DoubleLine ETF Adviser LP Decreases Holdings in Alphabet Inc. $GOOG

Key Points

• DoubleLine ETF Adviser LP reduced its stake in Alphabet Inc. by 27.4%, selling 12,990 shares during the first quarter, leaving it with a total of 34,417 shares.
• Alphabet reported $96.43 billion in revenue for the last quarter, exceeding analyst estimates of $93.67 billion, and an earnings per share of $2.31, beating expectations by $0.19.
• The company declared a quarterly dividend of $0.21 per share, with an ex-dividend date of September 8th, representing a 0.4% yield and an annualized dividend of $0.84.

DoubleLine ETF Adviser LP trimmed its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 27.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 34,417 shares of the information services provider's stock after selling 12,990 shares during the period. Alphabet makes up about 1.8% of DoubleLine ETF Adviser LP's portfolio, making the stock its 11th biggest position. DoubleLine ETF Adviser LP's holdings in Alphabet were worth $5,377,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Alphabet by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider's stock valued at $64,299,725,000 after purchasing an additional 9,687,855 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Alphabet by 9.9% in the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider's stock valued at $15,971,861,000 after purchasing an additional 9,243,959 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Alphabet by 2.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 34,103,417 shares of the information services provider's stock valued at $6,494,655,000 after purchasing an additional 769,335 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of Alphabet by 5.0% in the 4th quarter. Janus Henderson Group PLC now owns 30,827,999 shares of the information services provider's stock valued at $5,870,944,000 after purchasing an additional 1,467,805 shares during the last quarter. Finally, Deutsche Bank AG lifted its stake in shares of Alphabet by 5.4% in the 1st quarter. Deutsche Bank AG now owns 21,345,784 shares of the information services provider's stock valued at $3,334,852,000 after purchasing an additional 1,098,996 shares during the last quarter. 27.26% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on GOOG. Raymond James Financial reaffirmed an "outperform" rating and issued a $210.00 price objective (up from $185.00) on shares of Alphabet in a research note on Thursday, July 24th. BNP Paribas downgraded Alphabet from a "strong-buy" rating to a "hold" rating in a research report on Thursday, June 26th. Oppenheimer reaffirmed an "outperform" rating and issued a $270.00 price objective (up previously from $235.00) on shares of Alphabet in a research report on Wednesday. Cowen reaffirmed a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, Pivotal Research upped their price objective on Alphabet from $245.00 to $300.00 and gave the company a "buy" rating in a research report on Wednesday. Five analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, six have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Alphabet has an average rating of "Moderate Buy" and a consensus price target of $227.56.

Alphabet Trading Up 1.1%

Shares of NASDAQ GOOG traded up $2.51 during trading hours on Friday, reaching $235.17. The stock had a trading volume of 26,091,032 shares, compared to its average volume of 21,868,892. 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 firm has a market cap of $2.84 trillion, a price-to-earnings ratio of 25.04, a P/E/G ratio of 1.58 and a beta of 1.01. The business's fifty day moving average price is $196.65 and its two-hundred day moving average price is $176.82. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $236.13.

Alphabet (NASDAQ:GOOG - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.12 by $0.19. The firm had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.Alphabet's quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.89 earnings per share. Analysts expect that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet's dividend payout ratio (DPR) is presently 8.95%.

Insider Buying and Selling at Alphabet

In related news, Director John L. Hennessy sold 1,000 shares of Alphabet stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $200.00, for a total transaction of $200,000.00. Following the transaction, the director directly owned 6,916 shares of the company's stock, valued at $1,383,200. This trade represents a 12.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction that occurred on 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 transaction, the director directly owned 243,400 shares in the company, valued at approximately $45,213,984. The trade was a 7.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 254,710 shares of company stock valued at $49,208,380. 12.99% of the stock is owned by corporate insiders.

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.