Tremblant Capital Group Sells 76,903 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Tremblant Capital Group decreased its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 43.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 102,026 shares of the information services provider’s stock after selling 76,903 shares during the quarter. Alphabet comprises approximately 2.0% of Tremblant Capital Group’s investment portfolio, making the stock its 26th biggest holding. Tremblant Capital Group’s holdings in Alphabet were worth $19,314,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Compass Planning Associates Inc bought a new position in Alphabet in the fourth quarter valued at approximately $30,000. E Fund Management Hong Kong Co. Ltd. lifted its stake in Alphabet by 518.8% in the fourth quarter. E Fund Management Hong Kong Co. Ltd. now owns 198 shares of the information services provider’s stock valued at $37,000 after buying an additional 166 shares in the last quarter. Fiduciary Advisors Inc. bought a new position in Alphabet in the fourth quarter valued at approximately $39,000. PayPay Securities Corp lifted its stake in Alphabet by 36.1% in the fourth quarter. PayPay Securities Corp now owns 245 shares of the information services provider’s stock valued at $46,000 after buying an additional 65 shares in the last quarter. Finally, Anderson Financial Strategies LLC bought a new position in Alphabet in the fourth quarter valued at approximately $49,000. Institutional investors own 40.03% of the company’s stock.

Insider Activity

In related news, CAO Amie Thuener O’toole sold 2,824 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $187.43, for a total transaction of $529,302.32. Following the transaction, the chief accounting officer now directly owns 15,024 shares of the company’s stock, valued at approximately $2,815,948.32. This trade represents a 15.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John L. Hennessy sold 200 shares of the firm’s stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $165.53, for a total transaction of $33,106.00. Following the transaction, the director now directly owns 7,813 shares in the company, valued at approximately $1,293,285.89. This represents a 2.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 179,324 shares of company stock valued at $30,153,353 over the last ninety days. 11.64% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Cantor Fitzgerald cut their price target 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. Sanford C. Bernstein boosted their price objective on shares of Alphabet from $165.00 to $185.00 and gave the stock a “market perform” rating in a research report on Friday, April 25th. DA Davidson cut their price objective on shares of Alphabet from $200.00 to $160.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Bank of America boosted their price objective on shares of Alphabet from $185.00 to $200.00 and gave the stock a “buy” rating in a research report on Friday, April 25th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Alphabet from $220.00 to $180.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Ten equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $199.75.

Alphabet Price Performance

Shares of GOOGL opened at $166.19 on Monday. The firm has a market capitalization of $2.02 trillion, a PE ratio of 20.64, a PEG ratio of 1.34 and a beta of 1.01. The company’s 50-day moving average is $158.21 and its 200-day moving average is $175.04. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $207.05. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.84 and a quick ratio of 1.84.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, beating the consensus estimate of $2.02 by $0.79. The company had revenue of $76.49 billion for the quarter, compared to analyst estimates of $89.30 billion. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. During the same period in the prior year, the firm earned $1.89 earnings per share. Equities analysts forecast that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 9th will be given a $0.21 dividend. The ex-dividend date of this dividend is Monday, June 9th. This is a positive change from Alphabet’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a dividend yield of 0.51%. Alphabet’s dividend payout ratio is presently 9.36%.

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.