Cinctive Capital Management LP Takes Position in Alphabet Inc. $GOOGL

Key Points

• Cinctive Capital Management LP has acquired 18,689 shares of Alphabet Inc., valued at approximately $2.89 million, marking a significant new position in the company.
• Analysts have raised their target prices for Alphabet stock, with ratings including four Strong Buy, thirty-one Buy, and ten Hold, reflecting positive sentiment toward the company's performance and future prospects.
• Insider transactions included the sale of shares by Director Kavitark Ram Shriram and CEO Sundar Pichai, collectively amounting to over $9 million, highlighting notable trading activity among top executives.

Cinctive Capital Management LP bought a new position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm bought 18,689 shares of the information services provider's stock, valued at approximately $2,890,000.

A number of other hedge funds have also made changes to their positions in the company. Mystic Asset Management Inc. grew its holdings in Alphabet by 6.7% during the 1st quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider's stock worth $4,400,000 after acquiring an additional 1,791 shares during the last quarter. Harbour Trust & Investment Management Co raised its position in shares of Alphabet by 0.3% in the 1st quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider's stock valued at $4,187,000 after acquiring an additional 80 shares during the period. Rockbridge Capital Management LLC acquired a new stake in shares of Alphabet in the 4th quarter valued at approximately $3,119,000. Cypress Capital LLC raised its holdings in Alphabet by 4.1% during the 1st quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock worth $2,213,000 after buying an additional 563 shares during the period. Finally, Bridgeway Capital Management LLC raised its holdings in Alphabet by 17.9% during the 1st quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider's stock worth $13,637,000 after buying an additional 13,371 shares during the period. Institutional investors and hedge funds own 40.03% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on GOOGL. Wedbush raised their target price on shares of Alphabet from $225.00 to $245.00 and gave the stock an "outperform" rating in a report on Wednesday. Canaccord Genuity Group lifted their price objective on shares of Alphabet from $230.00 to $270.00 and gave the company a "buy" rating in a report on Thursday. Citizens Jmp upgraded shares of Alphabet from a "market perform" rating to an "outperform" rating and set a $220.00 price objective on the stock in a report on Friday, June 27th. Guggenheim lifted their price objective on shares of Alphabet from $190.00 to $210.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Finally, JMP Securities raised their target price on shares of Alphabet from $225.00 to $250.00 and gave the company a "market outperform" rating in a research note on Wednesday. Four investment 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 company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $221.31.

Insider Transactions at Alphabet

In other news, Director Kavitark Ram Shriram sold 18,566 shares of the company's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $199.92, for a total transaction of $6,497,400.00. Following the sale, the chief executive officer directly owned 2,462,392 shares of the company's stock, valued at $492,281,408.64. This represents a 1.30% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 222,210 shares of company stock worth $41,742,155. 11.64% of the stock is owned by corporate insiders.

Alphabet Stock Up 0.7%

GOOGL stock opened at $232.30 on Friday. The stock has a market capitalization of $2.81 trillion, a P/E ratio of 24.74, a price-to-earnings-growth ratio of 1.55 and a beta of 1.01. 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 $140.53 and a 12 month high of $232.37. The firm has a 50-day moving average price of $194.66 and a 200-day moving average price of $175.13.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted 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. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.60 billion. As a group, equities research analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

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

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.

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