Core Alternative Capital Sells 14,813 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Core Alternative Capital reduced its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 35.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 26,472 shares of the information services provider's stock after selling 14,813 shares during the quarter. Core Alternative Capital's holdings in Alphabet were worth $4,094,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. FMR LLC boosted its position in shares of Alphabet by 9.8% during the fourth quarter. FMR LLC now owns 248,416,916 shares of the information services provider's stock valued at $47,025,322,000 after purchasing an additional 22,100,902 shares in the last quarter. Norges Bank bought a new stake in shares of Alphabet during the fourth quarter valued at approximately $24,383,677,000. Price T Rowe Associates Inc. MD boosted its position in shares of Alphabet by 8.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 98,638,127 shares of the information services provider's stock valued at $18,672,198,000 after purchasing an additional 7,574,417 shares in the last quarter. Capital Research Global Investors boosted its position in shares of Alphabet by 16.2% during the fourth quarter. Capital Research Global Investors now owns 72,033,086 shares of the information services provider's stock valued at $13,635,878,000 after purchasing an additional 10,037,685 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Alphabet by 17.0% during the fourth quarter. Northern Trust Corp now owns 69,616,854 shares of the information services provider's stock valued at $13,178,470,000 after purchasing an additional 10,135,430 shares in the last quarter. 40.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director John L. Hennessy sold 600 shares of the stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $105,000.00. Following the completion of the sale, the director owned 6,813 shares in the company, valued at approximately $1,192,275. This trade represents a 8.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total value of $5,801,900.00. Following the sale, the chief executive officer owned 2,559,892 shares of the company's stock, valued at $456,991,919.84. This represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 215,643 shares of company stock worth $36,330,928. 11.64% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on GOOGL shares. Piper Sandler lifted their price objective on Alphabet from $185.00 to $195.00 and gave the company an "overweight" rating in a research note on Friday, April 25th. Roth Capital reiterated a "buy" rating and set a $205.00 price objective (up previously from $180.00) on shares of Alphabet in a research note on Tuesday. JMP Securities upgraded Alphabet from a "market perform" rating to a "market outperform" rating and set a $220.00 price objective for the company in a research note on Friday, June 27th. Citizens Jmp upgraded Alphabet from a "market perform" rating to an "outperform" rating and set a $220.00 price objective for the company in a research note on Friday, June 27th. Finally, Bank of America lifted their price objective on Alphabet from $185.00 to $200.00 and gave the company a "buy" rating in a research note on Friday, April 25th. Ten research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $199.61.

Alphabet Stock Performance

Shares of GOOGL opened at $180.19 on Friday. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.03. The business has a 50-day simple moving average of $170.32 and a two-hundred day simple moving average of $173.31. The stock has a market cap of $2.19 trillion, a price-to-earnings ratio of 20.09, a PEG ratio of 1.27 and a beta of 1.00. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $207.05.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.02 by $0.79. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. The firm had revenue of $76.49 billion during the quarter, compared to analysts' expectations of $89.30 billion. During the same quarter last year, the business posted $1.89 earnings per share. On average, analysts expect that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 9th were given a dividend of $0.21 per share. The ex-dividend date was Monday, June 9th. This represents a $0.84 annualized dividend and a dividend yield of 0.47%. This is a boost from Alphabet's previous quarterly dividend of $0.20. Alphabet's dividend payout ratio (DPR) is currently 9.36%.

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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