Intech Investment Management LLC Decreases Stock Holdings in Alphabet Inc. $GOOGL

Key Points

• Intech Investment Management LLC has reduced its stake in Alphabet Inc. by 25.6%, now holding 661,238 shares valued at approximately $102.25 million, marking it as the firm's 12th largest holding.
• Several other hedge funds have adjusted their positions in Alphabet, including Focus Partners Wealth, which increased its holdings by 11.0%, now owning over $328 million in shares.
• Alphabet's recent quarterly earnings revealed $2.31 EPS, surpassing expectations, alongside a announced quarterly dividend of $0.21 per share scheduled for payment on September 15th.

Intech Investment Management LLC trimmed its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 25.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 661,238 shares of the information services provider's stock after selling 227,744 shares during the period. Alphabet makes up 1.1% of Intech Investment Management LLC's investment portfolio, making the stock its 12th largest holding. Intech Investment Management LLC's holdings in Alphabet were worth $102,254,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Focus Partners Wealth increased its holdings in Alphabet by 11.0% during the first quarter. Focus Partners Wealth now owns 2,126,417 shares of the information services provider's stock valued at $328,799,000 after buying an additional 211,213 shares during the last quarter. Capital Impact Advisors LLC bought a new position in shares of Alphabet during the first quarter worth $17,468,000. Flaharty Asset Management LLC bought a new position in shares of Alphabet during the first quarter worth $113,000. Strive Asset Management LLC lifted its position in Alphabet by 41.1% during the first quarter. Strive Asset Management LLC now owns 1,625 shares of the information services provider's stock valued at $251,000 after purchasing an additional 473 shares during the last quarter. Finally, Integrity Alliance LLC. lifted its position in Alphabet by 346.9% during the first quarter. Integrity Alliance LLC. now owns 101,698 shares of the information services provider's stock valued at $15,727,000 after purchasing an additional 78,941 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Alphabet news, insider John Kent Walker sold 23,820 shares of the business's stock in a transaction that occurred 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 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John L. Hennessy sold 1,000 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $200.00, for a total transaction of $200,000.00. Following the sale, the director directly owned 6,916 shares in the company, valued at approximately $1,383,200. This represents a 12.63% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 254,710 shares of company stock worth $49,208,380. Insiders own 11.55% of the company's stock.

Wall Street Analyst Weigh In

GOOGL has been the subject of several analyst reports. Loop Capital restated a "hold" rating and issued a $190.00 target price (up previously from $165.00) on shares of Alphabet in a report on Tuesday, August 5th. Westpark Capital raised their target price on shares of Alphabet from $210.00 to $220.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Citizens Jmp upgraded shares of Alphabet from a "market perform" rating to an "outperform" rating and set a $220.00 target price for the company in a report on Friday, June 27th. Stifel Nicolaus raised their target price on shares of Alphabet from $200.00 to $218.00 and gave the stock a "buy" rating in a report on Tuesday, July 22nd. Finally, Wells Fargo & Company lifted their price objective on shares of Alphabet from $184.00 to $187.00 and gave the company an "equal weight" rating in a report on Tuesday, July 29th. Three research analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $221.44.

Alphabet Trading Up 2.4%

NASDAQ:GOOGL opened at $239.63 on Wednesday. Alphabet Inc. has a one year low of $140.53 and a one year high of $240.47. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The firm has a market cap of $2.90 trillion, a P/E ratio of 25.52, a P/E/G ratio of 1.57 and a beta of 1.01. The firm has a 50-day simple moving average of $198.22 and a 200-day simple moving average of $176.17.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings results 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. The business had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Equities analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

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

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