Gulf International Bank UK Ltd Decreases Stock Position in Alphabet Inc. $GOOGL

Key Points

• Gulf International Bank UK Ltd has reduced its stake in Alphabet Inc. by 26.7%, making it the bank's 6th largest position with $51.9 million in holdings.
• Several institutional investors, including Vanguard Group and Price T Rowe Associates, have increased their stakes in Alphabet, reflecting ongoing confidence in the company's performance.
• Wall Street analysts have raised their target prices for Alphabet shares, with a consensus rating of "Moderate Buy" and a consensus target price of approximately $211.53.

Gulf International Bank UK Ltd lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 26.7% in the first quarter, according to its most recent filing with the SEC. The firm owned 335,863 shares of the information services provider's stock after selling 122,595 shares during the quarter. Alphabet comprises approximately 1.8% of Gulf International Bank UK Ltd's holdings, making the stock its 6th largest position. Gulf International Bank UK Ltd's holdings in Alphabet were worth $51,937,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Mystic Asset Management Inc. boosted its stake in Alphabet by 6.7% during the 1st quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider's stock valued at $4,400,000 after purchasing an additional 1,791 shares during the period. Harbour Trust & Investment Management Co boosted its stake in Alphabet by 0.3% during the 1st quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider's stock valued at $4,187,000 after purchasing an additional 80 shares during the period. Rockbridge Capital Management LLC bought a new stake in Alphabet during the 4th quarter valued at approximately $3,119,000. Cypress Capital LLC boosted its stake in Alphabet by 4.1% during the 1st quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock valued at $2,213,000 after purchasing an additional 563 shares during the period. Finally, Optivise Advisory Services LLC boosted its stake in Alphabet by 8.0% during the 4th quarter. Optivise Advisory Services LLC now owns 5,464 shares of the information services provider's stock valued at $1,035,000 after purchasing an additional 403 shares during the period. 40.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have commented on the company. JPMorgan Chase & Co. upped 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. Cantor Fitzgerald upped their price target on Alphabet from $196.00 to $201.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. BNP Paribas lowered Alphabet from a "strong-buy" rating to a "hold" rating in a research report on Thursday, June 26th. Wells Fargo & Company increased their price objective on Alphabet from $184.00 to $187.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 29th. Finally, Royal Bank Of Canada increased their price objective on Alphabet from $200.00 to $220.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, Alphabet presently has an average rating of "Moderate Buy" and a consensus target price of $211.53.

Alphabet Stock Up 0.3%

Shares of NASDAQ:GOOGL traded up $0.5420 during midday trading on Thursday, reaching $199.8620. The company had a trading volume of 10,988,402 shares, compared to its average volume of 36,272,508. The business's 50 day moving average price is $185.70 and its 200 day moving average price is $173.38. The stock has a market cap of $2.42 trillion, a PE ratio of 21.28, a P/E/G ratio of 1.36 and a beta of 1.01. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $207.05.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) 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 business had revenue of $96,428,000 billion for the quarter, compared to the consensus estimate of $93.60 billion. Research analysts forecast that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet's dividend payout ratio (DPR) is currently 8.95%.

Insider Transactions at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $196.23, for a total transaction of $6,377,475.00. Following the sale, the chief executive officer owned 2,494,892 shares of the company's stock, valued at $489,572,657.16. The trade was a 1.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John Kent Walker sold 23,820 shares of the company's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the sale, the insider owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. The trade was a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 222,219 shares of company stock valued at $40,725,772. Corporate insiders own 11.64% of the company's stock.

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.