Douglas Lane & Associates LLC reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 14.1% in the second quarter, according to its most recent filing with the SEC. The fund owned 200,204 shares of the information services provider's stock after selling 32,981 shares during the period. Douglas Lane & Associates LLC's holdings in Alphabet were worth $35,282,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Mystic Asset Management Inc. lifted its stake in Alphabet by 6.7% in the first quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider's stock worth $4,400,000 after purchasing an additional 1,791 shares during the last quarter. Harbour Trust & Investment Management Co lifted its stake in Alphabet by 0.3% in the first quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider's stock worth $4,187,000 after purchasing an additional 80 shares during the last quarter. Cypress Capital LLC lifted its stake in Alphabet by 4.1% in the first quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock worth $2,213,000 after purchasing an additional 563 shares during the last quarter. Bridgeway Capital Management LLC lifted its stake in Alphabet by 17.9% in the first quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider's stock worth $13,637,000 after purchasing an additional 13,371 shares during the last quarter. Finally, Alaethes Wealth LLC lifted its stake in Alphabet by 1.1% in the first quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider's stock worth $1,182,000 after purchasing an additional 84 shares during the last quarter. 40.03% of the stock is owned by institutional investors.
Insider Buying and Selling at Alphabet
In other news, Director Kavitark Ram Shriram sold 15,000 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 transaction of $2,786,400.00. Following the sale, the director owned 240,400 shares in the company, valued at $44,656,704. This represents a 5.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John L. Hennessy sold 600 shares of the stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $203.79, for a total transaction of $122,274.00. Following the sale, the director owned 6,316 shares in the company, valued at approximately $1,287,137.64. The trade was a 8.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 254,710 shares of company stock worth $49,208,380 in the last ninety days. 11.64% of the stock is owned by company insiders.
Alphabet Price Performance
Shares of GOOGL opened at $240.80 on Friday. The stock has a market cap of $2.91 trillion, a PE ratio of 25.64, a price-to-earnings-growth ratio of 1.62 and a beta of 1.01. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $242.25. The firm's 50-day simple moving average is $201.89 and its two-hundred day simple moving average is $177.51.
Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping analysts' consensus estimates of $2.15 by $0.16. The business had revenue of $96.43 billion for the quarter, compared to analysts' expectations of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.
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 issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Monday, September 8th. Alphabet's dividend payout ratio is 8.95%.
Analyst Upgrades and Downgrades
GOOGL has been the subject of several recent analyst reports. Stifel Nicolaus upped their price objective on shares of Alphabet from $200.00 to $218.00 and gave the company a "buy" rating in a research note on Tuesday, July 22nd. Guggenheim boosted their price target on shares of Alphabet from $190.00 to $210.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Susquehanna boosted their price target on shares of Alphabet from $220.00 to $225.00 and gave the company a "positive" rating in a research report on Thursday, July 24th. Canaccord Genuity Group boosted their price target on shares of Alphabet from $230.00 to $270.00 and gave the company a "buy" rating in a research report on Thursday, September 4th. Finally, KeyCorp boosted their price target on shares of Alphabet from $230.00 to $265.00 and gave the company an "overweight" rating in a research report on Wednesday, September 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $221.44.
View Our Latest Research Report on Alphabet
Alphabet Company Profile
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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.
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