Alphabet Inc. $GOOGL Shares Sold by Invst LLC

Key Points

• Invst LLC reduced its stake in Alphabet Inc. by 26.1% during the first quarter, now owning 19,199 shares valued at approximately $2.97 million.
• Several institutional investors increased their positions in Alphabet, with notable increases from Jones Financial Companies and Modern Wealth Management, raising theirs by 36.8% and 23.0%, respectively.
• Analysts have set new price targets for Alphabet, with estimates ranging from $190.00 to $270.00, reflecting a consensus rating of "Moderate Buy" and an average price target of $221.44.

Invst LLC reduced its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 26.1% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 19,199 shares of the information services provider's stock after selling 6,788 shares during the quarter. Invst LLC's holdings in Alphabet were worth $2,969,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the company. Modern Wealth Management LLC increased its stake in Alphabet by 23.0% in 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 period. Jones Financial Companies Lllp grew its stake 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 worth $280,190,000 after purchasing an additional 488,549 shares during the period. Silicon Valley Capital Partners grew its stake 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 worth $42,617,000 after purchasing an additional 26,456 shares during the period. Strs Ohio acquired a new position in shares of Alphabet during the 1st quarter worth $317,357,000. Finally, GK Wealth Management LLC grew its stake in shares of Alphabet by 5.6% during the 1st quarter. GK Wealth Management LLC now owns 12,629 shares of the information services provider's stock worth $1,953,000 after purchasing an additional 668 shares during the period. 40.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GOOGL has been the topic of a number of recent analyst reports. Cantor Fitzgerald upped their price target on shares of Alphabet from $196.00 to $201.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Oppenheimer reaffirmed an "outperform" rating and set a $270.00 price target (up from $235.00) on shares of Alphabet in a research note on Tuesday, September 2nd. Stifel Nicolaus upped their price target on shares of Alphabet from $200.00 to $218.00 and gave the stock a "buy" rating in a research note on Tuesday, July 22nd. JMP Securities upped their price target on shares of Alphabet from $225.00 to $250.00 and gave the stock a "market outperform" rating in a research note on Wednesday, September 3rd. Finally, Loop Capital reaffirmed a "hold" rating and set a $190.00 price target (up from $165.00) on shares of Alphabet in a research note on Tuesday, August 5th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $221.44.

Alphabet Price Performance

Alphabet stock opened at $240.37 on Friday. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $242.25. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The firm's 50-day simple moving average is $200.66 and its 200 day simple moving average is $177.03. The firm has a market capitalization of $2.91 trillion, a PE ratio of 25.60, a P/E/G ratio of 1.61 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping 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 business had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.60 billion. On average, equities research analysts predict that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Monday, September 8th. Alphabet's dividend payout ratio is 8.95%.

Insider Activity

In other Alphabet news, Director John L. Hennessy sold 1,000 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $200.00, for a total value of $200,000.00. Following the transaction, the director directly owned 6,916 shares in the company, valued at approximately $1,383,200. This represents a 12.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John Kent Walker sold 23,820 shares of the company's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 254,710 shares of company stock valued at $49,208,380 in the last 90 days. Company insiders own 11.64% of the company's stock.

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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