Alphabet Inc. $GOOGL Stake Lowered by Atalanta Sosnoff Capital LLC

Atalanta Sosnoff Capital LLC reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 6.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,291,788 shares of the information services provider’s stock after selling 93,264 shares during the period. Alphabet makes up about 4.8% of Atalanta Sosnoff Capital LLC’s holdings, making the stock its 5th largest position. Atalanta Sosnoff Capital LLC’s holdings in Alphabet were worth $199,762,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in the stock. Nia Impact Advisors LLC boosted its position in shares of Alphabet by 0.3% during the 4th quarter. Nia Impact Advisors LLC now owns 17,161 shares of the information services provider’s stock worth $3,249,000 after purchasing an additional 59 shares in the last quarter. Enzi Wealth boosted its position in shares of Alphabet by 2.5% during the 1st quarter. Enzi Wealth now owns 2,561 shares of the information services provider’s stock worth $408,000 after purchasing an additional 62 shares in the last quarter. Whipplewood Advisors LLC boosted its position in shares of Alphabet by 1.2% during the 1st quarter. Whipplewood Advisors LLC now owns 5,438 shares of the information services provider’s stock worth $817,000 after purchasing an additional 67 shares in the last quarter. Aspire Capital Advisors LLC boosted its position in shares of Alphabet by 1.0% during the 1st quarter. Aspire Capital Advisors LLC now owns 7,020 shares of the information services provider’s stock worth $1,086,000 after purchasing an additional 67 shares in the last quarter. Finally, Rainey & Randall Wealth Advisors Inc. boosted its position in shares of Alphabet by 2.1% during the 1st quarter. Rainey & Randall Wealth Advisors Inc. now owns 3,209 shares of the information services provider’s stock worth $496,000 after purchasing an additional 67 shares in the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Kavitark Ram Shriram sold 18,566 shares of the company’s stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the completion of the transaction, the director owned 243,400 shares of the company’s stock, valued at $45,213,984. This represents a 7.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $199.92, for a total transaction of $6,497,400.00. Following the transaction, the chief executive officer directly owned 2,462,392 shares of the company’s stock, valued at approximately $492,281,408.64. This represents a 1.30% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 222,210 shares of company stock worth $41,742,155. Company insiders own 11.55% of the company’s stock.

Alphabet Trading Down 0.7%

Shares of GOOGL stock opened at $211.35 on Wednesday. The firm has a 50-day moving average price of $192.29 and a 200 day moving average price of $174.41. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $214.65. The company has a market capitalization of $2.56 trillion, a price-to-earnings ratio of 22.51, a PEG ratio of 1.43 and a beta of 1.01. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07.

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

Alphabet Announces Dividend

The company also recently announced 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 annualized dividend and a yield of 0.4%. Alphabet’s payout ratio is presently 8.95%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on GOOGL shares. DA Davidson lifted their price target on Alphabet from $180.00 to $190.00 and gave the stock a “neutral” rating in a research note on Tuesday. UBS Group lifted their price target on Alphabet from $192.00 to $202.00 and gave the stock a “neutral” rating in a research note on Thursday, July 24th. Piper Sandler lifted their price target on Alphabet from $195.00 to $220.00 and gave the stock an “overweight” rating in a research note on Thursday, July 24th. Bank of America lifted 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. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $220.00 price target on shares of Alphabet in a research note on Thursday, August 21st. Four analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $213.63.

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.