Alphabet Inc. $GOOGL Shares Sold by Gabelli Funds LLC

Key Points

• Gabelli Funds LLC reduced its stake in Alphabet Inc. by 7.8%, selling 34,205 shares, leaving it with 406,016 shares valued at approximately $62.79 million.
• Alphabet recently announced a quarterly dividend of $0.21 per share, payable on September 15, reflecting a 0.4% annual yield and an 8.95% payout ratio.
• The company's latest quarterly earnings report showed a profit of $2.31 per share, surpassing analyst expectations, with revenues reaching $96.43 billion.

Gabelli Funds LLC trimmed its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 7.8% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 406,016 shares of the information services provider's stock after selling 34,205 shares during the period. Gabelli Funds LLC's holdings in Alphabet were worth $62,786,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Guardian Wealth Management Inc. lifted its stake 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 purchasing an additional 119 shares in the last quarter. von Borstel & Associates Inc. acquired a new position in Alphabet during the first quarter worth $28,000. IMA Advisory Services Inc. acquired a new position in Alphabet during the first quarter worth $28,000. NBZ Investment Advisors LLC lifted its stake in Alphabet by 85.7% during the first quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock worth $30,000 after purchasing an additional 90 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. purchased a new position in Alphabet in the 1st quarter valued at approximately $39,000. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Price Performance

Shares of GOOGL opened at $211.64 on Friday. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $212.22. The stock has a market cap of $2.56 trillion, a PE ratio of 22.54, a price-to-earnings-growth ratio of 1.40 and a beta of 1.01. 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 firm has a fifty day moving average price of $189.51 and a 200 day moving average price of $173.92.

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 net margin of 31.12% and a return on equity of 34.31%. The firm had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.60 billion. As a group, sell-side analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Dividend Announcement

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

Analyst Ratings Changes

Several equities analysts have commented on the stock. Loop Capital reissued a "hold" rating and issued a $190.00 price target (up previously from $165.00) on shares of Alphabet in a research report on Tuesday, August 5th. Wells Fargo & Company raised their price target on shares of Alphabet from $184.00 to $187.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 29th. Barclays raised their price target on shares of Alphabet from $220.00 to $235.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Piper Sandler raised their price target on shares of Alphabet from $195.00 to $220.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $220.00 price objective on shares of Alphabet in a research report on Thursday, August 21st. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $211.53.

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $199.92, for a total value of $6,497,400.00. Following the completion of the sale, the chief executive officer directly owned 2,462,392 shares of the company's stock, valued at $492,281,408.64. The trade was a 1.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John L. Hennessy sold 600 shares of the business's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $203.79, for a total transaction of $122,274.00. Following the completion of the sale, the director directly owned 6,316 shares of the company's stock, valued at approximately $1,287,137.64. This trade represents a 8.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 254,608 shares of company stock valued at $47,204,035 in the last ninety days. 11.64% of the stock is currently owned by insiders.

Alphabet 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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