Tower Bridge Advisors lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 11.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 66,402 shares of the information services provider's stock after selling 8,369 shares during the period. Alphabet comprises about 1.1% of Tower Bridge Advisors' holdings, making the stock its 20th biggest position. Tower Bridge Advisors' holdings in Alphabet were worth $12,095,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in GOOGL. Picton Mahoney Asset Management increased its holdings in Alphabet by 55.4% in the 4th quarter. Picton Mahoney Asset Management now owns 214,443 shares of the information services provider's stock worth $29,956,000 after acquiring an additional 76,410 shares during the last quarter. Nebula Research & Development LLC bought a new stake in shares of Alphabet in the fourth quarter valued at approximately $787,000. New Hampshire Trust lifted its stake in shares of Alphabet by 2.7% during the 2nd quarter. New Hampshire Trust now owns 43,714 shares of the information services provider's stock valued at $7,963,000 after buying an additional 1,132 shares in the last quarter. Matisse Capital boosted its holdings in Alphabet by 13.7% in the 4th quarter. Matisse Capital now owns 16,781 shares of the information services provider's stock worth $2,344,000 after buying an additional 2,026 shares during the period. Finally, Berkshire Money Management Inc. purchased a new position in Alphabet in the 1st quarter valued at approximately $359,000. Institutional investors own 40.03% of the company's stock.
Wall Street Analyst Weigh In
GOOGL has been the subject of several analyst reports. Stifel Nicolaus restated a "buy" rating and issued a $196.00 target price on shares of Alphabet in a research note on Wednesday, May 15th. Wedbush restated an "outperform" rating and issued a $205.00 price objective on shares of Alphabet in a research report on Monday, July 22nd. BMO Capital Markets reaffirmed an "outperform" rating and set a $222.00 target price on shares of Alphabet in a report on Tuesday, August 6th. Guggenheim lifted their price objective on Alphabet from $195.00 to $205.00 and gave the company a "buy" rating in a research note on Wednesday, July 24th. Finally, Jefferies Financial Group upped their price objective on shares of Alphabet from $215.00 to $220.00 in a research report on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $203.74.
Get Our Latest Report on GOOGL
Alphabet Stock Up 1.0 %
Shares of GOOGL traded up $1.60 on Friday, reaching $163.38. The stock had a trading volume of 22,123,811 shares, compared to its average volume of 25,203,920. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. Alphabet Inc. has a 12-month low of $120.21 and a 12-month high of $191.75. The firm has a market capitalization of $2.01 trillion, a price-to-earnings ratio of 25.06, a price-to-earnings-growth ratio of 1.22 and a beta of 1.05. The company has a 50-day simple moving average of $173.44 and a 200-day simple moving average of $163.78.
Alphabet (NASDAQ:GOOGL - Get Free Report) last released its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, topping analysts' consensus estimates of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The firm had revenue of $84.74 billion for the quarter, compared to the consensus estimate of $70.60 billion. During the same period in the prior year, the firm earned $1.44 EPS. Sell-side analysts predict that Alphabet Inc. will post 7.63 EPS for the current year.
Alphabet Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 9th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.49%. Alphabet's payout ratio is presently 12.27%.
Insider Transactions at Alphabet
In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $167.66, for a total value of $3,772,350.00. Following the completion of the transaction, the chief executive officer now directly owns 2,159,885 shares of the company's stock, valued at $362,126,319.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Amie Thuener O'toole sold 682 shares of the company's stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $173.86, for a total transaction of $118,572.52. Following the transaction, the chief accounting officer now directly owns 29,966 shares of the company's stock, valued at $5,209,888.76. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $167.66, for a total value of $3,772,350.00. Following the completion of the sale, the chief executive officer now owns 2,159,885 shares of the company's stock, valued at $362,126,319.10. The disclosure for this sale can be found here. Insiders sold a total of 156,565 shares of company stock valued at $26,823,893 in the last quarter. 11.55% of the stock is owned by insiders.
Alphabet Company Profile
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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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