Malaga Cove Capital LLC Reduces Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Malaga Cove Capital LLC trimmed its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 1.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,478 shares of the information services provider’s stock after selling 159 shares during the period. Alphabet makes up 1.2% of Malaga Cove Capital LLC’s investment portfolio, making the stock its 23rd largest holding. Malaga Cove Capital LLC’s holdings in Alphabet were worth $3,001,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Christopher J. Hasenberg Inc boosted 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 worth $26,000 after purchasing an additional 60 shares during the last quarter. Vermillion & White Wealth Management Group LLC purchased a new position in shares of Alphabet in the fourth quarter worth approximately $30,000. Tributary Capital Management LLC bought a new stake in Alphabet during the first quarter valued at approximately $30,000. Kings Path Partners LLC purchased a new stake in Alphabet during the second quarter valued at approximately $36,000. Finally, Denver PWM LLC bought a new position in Alphabet in the second quarter worth approximately $41,000. Institutional investors own 40.03% of the company’s stock.

Alphabet Stock Up 0.3 %

NASDAQ GOOGL opened at $162.29 on Wednesday. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04. Alphabet Inc. has a 52 week low of $120.21 and a 52 week high of $191.75. The firm has a market capitalization of $2.01 trillion, a price-to-earnings ratio of 24.89, a PEG ratio of 1.13 and a beta of 1.04. The company has a fifty day moving average of $163.80 and a two-hundred day moving average of $166.17.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.04. The business had revenue of $84.74 billion during the quarter, compared to the consensus estimate of $70.60 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. During the same quarter last year, the firm earned $1.44 earnings per share. On average, analysts predict that Alphabet Inc. will post 7.64 earnings per share for the current year.

Alphabet Announces Dividend

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

Insiders Place Their Bets

In other news, Director John L. Hennessy sold 700 shares of Alphabet stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $165.00, for a total value of $115,500.00. Following the transaction, the director now owns 27,824 shares of the company’s stock, valued at approximately $4,590,960. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director John L. Hennessy sold 700 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $165.00, for a total transaction of $115,500.00. Following the transaction, the director now directly owns 27,824 shares in the company, valued at approximately $4,590,960. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Prabhakar Raghavan sold 3,262 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $183.99, for a total value of $600,175.38. Following the completion of the sale, the senior vice president now owns 9 shares of the company’s stock, valued at $1,655.91. The disclosure for this sale can be found here. Insiders have sold a total of 180,867 shares of company stock worth $29,878,106 over the last quarter. Company insiders own 11.55% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on GOOGL shares. UBS Group upped their price objective on Alphabet from $200.00 to $204.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 24th. Loop Capital restated a “hold” rating and issued a $170.00 price target on shares of Alphabet in a research report on Wednesday, July 3rd. DA Davidson started coverage on Alphabet in a research report on Tuesday, September 10th. They set a “neutral” rating and a $170.00 price objective on the stock. Jefferies Financial Group raised their target price on shares of Alphabet from $215.00 to $220.00 in a research note on Tuesday, July 9th. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $181.00 price target on shares of Alphabet in a research report on Wednesday, July 24th. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $201.08.

Alphabet Company 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.