1900 Wealth Management LLC Lowers Stock Position in Alphabet Inc. $GOOGL

Key Points

• 1900 Wealth Management LLC reduced its stake in Alphabet Inc. by 26.9% during the second quarter, now holding 8,234 shares valued at approximately $1.45 million.
• Alphabet reported a strong earnings performance with $2.31 EPS, beating estimates, and generating $96.43 billion in revenue for the quarter.
• Several hedge funds have increased their positions in Alphabet, with important purchases including Nuveen LLC's new position valued at over $4.3 billion.

1900 Wealth Management LLC cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 26.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,234 shares of the information services provider's stock after selling 3,034 shares during the period. 1900 Wealth Management LLC's holdings in Alphabet were worth $1,451,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of GOOGL. Nuveen LLC purchased a new position in Alphabet in the 1st quarter valued at $4,317,606,000. Vanguard Group Inc. grew its position in Alphabet by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock valued at $78,839,544,000 after buying an additional 14,307,345 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Alphabet by 11.4% in 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 valued at $6,783,364,000 after buying an additional 4,473,901 shares during the last quarter. Amundi grew its position in Alphabet by 11.8% in the 1st quarter. Amundi now owns 33,403,871 shares of the information services provider's stock valued at $5,034,992,000 after buying an additional 3,537,173 shares during the last quarter. Finally, Evergreen Quality Fund GP Ltd. grew its position in Alphabet by 178.3% in the 1st quarter. Evergreen Quality Fund GP Ltd. now owns 4,003,900 shares of the information services provider's stock valued at $619,163,000 after buying an additional 2,565,400 shares during the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Trading Down 2.1%

Shares of GOOGL stock opened at $236.57 on Friday. The firm has a 50-day moving average price of $226.31 and a 200 day moving average price of $188.49. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $256.00. The company has a market capitalization of $2.86 trillion, a price-to-earnings ratio of 25.19, a PEG ratio of 1.63 and a beta of 1.00. 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 (NASDAQ:GOOGL - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.16. The firm had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Research analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were issued a $0.21 dividend. The ex-dividend date was Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.4%. Alphabet's payout ratio is 8.95%.

Analysts Set New Price Targets

A number of research firms recently weighed in on GOOGL. Citigroup lifted their price objective on shares of Alphabet from $225.00 to $280.00 and gave the company a "buy" rating in a research report on Monday, September 15th. Wedbush raised their target price on Alphabet from $225.00 to $245.00 and gave the company an "outperform" rating in a report on Wednesday, September 3rd. Phillip Securities downgraded Alphabet from a "strong-buy" rating to a "moderate buy" rating in a report on Monday, September 8th. Rosenblatt Securities raised their target price on Alphabet from $191.00 to $224.00 and gave the company a "neutral" rating in a report on Wednesday, September 3rd. Finally, Oppenheimer reissued an "outperform" rating and issued a $270.00 target price (up previously from $235.00) on shares of Alphabet in a report on Tuesday, September 2nd. Four investment analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $245.88.

Insider Buying and Selling

In other Alphabet news, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $249.44, for a total value of $149,664.00. Following the completion of the sale, the director owned 5,716 shares in the company, valued at $1,425,799.04. The trade was a 9.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $243.41, for a total value of $7,910,825.00. Following the completion of the sale, the chief executive officer owned 2,402,119 shares of the company's stock, valued at $584,699,785.79. This trade represents a 1.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 276,738 shares of company stock worth $59,135,475 over the last ninety days. Insiders own 11.64% 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.

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