SCP Investment LP reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 28.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,500 shares of the information services provider's stock after selling 25,000 shares during the quarter. Alphabet comprises approximately 8.2% of SCP Investment LP's holdings, making the stock its 6th largest position. SCP Investment LP's holdings in Alphabet were worth $9,665,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in the stock. Guardian Wealth Management Inc. grew its holdings in shares of Alphabet by 242.9% in the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock valued at $26,000 after purchasing an additional 119 shares in the last quarter. IMA Advisory Services Inc. purchased a new position in shares of Alphabet in the first quarter valued at $28,000. von Borstel & Associates Inc. purchased a new position in shares of Alphabet in the first quarter valued at $28,000. Financial Gravity Asset Management Inc. purchased a new position in shares of Alphabet in the first quarter valued at $39,000. Finally, Anderson Financial Strategies LLC purchased a new position in shares of Alphabet in the fourth quarter valued at $49,000. 40.03% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In other Alphabet news, insider John Kent Walker sold 23,820 shares of the business's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the transaction, the insider directly owned 42,999 shares in the company, valued at approximately $8,371,905.30. The trade was a 35.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kavitark Ram Shriram sold 18,566 shares of the business's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the completion of the transaction, the director owned 243,400 shares of the company's stock, valued at $45,213,984. This represents a 7.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 273,219 shares of company stock worth $49,474,273. 11.64% of the stock is owned by corporate insiders.
Alphabet Trading Up 2.5%
NASDAQ GOOGL opened at $201.42 on Friday. The company has a market capitalization of $2.44 trillion, a price-to-earnings ratio of 21.45, a price-to-earnings-growth ratio of 1.36 and a beta of 1.01. 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's 50-day simple moving average is $180.89 and its two-hundred day simple moving average is $172.98. Alphabet Inc. has a one year low of $140.53 and a one year high of $207.05.
Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping analysts' consensus estimates of $2.15 by $0.16. The business had revenue of $96,428,000 billion during the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Equities analysts forecast that Alphabet Inc. will post 8.9 EPS for the current fiscal year.
Alphabet Dividend Announcement
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. 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%.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on GOOGL. Susquehanna raised their target price on shares of Alphabet from $220.00 to $225.00 and gave the company a "positive" rating in a report on Thursday, July 24th. Barclays lifted their price objective on shares of Alphabet from $220.00 to $235.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Citizens Jmp raised shares of Alphabet from a "market perform" rating to an "outperform" rating and set a $220.00 price objective for the company in a research note on Friday, June 27th. BNP Paribas Exane reaffirmed a "neutral" rating and set a $172.00 price objective on shares of Alphabet in a research note on Friday, June 27th. Finally, Needham & Company LLC lifted their price objective on shares of Alphabet from $210.00 to $220.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Ten equities research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $211.53.
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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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