Jennison Associates LLC Acquires 1,630,556 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Jennison Associates LLC increased its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 9.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,183,524 shares of the information services provider’s stock after purchasing an additional 1,630,556 shares during the period. Alphabet makes up 1.9% of Jennison Associates LLC’s investment portfolio, making the stock its 12th biggest holding. Jennison Associates LLC owned 0.15% of Alphabet worth $3,015,737,000 as of its most recent SEC filing.

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

Alphabet Trading Down 0.1 %

GOOGL stock opened at $171.34 on Wednesday. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.04. Alphabet Inc. has a twelve month low of $127.90 and a twelve month high of $191.75. The company has a market cap of $2.10 trillion, a P/E ratio of 22.72, a PEG ratio of 1.22 and a beta of 1.01. The business has a fifty day moving average of $168.84 and a 200-day moving average of $170.26.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.29. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The firm had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $72.85 billion. During the same period in the previous year, the business posted $1.55 EPS. As a group, equities research analysts expect that Alphabet Inc. will post 8.01 EPS for the current year.

Alphabet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 annualized dividend and a yield of 0.47%. Alphabet’s dividend payout ratio is currently 10.61%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Piper Sandler reaffirmed an “overweight” rating and issued a $210.00 target price (up previously from $200.00) on shares of Alphabet in a report on Wednesday, October 30th. Bank of America raised their price objective on shares of Alphabet from $206.00 to $210.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. JMP Securities upped their price target on Alphabet from $200.00 to $220.00 and gave the company a “market outperform” rating in a report on Wednesday, October 30th. Cantor Fitzgerald reissued a “neutral” rating and issued a $190.00 price target on shares of Alphabet in a report on Wednesday, October 30th. Finally, Wells Fargo & Company increased their price objective on shares of Alphabet from $182.00 to $187.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating, thirty-one have given a buy rating and five have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $205.90.

Insider Buying and Selling at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 2,835 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total value of $429,587.55. Following the transaction, the chief accounting officer now owns 29,182 shares of the company’s stock, valued at approximately $4,421,948.46. This represents a 8.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $176.67, for a total value of $3,975,075.00. Following the transaction, the chief executive officer now owns 2,061,806 shares of the company’s stock, valued at $364,259,266.02. The trade was a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 163,624 shares of company stock valued at $27,803,730. 11.55% of the stock is currently owned by insiders.

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.