AlTi Global Inc. Trims Stock Holdings in Alphabet Inc. $GOOGL

Key Points

• AlTi Global Inc. reduced its holdings in Alphabet Inc. by 6.7% during the first quarter, owning 249,279 shares valued at approximately $38.55 million.
• CEO Sundar Pichai sold 32,500 shares of Alphabet stock worth about $6.5 million, decreasing his ownership by 1.30%.
• Alphabet recently declared a $0.21 quarterly dividend, with a yield of 0.4%, and the ex-dividend date set for September 8th.

AlTi Global Inc. lessened its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 6.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 249,279 shares of the information services provider's stock after selling 17,967 shares during the period. Alphabet comprises approximately 1.0% of AlTi Global Inc.'s investment portfolio, making the stock its 16th largest holding. AlTi Global Inc.'s holdings in Alphabet were worth $38,548,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of GOOGL. Guardian Wealth Management Inc. boosted its position in Alphabet by 242.9% in the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock worth $26,000 after purchasing an additional 119 shares in the last quarter. von Borstel & Associates Inc. acquired a new stake in Alphabet in the 1st quarter valued at $28,000. IMA Advisory Services Inc. acquired a new stake in Alphabet in the 1st quarter valued at $28,000. NBZ Investment Advisors LLC grew its stake in Alphabet by 85.7% in the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock valued at $30,000 after acquiring an additional 90 shares during the period. Finally, Financial Gravity Asset Management Inc. acquired a new stake in Alphabet in the 1st quarter valued at $39,000. Hedge funds and other institutional investors own 40.03% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of Alphabet in a research note on Wednesday. DA Davidson lifted their price target on shares of Alphabet from $180.00 to $190.00 and gave the company a "neutral" rating in a research note on Tuesday. BNP Paribas cut shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 26th. Cantor Fitzgerald lifted their price target on shares of Alphabet from $196.00 to $201.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Finally, Evercore ISI set a $240.00 price target on shares of Alphabet and gave the company an "outperform" rating in a research note on Wednesday. Four analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $222.33.

Insider Buying and Selling

In other news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $199.92, for a total transaction of $6,497,400.00. Following the transaction, the chief executive officer owned 2,462,392 shares in the company, valued at $492,281,408.64. The trade was a 1.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John L. Hennessy sold 1,000 shares of Alphabet stock in a transaction on Friday, August 8th. The stock was sold at an average price of $200.00, for a total value of $200,000.00. Following the transaction, the director owned 6,916 shares in the company, valued at approximately $1,383,200. This represents a 12.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 254,710 shares of company stock worth $49,208,380 in the last quarter. 11.64% of the stock is currently owned by insiders.

Alphabet Price Performance

GOOGL stock traded up $2.70 during midday trading on Friday, reaching $235.00. The stock had a trading volume of 46,562,292 shares, compared to its average volume of 33,713,716. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $235.76. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The company's fifty day simple moving average is $195.79 and its 200 day simple moving average is $175.48. The company has a market cap of $2.84 trillion, a price-to-earnings ratio of 25.03, a price-to-earnings-growth ratio of 1.56 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings results 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 return on equity of 34.31% and a net margin of 31.12%.The business had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.60 billion. As a group, sell-side analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Monday, September 8th. Alphabet's payout ratio is currently 8.95%.

Alphabet 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.