Lord Abbett & CO. LLC lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 6.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,488,413 shares of the information services provider's stock after selling 170,465 shares during the quarter. Alphabet comprises about 1.4% of Lord Abbett & CO. LLC's investment portfolio, making the stock its 7th biggest holding. Lord Abbett & CO. LLC's holdings in Alphabet were worth $384,808,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in the stock. Sit Investment Associates Inc. increased its stake in shares of Alphabet by 3.7% during the first quarter. Sit Investment Associates Inc. now owns 286,181 shares of the information services provider's stock valued at $44,255,000 after acquiring an additional 10,218 shares during the period. Holderness Investments Co. increased its stake in shares of Alphabet by 1.8% during the first quarter. Holderness Investments Co. now owns 43,264 shares of the information services provider's stock valued at $6,690,000 after acquiring an additional 750 shares during the period. Boston Partners increased its stake in shares of Alphabet by 6.7% during the first quarter. Boston Partners now owns 6,490,867 shares of the information services provider's stock valued at $1,002,863,000 after acquiring an additional 406,565 shares during the period. Turiya Advisors Asia Ltd acquired a new position in shares of Alphabet during the first quarter valued at approximately $65,165,000. Finally, E Fund Management Co. Ltd. increased its stake in shares of Alphabet by 39.4% during the first quarter. E Fund Management Co. Ltd. now owns 136,737 shares of the information services provider's stock valued at $21,145,000 after acquiring an additional 38,659 shares during the period. Institutional investors and hedge funds own 40.03% of the company's stock.
Wall Street Analysts Forecast Growth
GOOGL has been the subject of a number of research reports. Oppenheimer raised their target price on shares of Alphabet from $185.00 to $200.00 and gave the stock an "outperform" rating in a report on Friday, April 25th. BNP Paribas cut shares of Alphabet from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 26th. Bank of America raised their target price on shares of Alphabet from $210.00 to $217.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. KeyCorp raised their target price on shares of Alphabet from $215.00 to $230.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Finally, Loop Capital restated a "hold" rating and set a $190.00 target price (up from $165.00) on shares of Alphabet in a report on Tuesday, August 5th. Four analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $211.53.
View Our Latest Stock Report on GOOGL
Alphabet Trading Down 0.9%
Shares of NASDAQ:GOOGL opened at $201.57 on Wednesday. The firm has a fifty day moving average of $185.26 and a two-hundred day moving average of $173.20. The firm has a market capitalization of $2.44 trillion, a P/E ratio of 21.47, a price-to-earnings-growth ratio of 1.37 and a beta of 1.01. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $207.05. 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 (NASDAQ:GOOGL - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.15 by $0.16. The company had revenue of $96,428,000 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%. On average, equities analysts expect that Alphabet Inc. will post 8.9 EPS for the current fiscal year.
Alphabet Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.4%. Alphabet's dividend payout ratio (DPR) is 8.95%.
Insider Activity at Alphabet
In other news, Director John L. Hennessy sold 600 shares of the firm's stock in a transaction 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 transaction, the director owned 6,316 shares in the company, valued at approximately $1,287,137.64. This trade represents a 8.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Kent Walker sold 23,820 shares of the firm'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 transaction, the insider owned 42,999 shares in the company, valued at $8,371,905.30. This represents a 35.65% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 242,319 shares of company stock worth $44,243,272. Corporate insiders own 11.55% of the company's stock.
About Alphabet
(
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.
Further Reading
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