Codex Capital Asset Management L.L.C. Cuts Position in Alphabet Inc. $GOOG

Codex Capital Asset Management L.L.C. decreased its holdings in Alphabet Inc. (NASDAQ:GOOG) by 3.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 38,000 shares of the information services provider’s stock after selling 1,250 shares during the period. Alphabet makes up about 2.7% of Codex Capital Asset Management L.L.C.’s investment portfolio, making the stock its 12th largest position. Codex Capital Asset Management L.L.C.’s holdings in Alphabet were worth $6,741,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. REDW Wealth LLC boosted its stake in shares of Alphabet by 2.3% in the second quarter. REDW Wealth LLC now owns 2,410 shares of the information services provider’s stock valued at $428,000 after purchasing an additional 54 shares during the period. GDS Wealth Management grew its position in shares of Alphabet by 2.4% in the 2nd quarter. GDS Wealth Management now owns 2,325 shares of the information services provider’s stock worth $412,000 after acquiring an additional 54 shares in the last quarter. ACT Advisors LLC. raised its position in shares of Alphabet by 3.5% during the 2nd quarter. ACT Advisors LLC. now owns 1,625 shares of the information services provider’s stock worth $288,000 after purchasing an additional 55 shares during the period. Moser Wealth Advisors LLC lifted its stake in shares of Alphabet by 2.2% in the 2nd quarter. Moser Wealth Advisors LLC now owns 2,545 shares of the information services provider’s stock worth $451,000 after acquiring an additional 55 shares during the period. Finally, LongView Wealth Management increased its stake in shares of Alphabet by 1.1% during the second quarter. LongView Wealth Management now owns 5,126 shares of the information services provider’s stock valued at $909,000 after acquiring an additional 56 shares during the period. Institutional investors and hedge funds own 27.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Piper Sandler boosted their price target on shares of Alphabet from $285.00 to $330.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Raymond James Financial set a $275.00 price target on Alphabet and gave the company an “outperform” rating in a report on Friday, October 24th. JPMorgan Chase & Co. upped their price objective on shares of Alphabet from $260.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. KeyCorp reaffirmed an “overweight” rating and set a $330.00 price target on shares of Alphabet in a research note on Thursday, October 30th. Finally, Jefferies Financial Group upped their price objective on shares of Alphabet from $285.00 to $320.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Seven research analysts have rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $304.62.

Insider Activity

In related news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $250.15, for a total transaction of $8,129,875.00. Following the sale, the chief executive officer directly owned 2,369,619 shares in the company, valued at $592,760,192.85. This represents a 1.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 2,778 shares of the stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $250.05, for a total transaction of $694,638.90. Following the sale, the chief accounting officer directly owned 14,516 shares in the company, valued at approximately $3,629,725.80. This represents a 16.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 227,850 shares of company stock worth $58,874,814. Insiders own 12.99% of the company’s stock.

Alphabet Price Performance

NASDAQ:GOOG opened at $320.28 on Thursday. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $328.67. 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 has a market capitalization of $3.86 trillion, a price-to-earnings ratio of 31.59, a PEG ratio of 1.86 and a beta of 1.05. The company has a 50-day moving average of $267.17 and a 200-day moving average of $217.73.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Thursday, October 30th. The information services provider reported $2.87 EPS for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. The firm had revenue of $102.35 billion during the quarter, compared to analysts’ expectations of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter last year, the company earned $2.12 earnings per share. As a group, equities research analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current fiscal 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 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Monday, December 8th. Alphabet’s dividend payout ratio (DPR) is currently 8.28%.

About Alphabet

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.