares of the company's stock, valued at approximately $1,287,137.64. The trade was a 8.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Kent Walker sold 23,820 shares of the company's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the sale, the insider owned 42,999 shares in the company, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 222,210 shares of company stock worth $41,742,155 in the last 90 days. 11.55% of the stock is owned by corporate insiders.

Alphabet Trading Up 9.1%

Shares of GOOGL traded up $19.31 during midday trading on Wednesday, hitting $230.66. The stock had a trading volume of 102,404,162 shares, compared to its average volume of 27,560,906. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The stock's 50 day moving average is $192.29 and its 200 day moving average is $174.41. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $231.31. The firm has a market cap of $2.79 trillion, a PE ratio of 22.67, a price-to-earnings-growth ratio of 1.43 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings data 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. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.60 billion. As a group, analysts forecast that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be given a dividend of $0.21 per share. The ex-dividend date is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. Alphabet's dividend payout ratio (DPR) is presently 8.95%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on GOOGL shares. BNP Paribas Exane reiterated a "neutral" rating and issued a $172.00 price target on shares of Alphabet in a research report on Friday, June 27th. Rosenblatt Securities upped their price target on Alphabet from $191.00 to $224.00 and gave the stock a "neutral" rating in a report on Wednesday. UBS Group upped their target price on Alphabet from $192.00 to $202.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. KeyCorp increased their target price on shares of Alphabet from $230.00 to $265.00 and gave the stock an "overweight" rating in a research report on Wednesday. Finally, Guggenheim raised their price target on shares of Alphabet from $190.00 to $210.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Four analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Alphabet has a consensus rating of "Moderate Buy" and a consensus target price of $219.11.

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.