Alphabet Inc. (NASDAQ:GOOGL) Position Lowered by Zacks Investment Management

Zacks Investment Management lowered its position in Alphabet Inc. (NASDAQ:GOOGL) by 7.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,182,251 shares of the information services provider’s stock after selling 89,575 shares during the quarter. Alphabet comprises about 1.7% of Zacks Investment Management’s holdings, making the stock its 8th biggest holding. Zacks Investment Management’s holdings in Alphabet were worth $196,076,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Christopher J. Hasenberg Inc raised its position in Alphabet by 75.0% in the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after purchasing an additional 60 shares during the period. LMR Partners LLP acquired a new stake in shares of Alphabet during the 3rd quarter worth about $32,000. Kings Path Partners LLC purchased a new stake in Alphabet in the 2nd quarter valued at about $36,000. Denver PWM LLC acquired a new position in Alphabet in the second quarter valued at about $41,000. Finally, Quarry LP purchased a new position in Alphabet during the second quarter worth about $53,000. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Seaport Res Ptn raised shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 29th. Piper Sandler restated an “overweight” rating and set a $210.00 price target (up from $200.00) on shares of Alphabet in a research note on Wednesday, October 30th. Roth Mkm raised their price target on Alphabet from $206.00 to $212.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $190.00 price objective on shares of Alphabet in a report on Wednesday, October 30th. Finally, KeyCorp raised their target price on Alphabet from $200.00 to $215.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $206.08.

Alphabet Price Performance

Shares of NASDAQ GOOGL opened at $189.82 on Monday. The stock has a fifty day moving average price of $171.63 and a 200 day moving average price of $170.63. Alphabet Inc. has a 1-year low of $129.68 and a 1-year high of $195.61. 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 has a market cap of $2.32 trillion, a PE ratio of 25.18, a P/E/G ratio of 1.39 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.29. The business had revenue of $88.27 billion for the quarter, compared to analyst estimates of $72.85 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. During the same period in the previous year, the business posted $1.55 earnings per share. Sell-side analysts forecast that Alphabet Inc. will post 8.01 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s dividend payout ratio (DPR) is 10.61%.

Insider Activity

In other news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $160.63, for a total transaction of $3,614,175.00. Following the transaction, the chief executive officer now directly owns 2,114,885 shares of the company’s stock, valued at $339,713,977.55. This represents a 1.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John L. Hennessy sold 700 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $165.00, for a total transaction of $115,500.00. Following the completion of the transaction, the director now owns 27,824 shares of the company’s stock, valued at $4,590,960. This represents a 2.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 198,623 shares of company stock valued at $34,413,006 in the last three months. 11.55% of the stock is currently owned by company insiders.

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.