Concentric Capital Strategies LP Sells 74,697 Shares of Alphabet Inc. $GOOGL

Key Points

• Concentric Capital Strategies LP significantly reduced its stake in Alphabet Inc. by 90.5%, selling 74,697 shares during the first quarter, now holding only 7,832 shares worth approximately $1.21 million.
• Several equity analysts have recently issued buy ratings on Alphabet, with price targets ranging from $200.00 to $270.00, indicating positive sentiment among market experts.
• Alphabet announced a quarterly dividend of $0.21 per share, which represents a yield of 0.4%, with the ex-dividend date set for September 8th.

Concentric Capital Strategies LP trimmed its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 90.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,832 shares of the information services provider's stock after selling 74,697 shares during the period. Concentric Capital Strategies LP's holdings in Alphabet were worth $1,211,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of GOOGL. Nuveen LLC acquired a new stake in shares of Alphabet during the 1st quarter valued at $4,317,606,000. GAMMA Investing LLC lifted its stake in shares of Alphabet by 16,993.2% in the 1st quarter. GAMMA Investing LLC now owns 16,062,457 shares of the information services provider's stock valued at $2,483,898,000 after purchasing an additional 15,968,487 shares during the last quarter. Vanguard Group Inc. lifted its stake 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 valued at $78,839,544,000 after purchasing an additional 14,307,345 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Alphabet by 307.6% in the 1st quarter. Assenagon Asset Management S.A. now owns 10,302,644 shares of the information services provider's stock valued at $1,593,201,000 after purchasing an additional 7,774,811 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Alphabet in the 4th quarter valued at $1,375,509,000. Institutional investors and hedge funds own 40.03% of the company's stock.

Alphabet Price Performance

Alphabet stock traded up $2.70 during trading hours on Friday, hitting $235.00. 46,562,292 shares of the stock were exchanged, compared to its average volume of 33,713,716. 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 capitalization of $2.84 trillion, a P/E ratio of 25.03, a P/E/G ratio of 1.58 and a beta of 1.01. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $235.76. The business's 50-day moving average is $195.79 and its two-hundred day moving average is $175.41.

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 for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $93.60 billion. Equities research analysts expect that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Monday, September 8th. Alphabet's dividend payout ratio is presently 8.95%.

Analysts Set New Price Targets

Several research firms recently issued reports on GOOGL. Royal Bank Of Canada lifted their price objective on shares of Alphabet from $220.00 to $260.00 and gave the company an "outperform" rating in a research note on Wednesday. Guggenheim boosted their target price on shares of Alphabet from $190.00 to $210.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Bank of America upped their price target on Alphabet from $210.00 to $217.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Wall Street Zen cut shares of Alphabet from a "buy" rating to a "hold" rating in a research note on Friday. Finally, Cantor Fitzgerald upped their target price on shares of Alphabet from $196.00 to $201.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Four research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $222.33.

Insider Activity at Alphabet

In related news, Director Kavitark Ram Shriram sold 18,566 shares of the stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $3,448,820.16. Following the transaction, the director directly owned 243,400 shares in the company, valued at $45,213,984. This represents a 7.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $199.92, for a total transaction of $6,497,400.00. Following the completion of the sale, the chief executive officer owned 2,462,392 shares in the company, valued at approximately $492,281,408.64. This trade represents a 1.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 254,710 shares of company stock valued at $49,208,380 over the last ninety days. Company insiders own 11.64% of the company's stock.

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.