Tower Bridge Advisors Has $9.17 Million Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Key Points

• Tower Bridge Advisors reduced its stake in Alphabet Inc. by 4.7%, holding 59,270 shares valued at approximately $9.17 million as of its latest SEC filing.
• Insiders at Alphabet have sold a total of 273,219 shares worth nearly $49.5 million in the last ninety days, indicating a significant decrease in their ownership stakes.
• Alphabet's recent quarterly earnings beat expectations, reporting $2.31 earnings per share on revenue of $96.43 billion, while also announcing a dividend of $0.21 per share to be paid soon.

Tower Bridge Advisors lowered its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 4.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 59,270 shares of the information services provider's stock after selling 2,954 shares during the quarter. Tower Bridge Advisors' holdings in Alphabet were worth $9,166,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Guardian Wealth Management Inc. increased its position in 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 during the period. von Borstel & Associates Inc. acquired a new stake in shares of Alphabet during the first quarter worth $28,000. IMA Advisory Services Inc. bought a new position in Alphabet during the first quarter worth $28,000. Financial Gravity Asset Management Inc. acquired a new position in Alphabet in the first quarter valued at $39,000. Finally, Elite Financial Inc. bought a new stake in Alphabet during the first quarter valued at $42,000. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Kavitark Ram Shriram sold 18,566 shares of the company's stock in a transaction dated 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 completion of the transaction, the director directly owned 243,400 shares of the company's stock, valued at approximately $45,213,984. This represents a 7.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider John Kent Walker sold 23,820 shares of the firm's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the sale, the insider directly owned 42,999 shares of the company's stock, valued at $8,371,905.30. The trade was a 35.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 273,219 shares of company stock worth $49,474,273 in the last ninety days. 11.64% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Bank of America upped their target price on Alphabet from $210.00 to $217.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Rosenblatt Securities increased their price target on Alphabet from $189.00 to $191.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. BNP Paribas lowered shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 26th. Citigroup increased their target price on shares of Alphabet from $203.00 to $225.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Alphabet from $200.00 to $232.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Ten analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $211.53.

Alphabet Stock Performance

NASDAQ GOOGL opened at $196.09 on Thursday. The company has a market capitalization of $2.37 trillion, a P/E ratio of 20.88, a P/E/G ratio of 1.32 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 52-week low of $140.53 and a 52-week high of $207.05. The company has a fifty day moving average of $179.76 and a 200-day moving average of $173.12.

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, beating analysts' consensus estimates of $2.15 by $0.16. The company had revenue of $96,428,000 billion for 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%. As a group, equities research analysts predict that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.4%. The ex-dividend date is Monday, September 8th. Alphabet's dividend payout ratio (DPR) is presently 8.95%.

Alphabet Company 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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