Exchange Capital Management Inc. Sells 1,501 Shares of Alphabet Inc. $GOOGL

Exchange Capital Management Inc. trimmed its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 1.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 116,505 shares of the information services provider's stock after selling 1,501 shares during the quarter. Alphabet makes up 3.1% of Exchange Capital Management Inc.'s holdings, making the stock its 4th largest holding. Exchange Capital Management Inc.'s holdings in Alphabet were worth $20,532,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Nuveen LLC purchased a new position in shares of Alphabet during the first quarter valued at $4,317,606,000. Vanguard Group Inc. grew its holdings in shares of Alphabet by 2.9% during the first quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock valued at $78,839,544,000 after buying an additional 14,307,345 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Alphabet by 307.6% during the first 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 buying an additional 7,774,811 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Alphabet by 11.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider's stock valued at $6,783,364,000 after buying an additional 4,473,901 shares in the last quarter. Finally, Amundi grew its holdings in shares of Alphabet by 11.8% during the first quarter. Amundi now owns 33,403,871 shares of the information services provider's stock valued at $5,034,992,000 after buying an additional 3,537,173 shares in the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Frances Arnold sold 103 shares of the business's stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $243.13, for a total transaction of $25,042.39. Following the completion of the transaction, the director owned 17,284 shares of the company's stock, valued at approximately $4,202,258.92. The trade was a 0.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Amie Thuener O'toole sold 953 shares of the business's stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $241.20, for a total value of $229,863.60. Following the transaction, the chief accounting officer directly owned 17,294 shares of the company's stock, valued at $4,171,312.80. This represents a 5.22% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 276,738 shares of company stock valued at $59,135,475. 11.64% of the stock is owned by corporate insiders.

Alphabet Price Performance

Shares of NASDAQ:GOOGL opened at $241.53 on Friday. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $256.00. The business has a 50-day moving average of $225.37 and a two-hundred day moving average of $188.04. The stock has a market capitalization of $2.92 trillion, a P/E ratio of 25.72, a P/E/G ratio of 1.65 and a beta of 1.00. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings results 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. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The company had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.60 billion. On average, equities research analysts predict that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were given a $0.21 dividend. The ex-dividend date of this dividend was Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet's payout ratio is currently 8.95%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on GOOGL. Citizens Jmp lifted their price target on Alphabet from $250.00 to $290.00 and gave the company an "outperform" rating in a report on Friday, September 19th. JPMorgan Chase & Co. lifted their price target on Alphabet from $200.00 to $232.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. BNP Paribas downgraded Alphabet from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 26th. DA Davidson lifted their price target on Alphabet from $180.00 to $190.00 and gave the company a "neutral" rating in a report on Tuesday, September 2nd. Finally, Robert W. Baird lifted their price objective on Alphabet from $215.00 to $275.00 and gave the company an "outperform" rating in a research report on Monday, September 22nd. Five investment analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $244.62.

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.

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