Accuvest Global Advisors Cuts Stake in Alphabet Inc. (NASDAQ:GOOGL)

Accuvest Global Advisors lowered its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 20.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,633 shares of the information services provider’s stock after selling 5,438 shares during the quarter. Alphabet comprises about 5.8% of Accuvest Global Advisors’ investment portfolio, making the stock its 6th biggest position. Accuvest Global Advisors’ holdings in Alphabet were worth $4,135,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Joel Adams & Associates Inc. bought a new position in shares of Alphabet during the 4th quarter valued at $402,000. Convergence Investment Partners LLC raised its holdings in Alphabet by 39.7% in the 4th quarter. Convergence Investment Partners LLC now owns 60,806 shares of the information services provider’s stock worth $11,511,000 after acquiring an additional 17,293 shares during the period. Allied Investment Advisors LLC raised its holdings in Alphabet by 28.6% in the 4th quarter. Allied Investment Advisors LLC now owns 3,600 shares of the information services provider’s stock worth $681,000 after acquiring an additional 800 shares during the period. Atlas Legacy Advisors LLC bought a new position in Alphabet in the 4th quarter worth $1,079,000. Finally, Bank of Jackson Hole Trust bought a new position in Alphabet in the 4th quarter worth $3,468,000. Institutional investors own 40.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on GOOGL shares. DA Davidson lifted their target price on shares of Alphabet from $190.00 to $200.00 and gave the stock a “neutral” rating in a report on Friday, January 24th. JMP Securities reiterated a “market perform” rating on shares of Alphabet in a report on Wednesday, February 5th. Piper Sandler dropped their target price on shares of Alphabet from $210.00 to $208.00 and set an “overweight” rating on the stock in a report on Wednesday, February 5th. Wolfe Research lifted their target price on shares of Alphabet from $220.00 to $230.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Finally, Stifel Nicolaus raised their price target on shares of Alphabet from $200.00 to $225.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Ten research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $210.62.

Insider Buying and Selling at Alphabet

In other news, Director Kavitark Ram Shriram sold 37,134 shares of Alphabet stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $185.02, for a total value of $6,870,532.68. Following the completion of the sale, the director now directly owns 282,832 shares of the company’s stock, valued at approximately $52,329,576.64. This trade represents a 11.61 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Amie Thuener O’toole sold 2,834 shares of Alphabet stock in a transaction on Monday, December 16th. The shares were sold at an average price of $197.55, for a total value of $559,856.70. Following the completion of the sale, the chief accounting officer now directly owns 20,681 shares of the company’s stock, valued at $4,085,531.55. This trade represents a 12.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 134,316 shares of company stock worth $25,062,887. 11.55% of the stock is currently owned by insiders.

Alphabet Trading Down 1.9 %

Shares of GOOGL opened at $167.01 on Tuesday. The stock has a fifty day moving average price of $190.02 and a two-hundred day moving average price of $176.35. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.84 and a current ratio of 1.84. Alphabet Inc. has a 52-week low of $130.66 and a 52-week high of $207.05. The company has a market cap of $2.04 trillion, a price-to-earnings ratio of 20.75, a PEG ratio of 1.34 and a beta of 0.99.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings data on Tuesday, February 4th. The information services provider reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.12 by $0.03. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. Analysts predict that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 10th will be given a $0.20 dividend. The ex-dividend date is Monday, March 10th. This represents a $0.80 annualized dividend and a yield of 0.48%. Alphabet’s payout ratio is 9.94%.

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.