Alphabet Inc. $GOOGL Shares Sold by Sitrin Capital Management LLC

Key Points

• Sitrin Capital Management LLC has reduced its stake in Alphabet Inc. (GOOGL) by 12.6%, now holding 34,916 shares valued at approximately $6.15 million.
• Alphabet recently announced a quarterly dividend of $0.21 per share, representing an annualized yield of 0.3%.
• The company reported quarterly earnings of $2.31 EPS, surpassing estimates and generating $96.43 billion in revenue.

Sitrin Capital Management LLC reduced its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 12.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,916 shares of the information services provider's stock after selling 5,040 shares during the period. Alphabet accounts for about 3.1% of Sitrin Capital Management LLC's investment portfolio, making the stock its 17th biggest holding. Sitrin Capital Management LLC's holdings in Alphabet were worth $6,153,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of GOOGL. Guardian Wealth Management Inc. boosted its position in shares of 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 buying an additional 119 shares during the period. von Borstel & Associates Inc. acquired a new position in shares of Alphabet during the first quarter worth approximately $28,000. IMA Advisory Services Inc. acquired a new position in shares of Alphabet during the first quarter worth approximately $28,000. NBZ Investment Advisors LLC raised its holdings 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. bought a new stake in Alphabet during the first quarter worth approximately $39,000. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Price Performance

NASDAQ GOOGL opened at $253.30 on Friday. The stock has a market capitalization of $3.06 trillion, a P/E ratio of 26.98, a P/E/G ratio of 1.70 and a beta of 1.00. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $256.96. The business's fifty day moving average is $231.55 and its two-hundred day moving average is $191.61. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90.

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

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were paid 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 payout ratio is 8.95%.

Insider Activity at Alphabet

In other Alphabet news, Director John L. Hennessy sold 600 shares of the business's stock in a transaction on Monday, October 13th. The shares were sold at an average price of $242.92, for a total transaction of $145,752.00. Following the sale, the director directly owned 5,116 shares of the company's stock, valued at $1,242,778.72. The trade was a 10.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Kent Walker sold 17,816 shares of the business's stock in a transaction on Monday, September 29th. The shares were sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the sale, the insider directly owned 42,985 shares in the company, valued at approximately $10,635,348.70. This trade represents a 29.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 246,150 shares of company stock worth $55,805,379. Insiders own 11.64% of the company's stock.

Analysts Set New Price Targets

GOOGL has been the topic of several recent analyst reports. JMP Securities boosted their target price on Alphabet from $250.00 to $290.00 and gave the stock a "market outperform" rating in a report on Friday, September 19th. Hsbc Global Res raised Alphabet to a "strong-buy" rating in a report on Tuesday, October 7th. Needham & Company LLC boosted their target price on Alphabet from $220.00 to $260.00 and gave the stock a "buy" rating in a report on Wednesday, September 3rd. Wedbush boosted their target price on Alphabet from $225.00 to $245.00 and gave the stock an "outperform" rating in a report on Wednesday, September 3rd. Finally, Royal Bank Of Canada boosted their target price on Alphabet from $220.00 to $260.00 and gave the stock an "outperform" rating in a report on Wednesday, September 3rd. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $252.24.

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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