Clear Harbor Asset Management LLC Sells 1,287 Shares of Alphabet Inc. $GOOGL

Key Points

• Clear Harbor Asset Management LLC has sold 1,287 shares of Alphabet Inc., reducing its stake by 1.4%, and now holds approximately 88,955 shares valued at $15.68 million.
• In recent transactions, several hedge funds have increased their stakes in Alphabet, with Guardian Wealth Management boosting its holdings by 242.9% in the first quarter.
• Alphabet's stock is currently rated as a "Moderate Buy" by analysts, with a recent average target price of $231.31, while the company recently announced a quarterly dividend of $0.21 per share.

Clear Harbor Asset Management LLC trimmed its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 1.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 88,955 shares of the information services provider's stock after selling 1,287 shares during the period. Alphabet makes up approximately 1.2% of Clear Harbor Asset Management LLC's investment portfolio, making the stock its 17th largest holding. Clear Harbor Asset Management LLC's holdings in Alphabet were worth $15,677,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Guardian Wealth Management Inc. increased its stake in Alphabet by 242.9% in the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock valued at $26,000 after buying an additional 119 shares during the last quarter. von Borstel & Associates Inc. bought a new position in shares of Alphabet in the 1st quarter valued at about $28,000. IMA Advisory Services Inc. acquired a new stake in shares of Alphabet in the first quarter valued at about $28,000. NBZ Investment Advisors LLC raised its holdings in Alphabet by 85.7% during the first quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock worth $30,000 after acquiring an additional 90 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. acquired a new position in Alphabet during the first quarter valued at approximately $39,000. 40.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

GOOGL has been the subject of several recent analyst reports. Canaccord Genuity Group increased their price objective on Alphabet from $230.00 to $270.00 and gave the company a "buy" rating in a report on Thursday, September 4th. Bank of America increased their price target on shares of Alphabet from $210.00 to $217.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of Alphabet in a research note on Wednesday, September 3rd. Citizens Jmp raised their target price on shares of Alphabet from $250.00 to $290.00 and gave the company an "outperform" rating in a research note on Friday, September 19th. Finally, BNP Paribas cut Alphabet from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 26th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $231.31.

Insider Buying and Selling

In related news, Director John L. Hennessy sold 600 shares of the firm's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $249.44, for a total transaction of $149,664.00. Following the transaction, the director directly owned 5,716 shares of the company's stock, valued at approximately $1,425,799.04. This trade represents a 9.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total transaction of $8,108,750.00. Following the completion of the sale, the chief executive officer owned 2,397,392 shares of the company's stock, valued at $598,149,304. This trade represents a 1.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 258,088 shares of company stock valued at $52,405,304 in the last 90 days. 11.64% of the stock is currently owned by corporate insiders.

Alphabet Stock Down 1.8%

Shares of GOOGL opened at $247.14 on Thursday. The firm's 50-day simple moving average is $213.46 and its 200 day simple moving average is $181.91. 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 firm has a market cap of $2.99 trillion, a P/E ratio of 26.32, a price-to-earnings-growth ratio of 1.70 and a beta of 1.01. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $256.00.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 return on equity of 34.31% and a net margin of 31.12%. On average, analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, September 8th. Alphabet's payout ratio is presently 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.

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