Alphabet Inc. $GOOGL is Chescapmanager LLC's 6th Largest Position

Key Points

• Chescapmanager LLC sold 130,000 shares of Alphabet Inc., reducing its holdings by 32.1%, now owning 275,500 shares valued at approximately $42.6 million.
• Insiders sold a total of 222,210 shares of Alphabet stock worth about $41.7 million in the past 90 days, which reflects a decrease in their combined ownership.
• Despite reductions by some funds, several others, including Nuveen LLC and Vanguard Group Inc., have increased their stakes in Alphabet during the first quarter.

Chescapmanager LLC reduced its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 32.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 275,500 shares of the information services provider's stock after selling 130,000 shares during the period. Alphabet makes up 4.6% of Chescapmanager LLC's portfolio, making the stock its 6th largest holding. Chescapmanager LLC's holdings in Alphabet were worth $42,603,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of GOOGL. Vanguard Group Inc. increased its holdings in shares of Alphabet by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock worth $78,839,544,000 after buying an additional 14,307,345 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Alphabet by 1.4% in the 1st quarter. Invesco Ltd. now owns 43,648,514 shares of the information services provider's stock worth $6,749,806,000 after buying an additional 593,345 shares during the last quarter. Deutsche Bank AG increased its holdings in shares of Alphabet by 1.9% in the 1st quarter. Deutsche Bank AG now owns 39,792,300 shares of the information services provider's stock worth $6,153,481,000 after buying an additional 727,335 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Alphabet by 0.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 38,556,577 shares of the information services provider's stock worth $5,962,389,000 after buying an additional 104,859 shares during the last quarter. Finally, Amundi increased its holdings in shares of Alphabet by 11.8% in the 1st quarter. Amundi now owns 33,403,871 shares of the information services provider's stock worth $5,034,992,000 after buying an additional 3,537,173 shares during the last quarter. 40.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

GOOGL has been the topic of a number of research reports. Loop Capital restated a "hold" rating and issued a $190.00 target price (up from $165.00) on shares of Alphabet in a report on Tuesday, August 5th. Truist Financial restated a "buy" rating and issued a $200.00 target price on shares of Alphabet in a report on Wednesday, July 2nd. UBS Group boosted their target price on shares of Alphabet from $192.00 to $202.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of Alphabet in a report on Wednesday. Finally, Canaccord Genuity Group lifted their price target on shares of Alphabet from $230.00 to $270.00 and gave the stock a "buy" rating in a research note on Thursday. Four research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $222.33.

Alphabet Trading Up 1.2%

Shares of GOOGL stock traded up $2.70 during trading hours on Friday, reaching $235.00. 46,562,292 shares of the stock were exchanged, compared to its average volume of 33,713,716. Alphabet Inc. has a 12-month low of $140.53 and a 12-month 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 50-day moving average price is $195.79 and its 200-day moving average price is $175.41. The firm has a market capitalization of $2.84 trillion, a price-to-earnings ratio of 25.03, a price-to-earnings-growth ratio of 1.58 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. As a group, equities analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is 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 dated Wednesday, August 13th. The shares were sold at an average price of $203.79, for a total value of $122,274.00. Following the completion of the sale, the director directly owned 6,316 shares of the company's stock, valued at $1,287,137.64. The trade was a 8.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kavitark Ram Shriram sold 15,000 shares of the business's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the completion of the sale, the director directly owned 240,400 shares of the company's stock, valued at approximately $44,656,704. This trade represents a 5.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 254,710 shares of company stock valued at $49,208,380 in the last quarter. Corporate insiders own 11.64% of the company's stock.

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.