Alphabet Inc. (NASDAQ:GOOG) is Avalon Capital Management's 4th Largest Position

Key Points

• Avalon Capital Management reduced its holdings in Alphabet Inc. by 8.1%, now owning 91,787 shares worth approximately $14.34 million, making it the firm's fourth largest position.
• Alphabet reported earnings of $2.31 per share, exceeding estimates of $2.12, with revenue of $96.43 billion for the quarter, marking a 13.8% year-over-year increase.
• The company declared a quarterly dividend of $0.21 per share to be paid on September 15, representing an annual yield of 0.43%.

Avalon Capital Management lessened its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 8.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 91,787 shares of the information services provider's stock after selling 8,036 shares during the period. Alphabet comprises approximately 4.2% of Avalon Capital Management's portfolio, making the stock its 4th biggest position. Avalon Capital Management's holdings in Alphabet were worth $14,340,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Principia Wealth Advisory LLC grew its stake in shares of Alphabet by 111.8% in the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock valued at $26,000 after buying an additional 85 shares in the last quarter. MorganRosel Wealth Management LLC acquired a new stake in Alphabet in the first quarter valued at approximately $26,000. LSV Asset Management acquired a new stake in Alphabet in the fourth quarter valued at approximately $27,000. Goodman Advisory Group LLC bought a new stake in Alphabet in the first quarter worth approximately $32,000. Finally, Graybill Wealth Management LTD. bought a new stake in Alphabet in the first quarter worth $44,000. Hedge funds and other institutional investors own 27.26% of the company's stock.

Alphabet Trading Down 2.1%

Shares of Alphabet stock traded down $4.13 during midday trading on Thursday, reaching $193.31. 17,346,458 shares of the company's stock traded hands, compared to its average volume of 24,275,443. The stock has a 50 day moving average of $178.54 and a 200-day moving average of $174.69. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $208.70. 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 company has a market cap of $2.35 trillion, a PE ratio of 20.61, a price-to-earnings-growth ratio of 1.30 and a beta of 1.01.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.19. The firm had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm's quarterly revenue was up 13.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.89 earnings per share. As a group, equities analysts expect that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors 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 dividend yield of 0.43%. The ex-dividend date is Monday, September 8th. Alphabet's payout ratio is 8.95%.

Insider Activity

In other news, Director Kavitark Ram Shriram sold 18,566 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the transaction, the director directly owned 243,400 shares of the company's stock, valued at approximately $45,213,984. This trade represents a 7.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John L. Hennessy sold 400 shares of the stock in a transaction on Monday, July 14th. The shares were sold at an average price of $181.98, for a total value of $72,792.00. Following the sale, the director directly owned 6,013 shares in the company, valued at $1,094,245.74. This trade represents a 6.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold 249,298 shares of company stock valued at $43,505,967 in the last ninety days. Insiders own 12.99% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on the company. BNP Paribas downgraded Alphabet from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 26th. KeyCorp decreased their price objective on Alphabet from $202.00 to $185.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Tigress Financial reissued a "strong-buy" rating on shares of Alphabet in a research note on Friday, May 2nd. Susquehanna restated a "positive" rating on shares of Alphabet in a research note on Friday, May 2nd. Finally, Cantor Fitzgerald restated a "neutral" rating and set a $171.00 price target on shares of Alphabet in a research report on Friday, April 25th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and five have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $215.19.

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.