Glynn Capital Management LLC Reduces Stock Holdings in Alphabet Inc. $GOOG

Glynn Capital Management LLC reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 6.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,618 shares of the information services provider’s stock after selling 800 shares during the quarter. Alphabet accounts for 0.5% of Glynn Capital Management LLC’s holdings, making the stock its 25th largest position. Glynn Capital Management LLC’s holdings in Alphabet were worth $2,238,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its position in Alphabet by 2.4% during the first quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider’s stock worth $64,299,725,000 after acquiring an additional 9,687,855 shares during the period. Kingstone Capital Partners Texas LLC increased its holdings in shares of Alphabet by 580,897.4% in the second quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider’s stock valued at $23,963,208,000 after purchasing an additional 135,064,454 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Alphabet by 9.9% during the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider’s stock valued at $15,971,861,000 after acquiring an additional 9,243,959 shares during the last quarter. Deutsche Bank AG raised its stake in Alphabet by 5.4% during the first quarter. Deutsche Bank AG now owns 21,345,784 shares of the information services provider’s stock worth $3,334,852,000 after purchasing an additional 1,098,996 shares during the period. Finally, Invesco Ltd. raised its position in shares of Alphabet by 2.2% during the 1st quarter. Invesco Ltd. now owns 20,380,073 shares of the information services provider’s stock valued at $3,183,979,000 after buying an additional 440,526 shares during the period. 27.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on GOOG shares. Pivotal Research raised their price target on Alphabet from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. KeyCorp reaffirmed an “overweight” rating and set a $330.00 price objective on shares of Alphabet in a research report on Thursday, October 30th. Rosenblatt Securities set a $279.00 price target on shares of Alphabet in a research note on Thursday, October 30th. Weiss Ratings reissued a “buy (b)” rating on shares of Alphabet in a report on Wednesday, October 8th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $340.00 price objective on shares of Alphabet in a research report on Thursday, October 30th. Six research analysts have rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $324.81.

Alphabet Stock Performance

NASDAQ:GOOG opened at $291.74 on Wednesday. The firm has a 50 day simple moving average of $254.94 and a 200-day simple moving average of $207.64. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The firm has a market cap of $3.53 trillion, a PE ratio of 28.77, a P/E/G ratio of 1.86 and a beta of 1.05. Alphabet Inc. has a 1-year low of $142.66 and a 1-year high of $292.34.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Wednesday, October 29th. The information services provider reported $2.87 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.58. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The business had revenue of $102.35 billion for the quarter, compared to analyst estimates of $99.90 billion. During the same period in the prior year, the firm posted $2.12 EPS. The company’s revenue was up 15.9% on a year-over-year basis. On average, equities analysts expect that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 8th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Monday, December 8th. Alphabet’s dividend payout ratio (DPR) is presently 8.28%.

Insider Buying and Selling at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 954 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $282.33, for a total transaction of $269,342.82. Following the sale, the chief accounting officer owned 14,517 shares in the company, valued at $4,098,584.61. This represents a 6.17% decrease in their ownership of the stock. The sale was disclosed in a 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 that occurred on Wednesday, November 5th. The shares were sold at an average price of $283.48, for a total value of $9,213,100.00. Following the sale, the chief executive officer directly owned 2,337,119 shares in the company, valued at approximately $662,526,494.12. This represents a 1.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 221,796 shares of company stock valued at $53,983,001. Company insiders own 12.99% 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.