Alphabet Inc. $GOOGL Shares Sold by E&G Advisors LP

Key Points

• E&G Advisors LP has reduced its stake in Alphabet Inc. by 11.8%, now holding 37,606 shares valued at approximately $6.63 million.
• Several institutional investors, including Vanguard Group Inc. and GAMMA Investing LLC, have significantly increased their holdings in Alphabet, with Vanguard now owning over 509 million shares.
• Alphabet reported earnings of $2.31 per share for the last quarter, surpassing expectations, while announcing a $0.21 quarterly dividend with a yield of 0.3%.

E&G Advisors LP lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 11.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 37,606 shares of the information services provider's stock after selling 5,055 shares during the period. Alphabet accounts for 1.7% of E&G Advisors LP's portfolio, making the stock its 10th largest holding. E&G Advisors LP's holdings in Alphabet were worth $6,627,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Nuveen LLC acquired a new position in shares of Alphabet during the 1st quarter worth about $4,317,606,000. GAMMA Investing LLC increased its position in Alphabet by 16,993.2% in the 1st quarter. GAMMA Investing LLC now owns 16,062,457 shares of the information services provider's stock worth $2,483,898,000 after buying an additional 15,968,487 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Alphabet by 2.9% during the first quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock worth $78,839,544,000 after buying an additional 14,307,345 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Alphabet by 307.6% during the first quarter. Assenagon Asset Management S.A. now owns 10,302,644 shares of the information services provider's stock worth $1,593,201,000 after buying an additional 7,774,811 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Alphabet by 11.4% in the first 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 acquiring an additional 4,473,901 shares during the period. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Trading Down 0.5%

Shares of GOOGL opened at $245.79 on Friday. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $256.00. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock has a 50 day simple moving average of $214.70 and a 200-day simple moving average of $182.46. The stock has a market cap of $2.97 trillion, a PE ratio of 26.18, a PEG ratio of 1.67 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $93.60 billion. On average, sell-side analysts predict that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Monday, September 8th. Alphabet's dividend payout ratio (DPR) is currently 8.95%.

Insider Activity

In other Alphabet news, CAO Amie Thuener O'toole sold 2,778 shares of the company's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $245.00, for a total transaction of $680,610.00. Following the sale, the chief accounting officer directly owned 17,293 shares of the company's stock, valued at approximately $4,236,785. This represents a 13.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $229.73, for a total transaction of $7,466,225.00. Following the sale, the chief executive officer directly owned 2,429,892 shares of the company's stock, valued at approximately $558,219,089.16. The trade was a 1.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 258,088 shares of company stock valued at $52,405,304 in the last ninety days. 11.64% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

GOOGL has been the subject of several research analyst reports. Citizens Jmp upped their target price on shares of Alphabet from $250.00 to $290.00 and gave the company an "outperform" rating in a research note on Friday, September 19th. Cantor Fitzgerald restated a "neutral" rating and set a $201.00 price objective on shares of Alphabet in a report on Wednesday. Susquehanna increased their target price on shares of Alphabet from $220.00 to $225.00 and gave the company a "positive" rating in a research note on Thursday, July 24th. Piper Sandler lifted their target price on Alphabet from $220.00 to $285.00 and gave the stock an "overweight" rating in a research report on Thursday, September 18th. Finally, Tigress Financial upped their price target on Alphabet from $240.00 to $280.00 and gave the company a "strong-buy" rating in a report on Friday, September 5th. Three analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $232.90.

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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