Sunpointe LLC trimmed its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 24.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,439 shares of the information services provider's stock after selling 4,017 shares during the period. Alphabet makes up 1.0% of Sunpointe LLC's investment portfolio, making the stock its 27th biggest holding. Sunpointe LLC's holdings in Alphabet were worth $1,924,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of GOOGL. Guardian Wealth Management Inc. grew its position in shares of Alphabet by 242.9% during the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock valued at $26,000 after purchasing an additional 119 shares in the last quarter. von Borstel & Associates Inc. purchased a new position in shares of Alphabet during the 1st quarter valued at $28,000. IMA Advisory Services Inc. purchased a new position in shares of Alphabet during the 1st quarter valued at $28,000. Financial Gravity Asset Management Inc. purchased a new position in shares of Alphabet during the 1st quarter valued at $39,000. Finally, Elite Financial Inc. purchased a new position in shares of Alphabet during the 1st quarter valued at $42,000. 40.03% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity
In other news, Director John L. Hennessy sold 400 shares of the stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $181.98, for a total transaction of $72,792.00. Following the sale, the director owned 6,013 shares in the company, valued at $1,094,245.74. This represents a 6.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kavitark Ram Shriram sold 18,566 shares of the stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the sale, the director owned 243,400 shares in the company, valued at approximately $45,213,984. The trade was a 7.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 249,399 shares of company stock worth $43,525,794 over the last 90 days. 11.55% of the stock is currently owned by insiders.
Alphabet Price Performance
Shares of GOOGL opened at $195.04 on Tuesday. The stock has a market cap of $2.36 trillion, a PE ratio of 20.77, a price-to-earnings-growth ratio of 1.28 and a beta of 1.01. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $207.05. The firm's 50-day simple moving average is $178.85 and its two-hundred day simple moving average is $172.81.
Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping analysts' consensus estimates of $2.15 by $0.16. The business had revenue of $96,428,000 billion for the quarter, compared to analysts' expectations of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.
Alphabet Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be issued 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 dividend yield of 0.4%. Alphabet's dividend payout ratio is presently 8.95%.
Wall Street Analyst Weigh In
A number of research firms have recently commented on GOOGL. 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. Barclays upped their target price on shares of Alphabet from $220.00 to $235.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Sanford C. Bernstein upped their target price on shares of Alphabet from $185.00 to $195.00 and gave the stock a "market perform" rating in a research report on Tuesday, July 22nd. Needham & Company LLC upped their target price on shares of Alphabet from $210.00 to $220.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Finally, Piper Sandler upped their target price on shares of Alphabet from $195.00 to $220.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Ten investment analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $211.39.
View Our Latest Research Report on Alphabet
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.
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