Avalon Capital Management Has $13.73 Million Stake in Alphabet Inc. $GOOG

Avalon Capital Management cut its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 15.7% in the 2nd quarter, HoldingsChannel reports. The fund owned 77,397 shares of the information services provider’s stock after selling 14,390 shares during the quarter. Alphabet accounts for 3.7% of Avalon Capital Management’s portfolio, making the stock its 6th biggest position. Avalon Capital Management’s holdings in Alphabet were worth $13,730,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Brighton Jones LLC boosted its position in Alphabet by 5.6% during the 4th quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider’s stock valued at $22,901,000 after buying an additional 6,410 shares during the period. Bogart Wealth LLC increased its position in shares of Alphabet by 113.2% in the first quarter. Bogart Wealth LLC now owns 5,069 shares of the information services provider’s stock valued at $792,000 after acquiring an additional 2,691 shares during the period. Poehling Capital Management INC. raised its stake in shares of Alphabet by 0.4% during the first quarter. Poehling Capital Management INC. now owns 64,816 shares of the information services provider’s stock valued at $10,126,000 after acquiring an additional 228 shares during the last quarter. BluePointe Capital Management LLC boosted its holdings in shares of Alphabet by 118.2% during the first quarter. BluePointe Capital Management LLC now owns 11,592 shares of the information services provider’s stock worth $1,811,000 after purchasing an additional 6,280 shares during the period. Finally, Future You Wealth LLC boosted its holdings in shares of Alphabet by 38.3% during the first quarter. Future You Wealth LLC now owns 5,022 shares of the information services provider’s stock worth $785,000 after purchasing an additional 1,392 shares during the period. 27.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on GOOG shares. Scotiabank set a $336.00 price target on Alphabet and gave the company a “sector outperform” rating in a report on Thursday, October 30th. Jefferies Financial Group lifted their price objective on Alphabet from $285.00 to $320.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Cantor Fitzgerald set a $310.00 target price on Alphabet and gave the company a “neutral” rating in a research note on Thursday, October 30th. Piper Sandler upped their target price on Alphabet from $285.00 to $330.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Finally, TD Cowen raised their price target on Alphabet from $270.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Five analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Alphabet currently has an average rating of “Moderate Buy” and a consensus target price of $324.81.

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $250.15, for a total transaction of $8,129,875.00. Following the sale, the chief executive officer owned 2,369,619 shares of the company’s stock, valued at $592,760,192.85. The trade was a 1.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Amie Thuener O’toole sold 2,778 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $245.00, for a total transaction of $680,610.00. Following the transaction, the chief accounting officer directly owned 17,293 shares of the company’s stock, valued at $4,236,785. This represents a 13.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 221,796 shares of company stock valued at $53,983,001 in the last three months. Company insiders own 12.99% of the company’s stock.

Alphabet Stock Up 0.4%

Shares of NASDAQ:GOOG opened at $291.74 on Wednesday. The firm has a market capitalization of $3.53 trillion, a P/E ratio of 28.77, a P/E/G ratio of 1.86 and a beta of 1.05. 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 stock has a 50 day moving average price of $254.94 and a 200-day moving average price of $207.64. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $292.34.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results 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. The company had revenue of $102.35 billion for the quarter, compared to analysts’ expectations of $99.90 billion. Alphabet had a return on equity of 36.08% and a net margin of 32.23%.The firm’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.12 earnings per share. As a group, equities research analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Dividend Announcement

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

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.