Alphabet Inc. (NASDAQ:GOOGL) Shares Sold by Second Line Capital LLC

Second Line Capital LLC trimmed its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 72.0% during the third quarter, Holdings Channel.com reports. The fund owned 5,206 shares of the information services provider’s stock after selling 13,403 shares during the period. Second Line Capital LLC’s holdings in Alphabet were worth $863,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Schear Investment Advisers LLC lifted its position in shares of Alphabet by 17.0% in the third quarter. Schear Investment Advisers LLC now owns 33,751 shares of the information services provider’s stock valued at $5,598,000 after acquiring an additional 4,905 shares in the last quarter. Trinity Financial Advisors LLC lifted its holdings in Alphabet by 4.5% in the 3rd quarter. Trinity Financial Advisors LLC now owns 4,423 shares of the information services provider’s stock valued at $771,000 after purchasing an additional 190 shares in the last quarter. Landscape Capital Management L.L.C. boosted its stake in shares of Alphabet by 27.9% during the 3rd quarter. Landscape Capital Management L.L.C. now owns 25,275 shares of the information services provider’s stock worth $4,192,000 after purchasing an additional 5,516 shares during the last quarter. abrdn plc grew its holdings in shares of Alphabet by 10.7% during the third quarter. abrdn plc now owns 6,305,717 shares of the information services provider’s stock worth $1,037,196,000 after buying an additional 611,233 shares in the last quarter. Finally, StoneCrest Wealth Management Inc. raised its position in shares of Alphabet by 0.7% in the third quarter. StoneCrest Wealth Management Inc. now owns 21,509 shares of the information services provider’s stock valued at $3,567,000 after buying an additional 140 shares during the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Price Performance

Shares of GOOGL stock opened at $188.40 on Thursday. Alphabet Inc. has a twelve month low of $130.66 and a twelve month high of $201.42. The company has a market capitalization of $2.31 trillion, a PE ratio of 24.99, a price-to-earnings-growth ratio of 1.39 and a beta of 1.01. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04. The firm has a fifty day simple moving average of $173.46 and a 200-day simple moving average of $171.09.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings data 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. The company had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $72.85 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. During the same period in the prior year, the company posted $1.55 EPS. Equities research analysts anticipate that Alphabet Inc. will post 8.01 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 9th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date was Monday, December 9th. Alphabet’s dividend payout ratio is currently 10.61%.

Insider Buying and Selling at Alphabet

In other Alphabet news, Director Frances Arnold sold 441 shares of the stock in a transaction on Monday, November 4th. The shares were sold at an average price of $171.06, for a total transaction of $75,437.46. Following the transaction, the director now directly owns 16,490 shares in the company, valued at $2,820,779.40. This represents a 2.60 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John Kent Walker sold 16,802 shares of the business’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $165.47, for a total transaction of $2,780,226.94. Following the completion of the sale, the insider now directly owns 43,999 shares of the company’s stock, valued at $7,280,514.53. The trade was a 27.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 178,957 shares of company stock worth $31,358,687 in the last 90 days. 11.55% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on GOOGL shares. Sanford C. Bernstein raised their target price on shares of Alphabet from $180.00 to $185.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. raised their price objective on Alphabet from $212.00 to $232.00 and gave the stock an “overweight” rating in a report on Wednesday. Piper Sandler reiterated an “overweight” rating and issued a $210.00 target price (up from $200.00) on shares of Alphabet in a research note on Wednesday, October 30th. China Renaissance raised Alphabet from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Finally, Morgan Stanley lifted their price target on Alphabet from $190.00 to $205.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and five have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $206.69.

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.