Teacher Retirement System of Texas lessened its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 28.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,681,633 shares of the information services provider's stock after selling 1,092,115 shares during the quarter. Alphabet makes up 1.7% of Teacher Retirement System of Texas' holdings, making the stock its 7th biggest position. Teacher Retirement System of Texas' holdings in Alphabet were worth $414,688,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Clune & Associates LTD. raised its position in Alphabet by 38.7% during the first quarter. Clune & Associates LTD. now owns 3,234 shares of the information services provider's stock worth $500,000 after acquiring an additional 902 shares during the period. Latitude Advisors LLC increased its stake in shares of Alphabet by 15.3% during the first quarter. Latitude Advisors LLC now owns 5,652 shares of the information services provider's stock worth $874,000 after purchasing an additional 752 shares in the last quarter. Heritage Oak Wealth Advisors LLC raised its position in shares of Alphabet by 14.5% during the 1st quarter. Heritage Oak Wealth Advisors LLC now owns 1,651 shares of the information services provider's stock worth $255,000 after purchasing an additional 209 shares during the last quarter. Revisor Wealth Management LLC raised its position in shares of Alphabet by 95.1% during the 1st quarter. Revisor Wealth Management LLC now owns 8,750 shares of the information services provider's stock worth $1,353,000 after purchasing an additional 4,265 shares during the last quarter. Finally, Weaver Consulting Group lifted its stake in Alphabet by 10.0% in the 1st quarter. Weaver Consulting Group now owns 10,592 shares of the information services provider's stock valued at $1,638,000 after buying an additional 963 shares in the last quarter. Hedge funds and other institutional investors own 40.03% of the company's stock.
Insider Transactions at Alphabet
In related news, Director John L. Hennessy sold 600 shares of the company's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total value of $105,000.00. Following the completion of the transaction, the director directly owned 6,813 shares in the company, valued at approximately $1,192,275. This represents a 8.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total value of $5,801,900.00. Following the transaction, the chief executive officer owned 2,559,892 shares in the company, valued at $456,991,919.84. This trade represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 215,643 shares of company stock worth $36,330,928 over the last ninety days. 11.64% of the stock is currently owned by corporate insiders.
Alphabet Price Performance
GOOGL stock traded up $2.57 on Friday, reaching $180.19. The company had a trading volume of 34,243,157 shares, compared to its average volume of 31,878,935. The company's fifty day moving average is $170.32 and its 200 day moving average is $173.46. The company has a market cap of $2.19 trillion, a P/E ratio of 20.09, a PEG ratio of 1.25 and a beta of 1.00. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.77 and a current ratio of 1.77. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $207.05.
Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.02 by $0.79. The business had revenue of $76.49 billion for the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. During the same period in the prior year, the business earned $1.89 earnings per share. On average, research analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current year.
Alphabet Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 9th were paid a dividend of $0.21 per share. This is a boost from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a dividend yield of 0.47%. The ex-dividend date was Monday, June 9th. Alphabet's dividend payout ratio (DPR) is currently 9.36%.
Analysts Set New Price Targets
A number of brokerages have commented on GOOGL. Sanford C. Bernstein increased their target price on Alphabet from $165.00 to $185.00 and gave the company a "market perform" rating in a report on Friday, April 25th. Cantor Fitzgerald reiterated a "neutral" rating and set a $171.00 price target on shares of Alphabet in a research report on Wednesday, June 25th. Wells Fargo & Company increased their price objective on shares of Alphabet from $175.00 to $177.00 and gave the company an "equal weight" rating in a report on Tuesday. Piper Sandler raised their target price on Alphabet from $185.00 to $195.00 and gave the stock an "overweight" rating in a research note on Friday, April 25th. Finally, Roth Capital restated a "buy" rating and set a $205.00 price target (up previously from $180.00) on shares of Alphabet in a report on Tuesday. Ten investment analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $199.61.
View Our Latest Report on Alphabet
Alphabet Company Profile
(
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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