Credit Capital Investments LLC lowered its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 37.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,600 shares of the information services provider's stock after selling 3,900 shares during the period. Alphabet accounts for 1.8% of Credit Capital Investments LLC's holdings, making the stock its 13th largest holding. Credit Capital Investments LLC's holdings in Alphabet were worth $1,031,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Concentrum Wealth Management boosted its position in Alphabet by 0.3% in the fourth quarter. Concentrum Wealth Management now owns 17,328 shares of the information services provider's stock valued at $3,300,000 after buying an additional 57 shares in the last quarter. JDM Financial Group LLC raised its stake in shares of Alphabet by 10.6% during the fourth quarter. JDM Financial Group LLC now owns 593 shares of the information services provider's stock valued at $113,000 after acquiring an additional 57 shares during the last quarter. Objectivity Squared LLC raised its stake in shares of Alphabet by 0.4% during the first quarter. Objectivity Squared LLC now owns 16,342 shares of the information services provider's stock valued at $2,605,000 after acquiring an additional 62 shares during the last quarter. Tranquility Partners LLC raised its stake in shares of Alphabet by 0.4% during the first quarter. Tranquility Partners LLC now owns 14,488 shares of the information services provider's stock valued at $2,263,000 after acquiring an additional 63 shares during the last quarter. Finally, Stonebridge Financial Group LLC raised its stake in shares of Alphabet by 0.6% during the first quarter. Stonebridge Financial Group LLC now owns 10,648 shares of the information services provider's stock valued at $1,664,000 after acquiring an additional 64 shares during the last quarter. Institutional investors and hedge funds own 27.26% of the company's stock.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on GOOG shares. Needham & Company LLC downgraded shares of Alphabet from a "buy" rating to a "cautious" rating in a research note on Friday, May 2nd. Raymond James Financial reaffirmed an "outperform" rating and set a $210.00 price target (up previously from $185.00) on shares of Alphabet in a research note on Thursday, July 24th. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $171.00 price target on shares of Alphabet in a research note on Friday, April 25th. Susquehanna reaffirmed a "positive" rating on shares of Alphabet in a research note on Friday, May 2nd. Finally, UBS Group raised their price target on shares of Alphabet from $186.00 to $192.00 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have given a buy rating and five have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $215.19.
View Our Latest Analysis on Alphabet
Insider Transactions at Alphabet
In other news, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction dated Friday, July 18th. The shares were 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 directly owned 243,400 shares in the company, valued at $45,213,984. This trade represents a 7.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 249,399 shares of company stock valued at $43,525,794 over the last quarter. Corporate insiders own 12.99% of the company's stock.
Alphabet Trading Down 1.5%
NASDAQ:GOOG opened at $189.95 on Monday. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $2.30 trillion, a price-to-earnings ratio of 20.23, a PEG ratio of 1.26 and a beta of 1.02. The firm has a fifty day simple moving average of $179.37 and a two-hundred day simple moving average of $174.39. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $208.70.
Alphabet (NASDAQ:GOOG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping analysts' consensus estimates of $2.12 by $0.19. The business had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The business's quarterly revenue was up 13.8% on a year-over-year basis. During the same period last year, the company posted $1.89 earnings per share. Analysts expect that Alphabet Inc. will post 8.89 EPS for the current fiscal year.
Alphabet Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be issued 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 (DPR) is currently 8.95%.
Alphabet Profile
(
Free Report)
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.
Further Reading
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Alphabet, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Alphabet wasn't on the list.
While Alphabet currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
