1248 Management LLC Sells 215 Shares of Alphabet Inc. $GOOGL

1248 Management LLC reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 0.2% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 95,619 shares of the information services provider’s stock after selling 215 shares during the period. Alphabet makes up approximately 6.0% of 1248 Management LLC’s holdings, making the stock its 4th biggest holding. 1248 Management LLC’s holdings in Alphabet were worth $14,787,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Osterweis Capital Management Inc. raised its holdings in Alphabet by 2.0% during the 1st quarter. Osterweis Capital Management Inc. now owns 4,912 shares of the information services provider’s stock worth $760,000 after buying an additional 95 shares during the period. CBIZ Investment Advisory Services LLC raised its holdings in shares of Alphabet by 28.3% in the first quarter. CBIZ Investment Advisory Services LLC now owns 3,089 shares of the information services provider’s stock valued at $478,000 after purchasing an additional 681 shares during the last quarter. Modern Wealth Management LLC increased its holdings in Alphabet by 23.0% during the first quarter. Modern Wealth Management LLC now owns 65,087 shares of the information services provider’s stock worth $10,065,000 after buying an additional 12,189 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in Alphabet by 36.8% during the first quarter. Jones Financial Companies Lllp now owns 1,814,959 shares of the information services provider’s stock worth $280,190,000 after buying an additional 488,549 shares during the last quarter. Finally, Silicon Valley Capital Partners increased its holdings in Alphabet by 10.6% during the first quarter. Silicon Valley Capital Partners now owns 276,145 shares of the information services provider’s stock worth $42,617,000 after buying an additional 26,456 shares during the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on GOOGL. Wedbush boosted their target price on shares of Alphabet from $225.00 to $245.00 and gave the stock an “outperform” rating in a report on Wednesday, September 3rd. Oppenheimer restated an “outperform” rating and issued a $270.00 price target (up from $235.00) on shares of Alphabet in a research note on Tuesday, September 2nd. Citigroup restated an “outperform” rating on shares of Alphabet in a research note on Wednesday, September 3rd. Morgan Stanley upped their price target on shares of Alphabet from $185.00 to $205.00 and gave the company an “overweight” rating in a research note on Monday, July 21st. Finally, Stifel Nicolaus upped their price target on shares of Alphabet from $200.00 to $218.00 and gave the company a “buy” rating in a research note on Tuesday, July 22nd. Three investment analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Alphabet presently has a consensus rating of “Moderate Buy” and an average price target of $221.44.

Insider Activity

In other Alphabet news, Director Kavitark Ram Shriram sold 15,000 shares of the stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the completion of the sale, the director owned 240,400 shares of the company’s stock, valued at approximately $44,656,704. This represents a 5.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John Kent Walker sold 23,820 shares of the stock in a transaction that occurred 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 sale, the insider directly 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 quarter, insiders sold 254,710 shares of company stock worth $49,208,380. 11.64% of the stock is owned by company insiders.

Alphabet Stock Up 0.5%

GOOGL stock opened at $240.37 on Friday. The stock has a market capitalization of $2.91 trillion, a P/E ratio of 25.60, a price-to-earnings-growth ratio of 1.61 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 Inc. has a 12 month low of $140.53 and a 12 month high of $242.25. The firm has a 50-day moving average price of $200.66 and a 200-day moving average price of $177.03.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.16. The business had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. As a group, equities research analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Monday, September 8th. Alphabet’s dividend payout ratio (DPR) is 8.95%.

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.