Redwood Investments LLC reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 24.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 58,500 shares of the information services provider's stock after selling 19,167 shares during the quarter. Alphabet accounts for approximately 3.4% of Redwood Investments LLC's holdings, making the stock its 3rd largest holding. Redwood Investments LLC's holdings in Alphabet were worth $9,046,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Alphabet by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock worth $78,839,544,000 after purchasing an additional 14,307,345 shares during the last quarter. Invesco Ltd. increased its holdings in Alphabet by 1.4% during the 1st quarter. Invesco Ltd. now owns 43,648,514 shares of the information services provider's stock worth $6,749,806,000 after purchasing an additional 593,345 shares during the last quarter. Deutsche Bank AG increased its holdings in Alphabet by 1.9% during the 1st quarter. Deutsche Bank AG now owns 39,792,300 shares of the information services provider's stock worth $6,153,481,000 after purchasing an additional 727,335 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Alphabet by 0.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 38,556,577 shares of the information services provider's stock worth $5,962,389,000 after purchasing an additional 104,859 shares during the last quarter. Finally, Amundi increased its holdings in Alphabet by 11.8% during the 1st quarter. Amundi now owns 33,403,871 shares of the information services provider's stock worth $5,034,992,000 after purchasing an additional 3,537,173 shares during the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling
In related news, Director John L. Hennessy sold 1,000 shares of the business'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 owned 6,916 shares in the company, valued at $1,383,200. The trade was a 12.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction that occurred 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 transaction, the chief executive officer owned 2,462,392 shares of the company's stock, valued at $492,281,408.64. This represents a 1.30% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 254,710 shares of company stock worth $49,208,380. 11.55% of the stock is owned by company insiders.
Wall Street Analysts Forecast Growth
Several research firms have issued reports on GOOGL. Wedbush lifted their price objective on Alphabet from $225.00 to $245.00 and gave the stock 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. Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of Alphabet in a report on Wednesday, September 3rd. Rosenblatt Securities lifted their price objective on Alphabet from $191.00 to $224.00 and gave the stock a "neutral" rating in a report on Wednesday, September 3rd. Finally, Susquehanna boosted their price target on Alphabet from $220.00 to $225.00 and gave the company a "positive" rating in a report on Thursday, July 24th. Three analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $221.44.
View Our Latest Stock Report on GOOGL
Alphabet Stock Performance
Shares of NASDAQ GOOGL traded up $5.59 during trading on Tuesday, reaching $239.63. The stock had a trading volume of 37,672,216 shares, compared to its average volume of 36,792,551. Alphabet Inc. has a one year low of $140.53 and a one year high of $240.47. 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 stock has a market cap of $2.90 trillion, a PE ratio of 25.52, a P/E/G ratio of 1.58 and a beta of 1.01. The firm's 50 day moving average price is $196.95 and its two-hundred day moving average price is $175.73.
Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) 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 business had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.60 billion. On average, research analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.
Alphabet Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be given 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 yield of 0.4%. Alphabet's payout ratio is currently 8.95%.
About Alphabet
(
Free Report)
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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