Alphabet Inc. (NASDAQ:GOOGL) Shares Sold by Private Management Group Inc.

Private Management Group Inc. lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 35.0% in the second quarter, according to its most recent filing with the SEC. The fund owned 119,118 shares of the information services provider’s stock after selling 64,134 shares during the period. Private Management Group Inc.’s holdings in Alphabet were worth $21,697,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Quest Partners LLC lifted its position in shares of Alphabet by 70.4% during the 2nd quarter. Quest Partners LLC now owns 9,144 shares of the information services provider’s stock valued at $1,666,000 after acquiring an additional 3,779 shares during the last quarter. Adapt Wealth Advisors LLC acquired a new stake in Alphabet during the 2nd quarter valued at $244,000. Poplar Forest Capital LLC acquired a new stake in Alphabet during the 2nd quarter valued at $233,000. Clearwater Capital Advisors LLC raised its stake in Alphabet by 17.1% during the 2nd quarter. Clearwater Capital Advisors LLC now owns 2,995 shares of the information services provider’s stock valued at $546,000 after purchasing an additional 438 shares during the period. Finally, Werba Rubin Papier Wealth Management raised its stake in Alphabet by 30.4% during the 2nd quarter. Werba Rubin Papier Wealth Management now owns 12,717 shares of the information services provider’s stock valued at $2,316,000 after purchasing an additional 2,968 shares during the period. Institutional investors and hedge funds own 40.03% of the company’s stock.

Alphabet Stock Up 0.9 %

GOOGL stock opened at $163.59 on Monday. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08. Alphabet Inc. has a 52-week low of $120.21 and a 52-week high of $191.75. The company has a 50-day moving average of $164.72 and a two-hundred day moving average of $165.79. The stock has a market capitalization of $2.02 trillion, a price-to-earnings ratio of 25.09, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating 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 company had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $70.60 billion. During the same period in the prior year, the company earned $1.44 earnings per share. As a group, equities research analysts anticipate that Alphabet Inc. will post 7.64 EPS for the current year.

Alphabet Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Monday, September 9th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.49%. The ex-dividend date of this dividend was Monday, September 9th. Alphabet’s payout ratio is presently 12.27%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on GOOGL. Truist Financial reissued a “buy” rating and set a $196.00 target price on shares of Alphabet in a research note on Monday, September 16th. Wedbush reissued an “outperform” rating and set a $205.00 target price on shares of Alphabet in a research note on Thursday, September 5th. Roth Mkm reissued a “buy” rating and set a $206.00 target price on shares of Alphabet in a research note on Thursday, August 29th. UBS Group boosted their target price on shares of Alphabet from $200.00 to $204.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. Finally, Needham & Company LLC reissued a “buy” rating and set a $210.00 target price on shares of Alphabet in a research note on Friday, August 30th. Eight investment analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $201.08.

Insider Activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 2,114,885 shares in the company, valued at $339,713,977.55. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 2,114,885 shares in the company, valued at $339,713,977.55. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $183.47, for a total transaction of $125,126.54. Following the sale, the chief accounting officer now directly owns 30,650 shares of the company’s stock, valued at approximately $5,623,355.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 180,167 shares of company stock worth $29,762,606. Company insiders own 11.55% of the company’s stock.

About Alphabet

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.