Alphabet Inc. (NASDAQ:GOOG) Shares Sold by King Luther Capital Management Corp

King Luther Capital Management Corp lessened its holdings in Alphabet Inc. (NASDAQ:GOOG) by 0.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,525,402 shares of the information services provider’s stock after selling 19,520 shares during the quarter. Alphabet makes up about 1.8% of King Luther Capital Management Corp’s investment portfolio, making the stock its 9th largest holding. King Luther Capital Management Corp’s holdings in Alphabet were worth $394,543,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in GOOG. Principia Wealth Advisory LLC boosted its holdings in Alphabet by 111.8% in the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider’s stock worth $26,000 after purchasing an additional 85 shares during the period. MorganRosel Wealth Management LLC acquired a new position in shares of Alphabet during the first quarter valued at $26,000. LSV Asset Management acquired a new position in shares of Alphabet during the fourth quarter valued at $27,000. Goodman Advisory Group LLC acquired a new position in shares of Alphabet during the first quarter valued at $32,000. Finally, Greykasell Wealth Strategies Inc. acquired a new position in shares of Alphabet during the first quarter valued at $32,000. Institutional investors and hedge funds own 27.26% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on GOOG. Piper Sandler reissued a “neutral” rating on shares of Alphabet in a report on Wednesday, July 9th. Cantor Fitzgerald reissued a “neutral” rating and set a $171.00 price target on shares of Alphabet in a report on Friday, April 25th. Pivotal Research boosted their price target on shares of Alphabet from $225.00 to $245.00 and gave the company a “buy” rating in a report on Thursday, July 24th. Roth Capital reissued a “buy” rating on shares of Alphabet in a report on Wednesday, July 9th. Finally, Scotiabank boosted their price target on shares of Alphabet from $200.00 to $240.00 and gave the company a “sector outperform” rating in a report on Tuesday, July 22nd. Three research analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and five have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Alphabet currently has an average rating of “Moderate Buy” and a consensus target price of $215.19.

Insider Buying and Selling

In related news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total value of $5,801,900.00. Following the transaction, the chief executive officer owned 2,559,892 shares of the company’s stock, valued at approximately $456,991,919.84. This trade represents a 1.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the transaction, the director directly owned 243,400 shares in the company, valued at $45,213,984. This represents a 7.09% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 273,219 shares of company stock valued at $49,474,273. 12.99% of the stock is owned by corporate insiders.

Alphabet Price Performance

Shares of Alphabet stock opened at $202.11 on Friday. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The company’s 50-day moving average price is $181.90 and its two-hundred day moving average price is $174.52. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $208.70. The stock has a market cap of $2.44 trillion, a PE ratio of 21.52, a price-to-earnings-growth ratio of 1.34 and a beta of 1.02.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping the consensus estimate of $2.12 by $0.19. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm had revenue of $96.43 billion for the quarter, compared to analysts’ expectations of $93.67 billion. During the same period in the previous year, the business earned $1.89 earnings per share. Alphabet’s revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. Alphabet’s dividend payout ratio (DPR) is currently 8.95%.

Alphabet Company 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.