Point72 Italy S.r.l. Has $2.01 Million Position in Alphabet Inc. $GOOGL

Point72 Italy S.r.l. reduced its stake in Alphabet Inc. (NASDAQ:GOOGL) by 91.8% during the first quarter, HoldingsChannel reports. The firm owned 13,000 shares of the information services provider’s stock after selling 144,700 shares during the quarter. Alphabet accounts for about 2.0% of Point72 Italy S.r.l.’s investment portfolio, making the stock its 17th largest holding. Point72 Italy S.r.l.’s holdings in Alphabet were worth $2,010,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. ICW Investment Advisors LLC boosted its stake in shares of Alphabet by 4.0% in the 1st quarter. ICW Investment Advisors LLC now owns 15,035 shares of the information services provider’s stock valued at $2,325,000 after purchasing an additional 574 shares in the last quarter. Betterment LLC boosted its position in Alphabet by 151.3% during the 1st quarter. Betterment LLC now owns 4,820 shares of the information services provider’s stock worth $745,000 after buying an additional 2,902 shares during the period. Armistice Capital LLC boosted its position in Alphabet by 40.2% during the 1st quarter. Armistice Capital LLC now owns 297,000 shares of the information services provider’s stock worth $45,928,000 after buying an additional 85,112 shares during the period. Retirement Planning Co of New England Inc. boosted its position in Alphabet by 3.0% during the 1st quarter. Retirement Planning Co of New England Inc. now owns 18,862 shares of the information services provider’s stock worth $2,917,000 after buying an additional 558 shares during the period. Finally, Quarry LP boosted its position in Alphabet by 2,747.3% during the 1st quarter. Quarry LP now owns 6,435 shares of the information services provider’s stock worth $995,000 after buying an additional 6,209 shares during the period. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on GOOGL. Guggenheim lifted their target price on shares of Alphabet from $190.00 to $210.00 and gave the stock a “buy” rating in a research report on Wednesday, July 23rd. Citigroup lifted their target price on shares of Alphabet from $203.00 to $225.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Citizens Jmp upgraded shares of Alphabet from a “market perform” rating to an “outperform” rating and set a $220.00 target price on the stock in a research report on Friday, June 27th. Stifel Nicolaus lifted their target price on shares of Alphabet from $200.00 to $218.00 and gave the stock a “buy” rating in a research report on Tuesday, July 22nd. Finally, BMO Capital Markets lifted their target price on shares of Alphabet from $208.00 to $225.00 and gave the stock an “outperform” rating in a research report on Thursday, July 24th. Four analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, Alphabet presently has a consensus rating of “Moderate Buy” and an average price target of $211.53.

Alphabet Stock Up 0.6%

Shares of NASDAQ GOOGL opened at $212.91 on Monday. The company has a market capitalization of $2.57 trillion, a P/E ratio of 22.67, a price-to-earnings-growth ratio of 1.43 and a beta of 1.01. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $214.65. 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’s 50 day moving average price is $190.44 and its 200-day moving average price is $173.96.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.16. The firm had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Equities analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Announces Dividend

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

Insider Activity at Alphabet

In other news, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $203.79, for a total value of $122,274.00. Following the completion of the sale, the director owned 6,316 shares in the company, valued at $1,287,137.64. The trade was a 8.68% 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 23,820 shares of Alphabet stock in a transaction on Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the sale, the insider owned 42,999 shares of the company’s stock, valued at $8,371,905.30. This represents a 35.65% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 254,710 shares of company stock worth $47,225,230. 11.55% of the stock is owned by insiders.

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.