Texas Permanent School Fund Corp Sells 244,888 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Texas Permanent School Fund Corp decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 20.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 973,323 shares of the information services provider’s stock after selling 244,888 shares during the quarter. Alphabet comprises approximately 1.6% of Texas Permanent School Fund Corp’s investment portfolio, making the stock its 7th biggest holding. Texas Permanent School Fund Corp’s holdings in Alphabet were worth $177,291,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in GOOGL. Christopher J. Hasenberg Inc boosted its position in shares of Alphabet by 75.0% during the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after buying an additional 60 shares during the period. Kings Path Partners LLC acquired a new stake in shares of Alphabet in the second quarter valued at approximately $36,000. Tributary Capital Management LLC bought a new stake in Alphabet during the 1st quarter worth about $30,000. Vermillion & White Wealth Management Group LLC bought a new stake in Alphabet during the fourth quarter worth about $30,000. Finally, Denver PWM LLC acquired a new position in Alphabet during the second quarter valued at approximately $41,000. Institutional investors own 40.03% of the company’s stock.

Insider Buying and Selling at Alphabet

In other news, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $183.47, for a total value of $125,126.54. Following the completion of the sale, the chief accounting officer now owns 30,650 shares in the company, valued at $5,623,355.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $182.84, for a total value of $4,113,900.00. Following the completion of the transaction, the chief executive officer now owns 2,204,885 shares in the company, valued at approximately $403,141,173.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $183.47, for a total value of $125,126.54. Following the sale, the chief accounting officer now owns 30,650 shares in the company, valued at $5,623,355.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 180,167 shares of company stock worth $29,762,606. Corporate insiders own 11.55% of the company’s stock.

Alphabet Stock Performance

Shares of GOOGL stock opened at $161.85 on Tuesday. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The firm has a fifty day simple moving average of $164.23 and a two-hundred day simple moving average of $165.98. Alphabet Inc. has a 12 month low of $120.21 and a 12 month high of $191.75. The firm has a market capitalization of $2.00 trillion, a PE ratio of 24.82, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. The company had revenue of $84.74 billion for the quarter, compared to analyst estimates of $70.60 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. During the same quarter in the prior year, the business posted $1.44 EPS. Analysts forecast that Alphabet Inc. will post 7.64 EPS for the current fiscal year.

Alphabet Dividend Announcement

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

Analysts Set New Price Targets

Several analysts have issued reports on GOOGL shares. Jefferies Financial Group upped their price target on shares of Alphabet from $215.00 to $220.00 in a research report on Tuesday, July 9th. Rosenblatt Securities reiterated a “neutral” rating and issued a $181.00 target price on shares of Alphabet in a research note on Wednesday, July 24th. UBS Group boosted their price target on Alphabet from $200.00 to $204.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. Royal Bank of Canada lifted their target price on Alphabet from $200.00 to $204.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Finally, Truist Financial restated a “buy” rating and issued a $196.00 price target on shares of Alphabet in a research note on Monday, September 16th. Eight analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $201.08.

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.