ICONIQ Capital LLC Decreases Stake in Alphabet Inc. $GOOGL

Key Points

• ICONIQ Capital LLC has reduced its stake in Alphabet Inc. by 81.1% in Q1, now holding only 36,150 shares valued at $5.59 million after selling off 155,148 shares.
• Multiple institutional investors have adjusted their holdings in Alphabet, with some increasing their stakes by small percentages during the first quarter.
• Analysts have set new price targets for Alphabet, with Wedbush increasing its target from $200 to $225, indicating an overall positive outlook with a consensus target price of $211.53.

ICONIQ Capital LLC lowered its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 81.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 36,150 shares of the information services provider's stock after selling 155,148 shares during the quarter. ICONIQ Capital LLC's holdings in Alphabet were worth $5,590,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Nia Impact Advisors LLC lifted its holdings in Alphabet by 0.3% during the 4th quarter. Nia Impact Advisors LLC now owns 17,161 shares of the information services provider's stock worth $3,249,000 after buying an additional 59 shares during the last quarter. Enzi Wealth lifted its holdings in Alphabet by 2.5% during the 1st quarter. Enzi Wealth now owns 2,561 shares of the information services provider's stock worth $408,000 after buying an additional 62 shares during the last quarter. Whipplewood Advisors LLC lifted its stake in Alphabet by 1.2% during the first quarter. Whipplewood Advisors LLC now owns 5,438 shares of the information services provider's stock worth $817,000 after purchasing an additional 67 shares during the last quarter. Aspire Capital Advisors LLC lifted its stake in Alphabet by 1.0% during the first quarter. Aspire Capital Advisors LLC now owns 7,020 shares of the information services provider's stock worth $1,086,000 after purchasing an additional 67 shares during the last quarter. Finally, Rainey & Randall Wealth Advisors Inc. lifted its stake in Alphabet by 2.1% during the first quarter. Rainey & Randall Wealth Advisors Inc. now owns 3,209 shares of the information services provider's stock worth $496,000 after purchasing an additional 67 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GOOGL has been the subject of several recent analyst reports. Wedbush boosted their target price on Alphabet from $200.00 to $225.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. JPMorgan Chase & Co. boosted their price objective on shares of Alphabet from $200.00 to $232.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Bank of America boosted their price target on shares of Alphabet from $210.00 to $217.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Barclays boosted their price target on shares of Alphabet from $220.00 to $235.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Finally, 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. Four investment analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $211.53.

Insider Activity

In other Alphabet news, insider John Kent Walker sold 23,820 shares of the company's stock in a transaction on 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 completion of the transaction, the insider owned 42,999 shares in the company, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction on Wednesday, July 2nd. The stock was 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 approximately $456,991,919.84. The trade was a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 254,719 shares of company stock worth $47,223,172 in the last 90 days. Corporate insiders own 11.55% of the company's stock.

Alphabet Stock Down 0.6%

GOOGL opened at $207.14 on Wednesday. The business has a 50 day moving average price of $188.07 and a two-hundred day moving average price of $173.51. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a market cap of $2.51 trillion, a PE ratio of 22.06, a P/E/G ratio of 1.40 and a beta of 1.01. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $210.52.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating the consensus estimate of $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The firm had revenue of $96,428,000 billion during the quarter, compared to the consensus estimate of $93.60 billion. As a group, research analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Announces Dividend

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

Alphabet Profile

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.

Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOGL - Free Report).

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.