Trybe Capital Management LP Sells 306,740 Shares of Alphabet Inc. $GOOGL

Key Points

• Trybe Capital Management LP reduced its holdings in Alphabet Inc. by 56.1%, selling 306,740 shares and now owning 240,312 shares valued at approximately $37 million.
• Alphabet has recently been upgraded by several analysts, with price targets ranging from $200 to $270, reflecting a positive outlook amidst overall market activity.
• The company announced a quarterly dividend of $0.21 per share, which will be paid on September 15th, representing an annual yield of 0.4%.

Trybe Capital Management LP cut its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 56.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 240,312 shares of the information services provider's stock after selling 306,740 shares during the period. Alphabet comprises about 9.7% of Trybe Capital Management LP's holdings, making the stock its 2nd largest position. Trybe Capital Management LP's holdings in Alphabet were worth $37,162,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Mystic Asset Management Inc. raised its stake in Alphabet by 6.7% in the first quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider's stock valued at $4,400,000 after buying an additional 1,791 shares in the last quarter. Harbour Trust & Investment Management Co boosted its holdings in shares of Alphabet by 0.3% in 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 buying an additional 80 shares in the last quarter. Rockbridge Capital Management LLC purchased a new position in shares of Alphabet in the 4th quarter valued at $3,119,000. Cypress Capital LLC grew its position in shares of Alphabet by 4.1% in the 1st 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. Finally, Bridgeway Capital Management LLC raised its stake in Alphabet by 17.9% during the 1st quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider's stock worth $13,637,000 after acquiring an additional 13,371 shares in the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on GOOGL. Citizens Jmp upgraded shares of Alphabet from a "market perform" rating to an "outperform" rating and set a $220.00 price objective for the company in a research note on Friday, June 27th. Truist Financial reissued a "buy" rating and issued a $200.00 target price on shares of Alphabet in a report on Wednesday, July 2nd. Bank of America raised their price target on Alphabet from $210.00 to $217.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Oppenheimer reaffirmed an "outperform" rating and set a $270.00 price target (up previously from $235.00) on shares of Alphabet in a research report on Tuesday. Finally, KeyCorp increased their price objective on Alphabet from $230.00 to $265.00 and gave the company an "overweight" rating in a report on Wednesday. Four research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, Alphabet presently has a consensus rating of "Moderate Buy" and a consensus target price of $222.33.

Alphabet Stock Up 1.2%

GOOGL stock opened at $235.00 on Friday. The company has a fifty day moving average price of $195.79 and a 200 day moving average price of $175.41. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $235.76. The company has a market cap of $2.84 trillion, a price-to-earnings ratio of 25.03, a price-to-earnings-growth ratio of 1.58 and a beta of 1.01. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released 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. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.60 billion. Sell-side analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be given 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 yield of 0.4%. Alphabet's dividend payout ratio is presently 8.95%.

Insider Activity

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $199.92, for a total transaction of $6,497,400.00. Following the completion of the transaction, the chief executive officer owned 2,462,392 shares in the company, valued at approximately $492,281,408.64. This represents a 1.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Kent Walker sold 23,820 shares of the company's stock in a transaction on Monday, August 4th. The stock was 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 of the company's stock, valued at approximately $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 254,710 shares of company stock worth $49,208,380 in the last 90 days. Corporate insiders own 11.64% of the company's stock.

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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