Alphabet Inc. (NASDAQ:GOOGL) is Close Asset Management Ltd's 4th Largest Position

Key Points

• Close Asset Management Ltd reduced its holdings in Alphabet Inc. by 16.9%, selling 268,231 shares and now owns 1,315,611 shares, valuing approximately $203.3 million.
• Alphabet announced a quarterly dividend of $0.21 per share, representing an annualized dividend of $0.84 with a yield of 0.43%.
• Analysts have recently upgraded their target prices for Alphabet, with JMP Securities raising it to $225.00, and Piper Sandler to $220.00, reflecting a generally positive outlook on the stock.

Close Asset Management Ltd lessened its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 16.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,315,611 shares of the information services provider's stock after selling 268,231 shares during the quarter. Alphabet accounts for approximately 5.8% of Close Asset Management Ltd's holdings, making the stock its 4th biggest position. Close Asset Management Ltd's holdings in Alphabet were worth $203,328,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. von Borstel & Associates Inc. purchased a new position in Alphabet during the first quarter valued at $28,000. Financial Gravity Asset Management Inc. bought a new position in shares of Alphabet in the first quarter worth about $39,000. Elite Financial Inc. bought a new position in shares of Alphabet in the first quarter worth about $42,000. Anderson Financial Strategies LLC purchased a new position in shares of Alphabet during the 4th quarter valued at about $49,000. Finally, EQ Wealth Advisors LLC bought a new position in shares of Alphabet during the 1st quarter valued at approximately $49,000. Institutional investors own 40.03% of the company's stock.

Alphabet Stock Performance

GOOGL stock traded up $0.78 during midday trading on Wednesday, reaching $196.53. The stock had a trading volume of 32,265,287 shares, compared to its average volume of 37,021,776. The firm has a fifty day simple moving average of $177.49 and a two-hundred day simple moving average of $173.11. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $207.05. 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 stock has a market cap of $2.38 trillion, a PE ratio of 20.93, a P/E/G ratio of 1.30 and a beta of 1.00.

Alphabet Announces Dividend

The firm also recently disclosed 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 0.43%. The ex-dividend date is Monday, September 8th. Alphabet's payout ratio is 8.95%.

Insider Transactions at Alphabet

In other Alphabet news, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the completion of the transaction, the director owned 243,400 shares in the company, valued at approximately $45,213,984. This trade represents a 7.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John L. Hennessy sold 400 shares of the company's stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $181.98, for a total value of $72,792.00. Following the completion of the sale, the director owned 6,013 shares in the company, valued at $1,094,245.74. The trade was a 6.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 249,298 shares of company stock worth $43,505,967 over the last 90 days. 11.64% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on GOOGL. Truist Financial restated a "buy" rating and set a $200.00 target price on shares of Alphabet in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. raised their price objective on shares of Alphabet from $200.00 to $232.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. BNP Paribas Exane reaffirmed a "neutral" rating and issued a $172.00 target price on shares of Alphabet in a report on Friday, June 27th. Piper Sandler raised their price target on Alphabet from $195.00 to $220.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Finally, Bank of America boosted their price objective on Alphabet from $210.00 to $217.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Ten analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $211.39.

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.