Kinney Asset Management LLC Lowers Position in Alphabet Inc. (NASDAQ:GOOGL)

Kinney Asset Management LLC decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 13.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 156,799 shares of the information services provider’s stock after selling 24,000 shares during the quarter. Alphabet comprises approximately 24.3% of Kinney Asset Management LLC’s portfolio, making the stock its 2nd biggest holding. Kinney Asset Management LLC’s holdings in Alphabet were worth $26,005,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of GOOGL. Indie Asset Partners LLC increased its holdings in shares of Alphabet by 19.1% in the third quarter. Indie Asset Partners LLC now owns 5,775 shares of the information services provider’s stock worth $958,000 after purchasing an additional 926 shares during the period. Prossimo Advisors LLC increased its holdings in shares of Alphabet by 2.6% in the third quarter. Prossimo Advisors LLC now owns 28,978 shares of the information services provider’s stock worth $4,806,000 after purchasing an additional 740 shares during the period. Royal Harbor Partners LLC increased its holdings in shares of Alphabet by 1.6% in the third quarter. Royal Harbor Partners LLC now owns 18,881 shares of the information services provider’s stock worth $3,131,000 after purchasing an additional 303 shares during the period. Conning Inc. increased its holdings in shares of Alphabet by 5.3% in the third quarter. Conning Inc. now owns 70,991 shares of the information services provider’s stock worth $11,774,000 after purchasing an additional 3,560 shares during the period. Finally, Clear Creek Financial Management LLC increased its holdings in shares of Alphabet by 1.5% in the third quarter. Clear Creek Financial Management LLC now owns 18,062 shares of the information services provider’s stock worth $2,996,000 after purchasing an additional 262 shares during the period. 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 2,835 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total transaction of $429,587.55. Following the sale, the chief accounting officer now owns 29,182 shares in the company, valued at $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 is available through the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $158.68, for a total transaction of $3,570,300.00. Following the sale, the chief executive officer now owns 2,137,385 shares in the company, valued at approximately $339,160,251.80. The trade was a 1.04 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 206,795 shares of company stock valued at $34,471,141. Corporate insiders own 11.55% of the company’s stock.

Alphabet Price Performance

GOOGL stock opened at $172.49 on Friday. Alphabet Inc. has a 1 year low of $127.90 and a 1 year high of $191.75. The company has a market cap of $2.11 trillion, a P/E ratio of 22.88, a PEG ratio of 1.27 and a beta of 1.03. The firm has a 50-day moving average of $165.18 and a 200 day moving average of $170.08. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The business had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $72.85 billion. During the same quarter last year, the firm earned $1.55 earnings per share. On average, sell-side analysts forecast that Alphabet Inc. will post 7.99 EPS for the current year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s dividend payout ratio is 10.61%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Piper Sandler reiterated an “overweight” rating and issued a $210.00 target price (up from $200.00) on shares of Alphabet in a research report on Wednesday, October 30th. Seaport Res Ptn upgraded shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 29th. DA Davidson assumed coverage on shares of Alphabet in a research report on Tuesday, September 10th. They issued a “neutral” rating and a $170.00 target price for the company. Roth Mkm upped their target price on shares of Alphabet from $206.00 to $212.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. upped their target price on shares of Alphabet from $200.00 to $208.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Seven analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and five have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $205.90.

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.