Telemark Asset Management LLC Sells 50,000 Shares of Alphabet Inc. $GOOGL

Telemark Asset Management LLC cut its stake in Alphabet Inc. (NASDAQ:GOOGL) by 62.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 30,000 shares of the information services provider’s stock after selling 50,000 shares during the quarter. Telemark Asset Management LLC’s holdings in Alphabet were worth $5,287,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Financial Gravity Companies Inc. purchased a new stake in Alphabet during the second quarter valued at $31,000. NBZ Investment Advisors LLC increased its position in shares of Alphabet by 85.7% during the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock valued at $30,000 after purchasing an additional 90 shares during the last quarter. CarsonAllaria Wealth Management Ltd. lifted its stake in shares of Alphabet by 36.4% in the 2nd quarter. CarsonAllaria Wealth Management Ltd. now owns 251 shares of the information services provider’s stock worth $44,000 after purchasing an additional 67 shares during the period. MJT & Associates Financial Advisory Group Inc. purchased a new position in shares of Alphabet in the first quarter worth approximately $50,000. Finally, S&T Bank PA grew its position in Alphabet by 40.2% during the second quarter. S&T Bank PA now owns 345 shares of the information services provider’s stock valued at $61,000 after buying an additional 99 shares during the period. Institutional investors own 40.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Alphabet from $300.00 to $340.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. HSBC lifted their price objective on Alphabet from $335.00 to $370.00 and gave the company a “buy” rating in a research report on Tuesday. Truist Financial increased their target price on shares of Alphabet from $285.00 to $320.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Cantor Fitzgerald lifted their price target on shares of Alphabet from $265.00 to $310.00 and gave the company a “neutral” rating in a report on Thursday, October 30th. Finally, Guggenheim reissued a “buy” rating and issued a $375.00 price objective (up from $330.00) on shares of Alphabet in a research note on Monday. Four analysts have rated the stock with a Strong Buy rating, forty-one have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Alphabet presently has a consensus rating of “Moderate Buy” and a consensus target price of $312.06.

Alphabet Stock Performance

Shares of NASDAQ GOOGL opened at $315.81 on Wednesday. The company has a market cap of $3.81 trillion, a P/E ratio of 31.15, a P/E/G ratio of 1.82 and a beta of 1.07. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $328.83. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.75 and a current ratio of 1.75. The firm’s fifty day moving average is $271.77 and its two-hundred day moving average is $221.67.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Wednesday, October 29th. The information services provider reported $2.87 EPS for the quarter, beating the consensus estimate of $2.29 by $0.58. The business had revenue of $102.35 billion during the quarter, compared to the consensus estimate of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 35.00%. As a group, analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders 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 dividend yield of 0.3%. The ex-dividend date of this dividend is Monday, December 8th. Alphabet’s dividend payout ratio is 8.28%.

Insider Activity

In related news, insider John Kent Walker sold 17,816 shares of the business’s stock in a transaction on Monday, September 29th. The shares were sold at an average price of $247.42, for a total value of $4,408,034.72. Following the sale, the insider owned 42,985 shares in the company, valued at approximately $10,635,348.70. The trade was a 29.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $243.41, for a total transaction of $7,910,825.00. Following the sale, the chief executive officer directly owned 2,402,119 shares in the company, valued at approximately $584,699,785.79. The trade was a 1.33% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 193,628 shares of company stock worth $50,942,622. 11.55% of the stock is currently owned by insiders.

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.