Intech Investment Management LLC Sells 110,386 Shares of Alphabet Inc. $GOOGL

Intech Investment Management LLC decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 16.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 550,852 shares of the information services provider’s stock after selling 110,386 shares during the quarter. Alphabet accounts for about 0.9% of Intech Investment Management LLC’s investment portfolio, making the stock its 11th biggest position. Intech Investment Management LLC’s holdings in Alphabet were worth $97,077,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC boosted its stake in shares of Alphabet by 3.9% during the fourth quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider’s stock valued at $20,886,000 after purchasing an additional 4,110 shares during the period. Revolve Wealth Partners LLC lifted its holdings in Alphabet by 3.5% during the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider’s stock valued at $2,826,000 after buying an additional 506 shares in the last quarter. Smart Money Group LLC boosted its position in Alphabet by 9.4% in the 1st quarter. Smart Money Group LLC now owns 6,181 shares of the information services provider’s stock valued at $956,000 after buying an additional 532 shares during the period. United Bank grew its stake in Alphabet by 2.1% in the 1st quarter. United Bank now owns 45,084 shares of the information services provider’s stock worth $6,972,000 after acquiring an additional 910 shares in the last quarter. Finally, WESPAC Advisors SoCal LLC grew its stake in Alphabet by 0.8% in the 1st quarter. WESPAC Advisors SoCal LLC now owns 74,594 shares of the information services provider’s stock worth $11,535,000 after acquiring an additional 560 shares in the last quarter. 40.03% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider John Kent Walker sold 17,816 shares of the stock in a transaction that occurred on Monday, September 29th. The shares were sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the completion of the sale, the insider owned 42,985 shares of the company’s stock, valued at $10,635,348.70. This represents a 29.30% 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 Alphabet stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $250.05, for a total transaction of $694,638.90. Following the completion of the transaction, the chief accounting officer directly owned 14,516 shares in the company, valued at $3,629,725.80. This represents a 16.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 225,072 shares of company stock worth $58,074,027 in the last 90 days. 11.64% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Evercore ISI boosted their price target on Alphabet from $300.00 to $325.00 and gave the company an “outperform” rating in a report on Thursday, October 30th. President Capital raised their price objective on Alphabet from $258.00 to $323.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. New Street Research upped their target price on Alphabet from $275.00 to $295.00 in a report on Friday, October 24th. Truist Financial upped their target price on Alphabet from $285.00 to $320.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Finally, Wall Street Zen upgraded Alphabet from a “hold” rating to a “buy” rating in a research note on Saturday, November 1st. Four investment analysts have rated the stock with a Strong Buy rating, forty-one have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Alphabet currently has an average rating of “Moderate Buy” and a consensus target price of $307.84.

Alphabet Trading Down 1.1%

GOOGL opened at $319.95 on Friday. The firm has a market cap of $3.86 trillion, a price-to-earnings ratio of 31.55, a PEG ratio of 1.86 and a beta of 1.05. 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 $328.83. The stock has a fifty day moving average price of $267.94 and a 200-day moving average price of $217.64.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings data on Wednesday, October 29th. The information services provider reported $2.87 earnings per share for the quarter, beating analysts’ consensus estimates of $2.29 by $0.58. Alphabet had a return on equity of 36.08% and a net margin of 32.23%.The company had revenue of $102.35 billion for the quarter, compared to the consensus estimate of $99.90 billion. As a group, equities research analysts anticipate that Alphabet Inc. will post 8.9 earnings per share 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 given a $0.21 dividend. The ex-dividend date of this dividend is Monday, December 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet’s payout ratio is presently 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.