Riverbridge Partners LLC Sells 8,409 Shares of Alphabet Inc. $GOOGL

Key Points

• Riverbridge Partners LLC has reduced its stake in Alphabet Inc. by 2.6%, selling 8,409 shares during the second quarter, leaving it with 318,643 shares valued at $56.15 million.
• Multiple institutional investors, including Mystic Asset Management and Bridgeway Capital, have recently increased their holdings in Alphabet, indicating a 40.03% ownership by hedge funds and other institutional investors.
• Alphabet reported a quarterly earnings of $2.31 EPS, exceeding expectations, with plans to pay a dividend of $0.21 per share, representing a 0.3% yield.

Riverbridge Partners LLC reduced its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 2.6% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 318,643 shares of the information services provider's stock after selling 8,409 shares during the period. Riverbridge Partners LLC's holdings in Alphabet were worth $56,154,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mystic Asset Management Inc. increased its holdings in Alphabet by 6.7% in the 1st quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider's stock worth $4,400,000 after acquiring an additional 1,791 shares in the last quarter. Harbour Trust & Investment Management Co boosted its position in shares of 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 acquiring an additional 80 shares during the last quarter. Cypress Capital LLC lifted its position in Alphabet by 4.1% in the first quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock valued at $2,213,000 after buying an additional 563 shares during the last quarter. Bridgeway Capital Management LLC lifted its position in Alphabet by 17.9% in the first quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider's stock valued at $13,637,000 after buying an additional 13,371 shares during the last quarter. Finally, Alaethes Wealth LLC lifted its position in Alphabet by 1.1% in the first quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider's stock valued at $1,182,000 after buying an additional 84 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Wall Street Zen cut shares of Alphabet from a "buy" rating to a "hold" rating in a research report on Sunday, September 21st. Roth Capital raised their price objective on shares of Alphabet from $205.00 to $210.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Barclays increased their price target on shares of Alphabet from $235.00 to $250.00 and gave the company an "overweight" rating in a research note on Wednesday, September 3rd. Loop Capital reiterated a "hold" rating and issued a $190.00 price target (up from $165.00) on shares of Alphabet in a research note on Tuesday, August 5th. Finally, Canaccord Genuity Group raised their target price on shares of Alphabet from $230.00 to $270.00 and gave the stock a "buy" rating in a research report on Thursday, September 4th. Three research analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, Alphabet has an average rating of "Moderate Buy" and an average price target of $233.44.

Alphabet Trading Up 0.3%

Alphabet stock opened at $246.54 on Monday. The stock has a market cap of $2.98 trillion, a PE ratio of 26.26, a P/E/G ratio of 1.66 and a beta of 1.01. The stock has a 50-day moving average price of $215.93 and a 200 day moving average price of $183.28. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $256.00. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07.

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 company had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. Equities research analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were issued a dividend of $0.21 per share. The ex-dividend date 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 presently 8.95%.

Insider Buying and Selling

In related news, Director Kavitark Ram Shriram sold 18,566 shares of the business's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the transaction, the director directly owned 243,400 shares of the company's stock, valued at approximately $45,213,984. The trade was a 7.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Amie Thuener O'toole sold 2,778 shares of the business's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $245.00, for a total value of $680,610.00. Following the transaction, the chief accounting officer directly owned 17,293 shares in the company, valued at $4,236,785. This trade represents a 13.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 257,866 shares of company stock valued at $52,363,610. Insiders own 11.55% 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.

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