EDENTREE ASSET MANAGEMENT Ltd Sells 31,353 Shares of Alphabet Inc. (NASDAQ:GOOGL)

EDENTREE ASSET MANAGEMENT Ltd cut its stake in Alphabet Inc. (NASDAQ:GOOGL) by 19.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 130,000 shares of the information services provider’s stock after selling 31,353 shares during the quarter. Alphabet makes up approximately 7.5% of EDENTREE ASSET MANAGEMENT Ltd’s investment portfolio, making the stock its 2nd largest holding. EDENTREE ASSET MANAGEMENT Ltd’s holdings in Alphabet were worth $23,668,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Employees Retirement System of Texas increased its stake in shares of Alphabet by 2.8% during the second quarter. Employees Retirement System of Texas now owns 512,983 shares of the information services provider’s stock worth $93,440,000 after purchasing an additional 13,740 shares during the period. Absolute Gestao de Investimentos Ltda. grew its holdings in Alphabet by 1,120.8% in the 2nd quarter. Absolute Gestao de Investimentos Ltda. now owns 28,078 shares of the information services provider’s stock valued at $5,114,000 after buying an additional 25,778 shares in the last quarter. Absoluto Partners Gestao de Recursos Ltda increased its position in Alphabet by 24.9% during the 2nd quarter. Absoluto Partners Gestao de Recursos Ltda now owns 27,624 shares of the information services provider’s stock worth $4,739,000 after buying an additional 5,512 shares during the period. AlTi Global Inc. lifted its holdings in shares of Alphabet by 0.5% during the second quarter. AlTi Global Inc. now owns 258,554 shares of the information services provider’s stock worth $47,096,000 after buying an additional 1,405 shares in the last quarter. Finally, Alight Capital Management LP boosted its position in shares of Alphabet by 19.2% in the second quarter. Alight Capital Management LP now owns 35,758 shares of the information services provider’s stock valued at $6,513,000 after acquiring an additional 5,758 shares during the period. Institutional investors and hedge funds own 40.03% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $167.07, for a total value of $3,759,075.00. Following the sale, the chief executive officer now directly owns 2,129,306 shares of the company’s stock, valued at approximately $355,743,153.42. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $167.07, for a total value of $3,759,075.00. Following the transaction, the chief executive officer now owns 2,129,306 shares in the company, valued at $355,743,153.42. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John L. Hennessy sold 1,500 shares of the stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $185.85, for a total value of $278,775.00. Following the sale, the director now owns 30,824 shares of the company’s stock, valued at approximately $5,728,640.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 217,592 shares of company stock worth $35,922,911. 11.55% of the stock is currently owned by insiders.

Alphabet Price Performance

Shares of NASDAQ:GOOGL opened at $162.98 on Tuesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. Alphabet Inc. has a 52 week low of $120.21 and a 52 week high of $191.75. The firm has a market cap of $2.01 trillion, a PE ratio of 25.00, a price-to-earnings-growth ratio of 1.21 and a beta of 1.04. The firm’s fifty day moving average is $162.06 and its 200-day moving average is $167.41.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, topping the consensus estimate of $1.85 by $0.04. The firm had revenue of $84.74 billion for the quarter, compared to the consensus estimate of $70.60 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. During the same period in the previous year, the business earned $1.44 EPS. Sell-side analysts predict that Alphabet Inc. will post 7.63 earnings per share for the current year.

Alphabet Announces Dividend

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

Analysts Set New Price Targets

A number of equities analysts recently commented on GOOGL shares. Wolfe Research initiated coverage on shares of Alphabet in a research report on Tuesday, July 16th. They set an “outperform” rating and a $240.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $210.00 target price on shares of Alphabet in a report on Friday, August 30th. Mizuho boosted their price target on Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Jefferies Financial Group raised their price objective on Alphabet from $215.00 to $220.00 in a research note on Tuesday, July 9th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $206.00 price objective on shares of Alphabet in a report on Thursday, August 29th. Eight research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $201.14.

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.