Alphabet Inc. (NASDAQ:GOOGL) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 15.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,849,687 shares of the information services provider’s stock after selling 694,699 shares during the quarter. Alphabet makes up 0.9% of Allspring Global Investments Holdings LLC’s holdings, making the stock its 10th biggest position. Allspring Global Investments Holdings LLC’s holdings in Alphabet were worth $581,033,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. PointState Capital LP bought a new position in shares of Alphabet in the third quarter worth $28,651,000. 3G Capital Partners LP increased its position in shares of Alphabet by 141.7% in the third quarter. 3G Capital Partners LP now owns 72,500 shares of the information services provider’s stock worth $9,487,000 after purchasing an additional 42,500 shares during the period. Karani Asset Management LLC increased its position in shares of Alphabet by 97.4% in the third quarter. Karani Asset Management LLC now owns 13,621 shares of the information services provider’s stock worth $1,782,000 after purchasing an additional 6,720 shares during the period. Dempze Nancy E increased its position in shares of Alphabet by 0.5% in the third quarter. Dempze Nancy E now owns 33,595 shares of the information services provider’s stock worth $4,396,000 after purchasing an additional 165 shares during the period. Finally, Northeast Financial Consultants Inc increased its position in shares of Alphabet by 1.9% in the third quarter. Northeast Financial Consultants Inc now owns 183,695 shares of the information services provider’s stock worth $24,038,000 after purchasing an additional 3,456 shares during the period. Institutional investors and hedge funds own 40.03% of the company’s stock.

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $157.41, for a total value of $3,541,725.00. Following the transaction, the chief executive officer now owns 2,303,011 shares of the company’s stock, valued at approximately $362,516,961.51. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $157.41, for a total value of $3,541,725.00. Following the completion of the sale, the chief executive officer now directly owns 2,303,011 shares of the company’s stock, valued at approximately $362,516,961.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director John L. Hennessy sold 800 shares of Alphabet stock in a transaction on Friday, April 12th. The stock was sold at an average price of $159.56, for a total transaction of $127,648.00. Following the transaction, the director now directly owns 7,991 shares in the company, valued at $1,275,043.96. The disclosure for this sale can be found here. In the last 90 days, insiders sold 123,788 shares of company stock valued at $21,143,403. 11.55% of the stock is owned by company insiders.

Alphabet Price Performance

Alphabet stock opened at $185.24 on Wednesday. The stock’s 50 day moving average price is $173.38 and its two-hundred day moving average price is $154.80. The stock has a market capitalization of $2.29 trillion, a price-to-earnings ratio of 28.41, a PEG ratio of 1.37 and a beta of 1.05. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.15 and a current ratio of 2.15. Alphabet Inc. has a 52-week low of $115.35 and a 52-week high of $186.05.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Thursday, April 25th. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.49 by $0.40. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. The business had revenue of $80.54 billion for the quarter, compared to analyst estimates of $66.04 billion. During the same period in the prior year, the firm earned $1.17 earnings per share. On average, equities analysts predict that Alphabet Inc. will post 7.6 earnings per share for the current year.

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 10th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date of this dividend was Monday, June 10th. Alphabet’s dividend payout ratio is currently 12.27%.

Wall Street Analysts Forecast Growth

GOOGL has been the topic of a number of recent analyst reports. Wolfe Research raised their price target on Alphabet from $180.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, April 26th. BMO Capital Markets reiterated an “outperform” rating and issued a $215.00 target price on shares of Alphabet in a research report on Wednesday, May 15th. Loop Capital lifted their target price on Alphabet from $155.00 to $170.00 and gave the company a “hold” rating in a research report on Wednesday, May 1st. Argus lifted their target price on Alphabet from $170.00 to $200.00 and gave the company a “buy” rating in a research report on Tuesday, April 30th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $200.00 target price (up previously from $160.00) on shares of Alphabet in a research report on Friday, April 26th. Six investment analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $193.66.

Alphabet 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.