Jackson Square Capital LLC lessened its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 16.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 77,610 shares of the information services provider's stock after selling 15,509 shares during the period. Alphabet comprises approximately 3.2% of Jackson Square Capital LLC's holdings, making the stock its 7th biggest holding. Jackson Square Capital LLC's holdings in Alphabet were worth $12,872,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the business. China Universal Asset Management Co. Ltd. increased its stake in Alphabet by 70.6% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 101,230 shares of the information services provider's stock worth $15,279,000 after buying an additional 41,880 shares during the period. Quent Capital LLC increased its stake in Alphabet by 3.6% during the 1st quarter. Quent Capital LLC now owns 31,171 shares of the information services provider's stock worth $4,705,000 after buying an additional 1,072 shares during the period. Portland Global Advisors LLC increased its stake in Alphabet by 4.2% during the 1st quarter. Portland Global Advisors LLC now owns 4,995 shares of the information services provider's stock worth $754,000 after buying an additional 200 shares during the period. State Board of Administration of Florida Retirement System increased its stake in Alphabet by 5.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 6,576,002 shares of the information services provider's stock worth $992,516,000 after buying an additional 337,795 shares during the period. Finally, Interchange Capital Partners LLC increased its stake in Alphabet by 3.1% during the 1st quarter. Interchange Capital Partners LLC now owns 13,104 shares of the information services provider's stock worth $1,975,000 after buying an additional 395 shares during the period. Hedge funds and other institutional investors own 40.03% of the company's stock.
Insider Activity
In related news, Director Kavitark Ram Shriram sold 10,500 shares of the business's stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $180.78, for a total transaction of $1,898,190.00. Following the transaction, the director now directly owns 330,466 shares of the company's stock, valued at approximately $59,741,643.48. The trade was a 3.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the business's stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $158.68, for a total transaction of $3,570,300.00. Following the transaction, the chief executive officer now directly owns 2,137,385 shares in the company, valued at $339,160,251.80. The trade was a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 184,295 shares of company stock worth $30,698,791 over the last 90 days. 11.55% of the stock is owned by company insiders.
Wall Street Analysts Forecast Growth
GOOGL has been the topic of several analyst reports. Phillip Securities raised shares of Alphabet to a "strong-buy" rating in a research note on Friday, November 1st. UBS Group boosted their target price on shares of Alphabet from $200.00 to $204.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 24th. KeyCorp boosted their target price on shares of Alphabet from $200.00 to $215.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 30th. Wells Fargo & Company boosted their target price on shares of Alphabet from $182.00 to $187.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 30th. Finally, Seaport Res Ptn raised shares of Alphabet from a "hold" rating to a "strong-buy" rating in a report on Tuesday, October 29th. Seven equities research analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and five have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Alphabet presently has a consensus rating of "Moderate Buy" and an average target price of $205.90.
Read Our Latest Research Report on GOOGL
Alphabet Stock Down 1.2 %
NASDAQ GOOGL opened at $175.98 on Thursday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95. The company's 50 day simple moving average is $167.23 and its 200 day simple moving average is $170.40. Alphabet Inc. has a 12 month low of $127.90 and a 12 month high of $191.75. The company has a market capitalization of $2.15 trillion, a P/E ratio of 23.34, a PEG ratio of 1.27 and a beta of 1.03.
Alphabet (NASDAQ:GOOGL - Get Free Report) last released its earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, topping analysts' consensus estimates of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The business had revenue of $88.27 billion for the quarter, compared to the consensus estimate of $72.85 billion. During the same period in the previous year, the firm earned $1.55 EPS. Equities research analysts expect that Alphabet Inc. will post 7.99 earnings per share for the current fiscal year.
Alphabet Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.45%. Alphabet's dividend payout ratio is currently 10.61%.
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.
See Also
Before you consider Alphabet, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Alphabet wasn't on the list.
While Alphabet currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Click the link to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
