Avalon Global Asset Management LLC Reduces Stake in Alphabet Inc. $GOOG

Key Points

• Avalon Global Asset Management LLC sold 5,000 shares of Alphabet Inc., reducing its holdings by 13.0% in the first quarter, now owning a total of 33,500 shares valued at approximately $5.23 million.
• In the latest earnings report, Alphabet exceeded analysts expectations with $2.31 EPS and $96.43 billion revenue, indicating a year-over-year revenue growth of 13.8%.
• Alphabet recently announced a quarterly dividend of $0.21 per share, set to be paid on September 15th, representing an annualized yield of 0.4%.

Avalon Global Asset Management LLC lowered its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 13.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 33,500 shares of the information services provider's stock after selling 5,000 shares during the period. Alphabet accounts for about 0.7% of Avalon Global Asset Management LLC's investment portfolio, making the stock its 27th largest holding. Avalon Global Asset Management LLC's holdings in Alphabet were worth $5,234,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in GOOG. Principia Wealth Advisory LLC raised its position 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 worth $26,000 after acquiring an additional 85 shares in the last quarter. MorganRosel Wealth Management LLC bought a new position in shares of Alphabet in the 1st quarter worth approximately $26,000. Goodman Advisory Group LLC bought a new position in shares of Alphabet in the 1st quarter worth approximately $32,000. Greykasell Wealth Strategies Inc. bought a new position in shares of Alphabet in the 1st quarter worth approximately $32,000. Finally, Elevate Wealth Advisory Inc. bought a new position in shares of Alphabet in the 1st quarter worth approximately $34,000. Institutional investors own 27.26% of the company's stock.

Analyst Upgrades and Downgrades

GOOG has been the subject of several research reports. Needham & Company LLC lowered Alphabet from a "buy" rating to a "cautious" rating in a research report on Friday, May 2nd. The Goldman Sachs Group restated a "buy" rating and issued a $220.00 price target on shares of Alphabet in a research note on Monday, June 2nd. Raymond James Financial restated an "outperform" rating and issued a $210.00 price target (up previously from $185.00) on shares of Alphabet in a research note on Thursday, July 24th. Barclays restated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, Tigress Financial restated a "strong-buy" rating on shares of Alphabet in a research note on Friday, May 2nd. Five investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, six have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Alphabet presently has a consensus rating of "Moderate Buy" and an average target price of $215.19.

Insiders Place Their Bets

In other Alphabet news, insider John Kent Walker sold 23,820 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the sale, the insider directly owned 42,999 shares in the company, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 600 shares of the stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $203.79, for a total value of $122,274.00. Following the sale, the director owned 6,316 shares in the company, valued at approximately $1,287,137.64. This represents a 8.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 254,719 shares of company stock valued at $47,223,172. 12.99% of the stock is currently owned by company insiders.

Alphabet Stock Up 0.1%

GOOG traded up $0.26 during trading on Wednesday, hitting $208.21. 15,225,916 shares of the company's stock traded hands, compared to its average volume of 19,293,208. The company's 50 day simple moving average is $189.63 and its two-hundred day simple moving average is $175.22. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $211.09. The stock has a market capitalization of $2.52 trillion, a price-to-earnings ratio of 22.17, a PEG ratio of 1.40 and a beta of 1.02.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating the consensus estimate of $2.12 by $0.19. 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 the consensus estimate of $93.67 billion. During the same period last year, the business posted $1.89 EPS. The company's revenue was up 13.8% compared to the same quarter last year. Analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

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

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.