Alphabet Inc. $GOOGL Shares Sold by Jennison Associates LLC

Jennison Associates LLC lowered its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 10.0% during the second quarter, Holdings Channel reports. The fund owned 14,818,272 shares of the information services provider’s stock after selling 1,651,676 shares during the quarter. Alphabet makes up 1.5% of Jennison Associates LLC’s holdings, making the stock its 19th largest holding. Jennison Associates LLC’s holdings in Alphabet were worth $2,611,424,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Mystic Asset Management Inc. boosted its position in Alphabet by 6.7% in the 1st quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider’s stock worth $4,400,000 after purchasing an additional 1,791 shares in the last quarter. Bridgeway Capital Management LLC increased its holdings in shares of Alphabet by 17.9% during the 1st quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider’s stock valued at $13,637,000 after purchasing an additional 13,371 shares in the last quarter. Alaethes Wealth LLC lifted its stake in shares of Alphabet by 1.1% in the 1st quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider’s stock valued at $1,182,000 after purchasing an additional 84 shares during the period. Moment Partners LLC lifted its stake in shares of Alphabet by 9.3% in the 2nd quarter. Moment Partners LLC now owns 5,896 shares of the information services provider’s stock valued at $1,039,000 after purchasing an additional 504 shares during the period. Finally, Blackhawk Capital Partners LLC. boosted its holdings in Alphabet by 8.4% during the first quarter. Blackhawk Capital Partners LLC. now owns 31,244 shares of the information services provider’s stock worth $4,832,000 after buying an additional 2,434 shares in the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on GOOGL. Truist Financial lifted their price objective on shares of Alphabet from $285.00 to $320.00 and gave the company a “buy” rating in a report on Thursday, October 30th. CICC Research raised their target price on Alphabet from $240.00 to $303.00 and gave the company an “outperform” rating in a research report on Friday, October 31st. Barclays restated an “overweight” rating and issued a $315.00 price target (up previously from $250.00) on shares of Alphabet in a research note on Thursday, October 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Alphabet in a report on Wednesday, October 8th. Finally, Wall Street Zen upgraded Alphabet from a “hold” rating to a “buy” rating in a research report on Saturday, November 1st. Three analysts have rated the stock with a Strong Buy rating, thirty-eight have assigned a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $304.10.

Alphabet Stock Down 2.1%

NASDAQ GOOGL opened at $278.83 on Monday. The business has a fifty day moving average price of $251.23 and a 200 day moving average price of $204.90. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The company has a market cap of $3.37 trillion, a P/E ratio of 27.50, a P/E/G ratio of 1.86 and a beta of 1.05. Alphabet Inc. has a one year low of $140.53 and a one year high of $291.59.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. The business had revenue of $102.35 billion during the quarter, compared to analyst estimates of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. Research analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 8th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Monday, December 8th. Alphabet’s dividend payout ratio is currently 8.28%.

Insider Buying and Selling

In other news, Director John L. Hennessy sold 600 shares of the company’s stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $242.92, for a total value of $145,752.00. Following the completion of the sale, the director directly owned 5,116 shares in the company, valued at $1,242,778.72. This represents a 10.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John Kent Walker sold 17,816 shares of the stock in a transaction that occurred on Monday, September 29th. The shares were sold at an average price of $247.42, for a total value of $4,408,034.72. Following the completion of the sale, the insider directly owned 42,985 shares of the company’s stock, valued at approximately $10,635,348.70. This represents a 29.30% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 222,396 shares of company stock worth $54,105,275 in the last 90 days. Corporate insiders own 11.64% of the company’s stock.

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.