Concentric Capital Strategies LP Sells 61,659 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Concentric Capital Strategies LP lowered its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 42.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 82,529 shares of the information services provider’s stock after selling 61,659 shares during the quarter. Alphabet comprises approximately 0.7% of Concentric Capital Strategies LP’s portfolio, making the stock its 16th biggest position. Concentric Capital Strategies LP’s holdings in Alphabet were worth $15,623,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of GOOGL. Compass Planning Associates Inc bought a new stake in shares of Alphabet during the 4th quarter valued at $30,000. E Fund Management Hong Kong Co. Ltd. lifted its stake in Alphabet by 518.8% in the fourth quarter. E Fund Management Hong Kong Co. Ltd. now owns 198 shares of the information services provider’s stock worth $37,000 after purchasing an additional 166 shares during the last quarter. Fiduciary Advisors Inc. bought a new stake in Alphabet during the 4th quarter valued at about $39,000. PayPay Securities Corp raised its position in Alphabet by 36.1% during the 4th quarter. PayPay Securities Corp now owns 245 shares of the information services provider’s stock valued at $46,000 after purchasing an additional 65 shares in the last quarter. Finally, Anderson Financial Strategies LLC purchased a new stake in shares of Alphabet during the 4th quarter worth $49,000. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Insider Activity at Alphabet

In other news, CAO Amie Thuener O’toole sold 2,824 shares of the company’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $187.43, for a total value of $529,302.32. Following the transaction, the chief accounting officer now directly owns 15,024 shares of the company’s stock, valued at approximately $2,815,948.32. This represents a 15.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John Kent Walker sold 17,690 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $185.51, for a total value of $3,281,671.90. Following the completion of the sale, the insider now directly owns 43,111 shares in the company, valued at approximately $7,997,521.61. This represents a 29.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 146,824 shares of company stock valued at $25,086,603. Insiders own 11.55% of the company’s stock.

Analyst Ratings Changes

GOOGL has been the topic of several analyst reports. KeyCorp raised their price target on shares of Alphabet from $185.00 to $195.00 and gave the company an “overweight” rating in a research report on Friday, April 25th. Rosenblatt Securities decreased their price objective on Alphabet from $205.00 to $189.00 and set a “neutral” rating on the stock in a report on Friday, April 25th. Wedbush set a $190.00 price target on Alphabet and gave the stock an “outperform” rating in a research note on Tuesday, April 15th. Roth Mkm reaffirmed a “buy” rating and set a $220.00 price objective on shares of Alphabet in a research report on Wednesday, March 19th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $178.00 target price on shares of Alphabet in a report on Friday, April 25th. Ten equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and five have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $199.46.

Alphabet Stock Down 0.6 %

GOOGL stock opened at $163.23 on Wednesday. The company’s 50 day moving average is $159.92 and its two-hundred day moving average is $175.42. The stock has a market cap of $1.98 trillion, a P/E ratio of 20.28, a PEG ratio of 1.34 and a beta of 1.01. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $207.05. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.03.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, topping analysts’ consensus estimates of $2.02 by $0.79. The firm had revenue of $76.49 billion during the quarter, compared to analysts’ expectations of $89.30 billion. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. During the same quarter last year, the business posted $1.89 EPS. Research analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 9th will be given a $0.21 dividend. This is an increase from Alphabet’s previous quarterly dividend of $0.20. The ex-dividend date is Monday, June 9th. This represents a $0.84 annualized dividend and a yield of 0.51%. Alphabet’s dividend payout ratio (DPR) is 9.36%.

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.