Convergence Investment Partners LLC Trims Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Convergence Investment Partners LLC lowered its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 44.1% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 33,986 shares of the information services provider’s stock after selling 26,820 shares during the quarter. Alphabet makes up approximately 1.5% of Convergence Investment Partners LLC’s holdings, making the stock its 14th biggest position. Convergence Investment Partners LLC’s holdings in Alphabet were worth $5,256,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in GOOGL. von Borstel & Associates Inc. bought a new position in shares of Alphabet during the 1st quarter valued at approximately $28,000. Financial Gravity Asset Management Inc. bought a new position in shares of Alphabet during the 1st quarter valued at approximately $39,000. Elite Financial Inc. bought a new position in shares of Alphabet during the 1st quarter valued at approximately $42,000. Anderson Financial Strategies LLC bought a new position in shares of Alphabet during the 4th quarter valued at approximately $49,000. Finally, EQ Wealth Advisors LLC bought a new position in shares of Alphabet during the 1st quarter valued at approximately $49,000. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Alphabet Price Performance

Shares of GOOGL stock opened at $196.53 on Thursday. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $207.05. The stock’s 50-day moving average is $177.49 and its 200 day moving average is $173.11. The company has a market cap of $2.38 trillion, a P/E ratio of 20.93, a PEG ratio of 1.30 and a beta of 1.00. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date is Monday, September 8th. Alphabet’s payout ratio is currently 8.95%.

Wall Street Analysts Forecast Growth

GOOGL has been the subject of several recent analyst reports. BMO Capital Markets upped their price target on Alphabet from $208.00 to $225.00 and gave the stock an “outperform” rating in a research note on Thursday, July 24th. Bank of America upped their price target on Alphabet from $210.00 to $217.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. Tigress Financial upped their price target on Alphabet from $220.00 to $240.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, April 30th. Cantor Fitzgerald upped their price target on Alphabet from $196.00 to $201.00 and gave the stock a “neutral” rating in a research note on Thursday, July 24th. Finally, Susquehanna upped their price target on Alphabet from $220.00 to $225.00 and gave the stock a “positive” rating in a research note on Thursday, July 24th. Ten investment analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $211.39.

Insider Activity at Alphabet

In related news, Director John L. Hennessy sold 400 shares of the firm’s stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $181.98, for a total transaction of $72,792.00. Following the sale, the director owned 6,013 shares of the company’s stock, valued at $1,094,245.74. This trade represents a 6.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of the firm’s 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 sale, the director directly owned 243,400 shares of the company’s stock, valued at approximately $45,213,984. This represents a 7.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 249,298 shares of company stock valued at $43,505,967 over the last quarter. 11.64% of the stock is owned by corporate insiders.

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.