Alphabet Inc. $GOOGL Position Trimmed by First Long Island Investors LLC

Key Points

• First Long Island Investors LLC has reduced its holding in Alphabet Inc. by 11.3%, now owning 197,732 shares valued at $30.6 million, making it the firm's 12th largest investment.
• Several other institutional investors have increased their positions in Alphabet, with Jones Financial Companies increasing its stake by 36.8%, representing a significant boost in their investment.
• Alphabet's recent quarterly earnings exceeded analyst expectations, reporting $2.31 EPS and $96.43 billion in revenue, leading to a positive outlook and several analysts raising their price targets on the stock.

First Long Island Investors LLC lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 11.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 197,732 shares of the information services provider's stock after selling 25,262 shares during the quarter. Alphabet makes up 2.5% of First Long Island Investors LLC's investment portfolio, making the stock its 12th largest holding. First Long Island Investors LLC's holdings in Alphabet were worth $30,577,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Osterweis Capital Management Inc. lifted its holdings in shares of Alphabet by 2.0% during the 1st quarter. Osterweis Capital Management Inc. now owns 4,912 shares of the information services provider's stock valued at $760,000 after buying an additional 95 shares during the last quarter. CBIZ Investment Advisory Services LLC lifted its holdings in shares of Alphabet by 28.3% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 3,089 shares of the information services provider's stock valued at $478,000 after buying an additional 681 shares during the last quarter. Modern Wealth Management LLC lifted its holdings in shares of Alphabet by 23.0% during the 1st quarter. Modern Wealth Management LLC now owns 65,087 shares of the information services provider's stock valued at $10,065,000 after buying an additional 12,189 shares during the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of Alphabet by 36.8% during the 1st quarter. Jones Financial Companies Lllp now owns 1,814,959 shares of the information services provider's stock valued at $280,190,000 after buying an additional 488,549 shares during the last quarter. Finally, Silicon Valley Capital Partners lifted its holdings in shares of Alphabet by 10.6% during the 1st quarter. Silicon Valley Capital Partners now owns 276,145 shares of the information services provider's stock valued at $42,617,000 after buying an additional 26,456 shares during the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director John L. Hennessy sold 1,000 shares of the company's 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 completion of 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $199.92, for a total value of $6,497,400.00. Following the transaction, the chief executive officer owned 2,462,392 shares of the company's stock, valued at approximately $492,281,408.64. This trade represents a 1.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 254,710 shares of company stock valued at $49,208,380 in the last three months. 11.64% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on GOOGL shares. KeyCorp lifted their price target on Alphabet from $230.00 to $265.00 and gave the company an "overweight" rating in a report on Wednesday, September 3rd. BNP Paribas Exane reiterated a "neutral" rating and set a $172.00 price target on shares of Alphabet in a report on Friday, June 27th. BNP Paribas lowered Alphabet from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 26th. BMO Capital Markets lifted their price target on Alphabet from $208.00 to $225.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Finally, Bank of America lifted their price target on Alphabet from $210.00 to $217.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $221.44.

Alphabet Stock Up 0.5%

GOOGL opened at $240.37 on Friday. The business has a 50 day moving average price of $200.66 and a 200 day moving average price of $177.03. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $242.25. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The firm has a market cap of $2.91 trillion, a P/E ratio of 25.60, a price-to-earnings-growth ratio of 1.61 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The firm had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.60 billion. Research analysts forecast that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be issued 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 dividend yield of 0.3%. Alphabet's payout ratio is 8.95%.

Alphabet Company 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.

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