Redwood Investment Management LLC lessened its stake in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 10.8% in the fourth quarter, HoldingsChannel reports. The fund owned 15,404 shares of the information services provider’s stock after selling 1,856 shares during the period. Redwood Investment Management LLC’s holdings in Alphabet were worth $2,916,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of the stock. Redwood Investments LLC increased its position in shares of Alphabet by 16.7% in the fourth quarter. Redwood Investments LLC now owns 77,667 shares of the information services provider’s stock valued at $14,702,000 after acquiring an additional 11,105 shares during the period. Rip Road Capital Partners LP boosted its holdings in shares of Alphabet by 16.4% during the fourth quarter. Rip Road Capital Partners LP now owns 50,500 shares of the information services provider’s stock worth $9,560,000 after purchasing an additional 7,100 shares during the period. Rockbridge Capital Management LLC bought a new stake in shares of Alphabet in the fourth quarter worth about $3,119,000. Point72 Europe London LLP increased its holdings in Alphabet by 360.3% during the 4th quarter. Point72 Europe London LLP now owns 387,096 shares of the information services provider’s stock valued at $73,277,000 after purchasing an additional 302,996 shares during the period. Finally, Point72 Italy S.r.l. bought a new position in Alphabet during the 4th quarter valued at approximately $29,853,000. 40.03% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling
In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $155.90, for a total transaction of $5,066,750.00. Following the completion of the transaction, the chief executive officer now owns 2,652,696 shares of the company’s stock, valued at $413,555,306.40. This represents a 1.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 2,824 shares of Alphabet stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $187.43, for a total value of $529,302.32. Following the completion of the sale, the chief accounting officer now directly owns 15,024 shares in the company, valued at $2,815,948.32. This trade represents a 15.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 179,324 shares of company stock worth $30,153,353. 11.64% of the stock is owned by corporate insiders.
Alphabet Price Performance
Alphabet (NASDAQ:GOOGL – Get Free Report) last released its earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, beating analysts’ consensus estimates of $2.02 by $0.79. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. The company had revenue of $76.49 billion for the quarter, compared to analysts’ expectations of $89.30 billion. During the same quarter in the previous year, the company earned $1.89 EPS. As a group, research analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current year.
Alphabet Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 9th will be paid a $0.21 dividend. This is a positive change from Alphabet’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.51%. Alphabet’s dividend payout ratio is 9.36%.
Analyst Ratings Changes
Several equities analysts have recently issued reports on GOOGL shares. Stifel Nicolaus reduced their target price on Alphabet from $225.00 to $192.00 and set a “buy” rating on the stock in a research note on Wednesday, April 23rd. Westpark Capital reiterated a “buy” rating and issued a $210.00 price target on shares of Alphabet in a report on Thursday, May 8th. UBS Group set a $195.00 price objective on shares of Alphabet in a report on Friday, April 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $178.00 target price on shares of Alphabet in a research report on Friday, April 25th. Finally, Cantor Fitzgerald cut their target price on shares of Alphabet from $200.00 to $159.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 16th. Ten research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $199.75.
View Our Latest Report on Alphabet
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.
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