MainStreet Investment Advisors LLC Sells 3,759 Shares of Alphabet Inc. $GOOGL

by · The Markets Daily

MainStreet Investment Advisors LLC lessened its holdings in Alphabet Inc. (NASDAQ:GOOGLFree Report) by 4.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 84,898 shares of the information services provider’s stock after selling 3,759 shares during the period. Alphabet comprises approximately 2.1% of MainStreet Investment Advisors LLC’s portfolio, making the stock its 9th biggest position. MainStreet Investment Advisors LLC’s holdings in Alphabet were worth $14,962,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of GOOGL. Bridgeway Capital Management LLC lifted its position in Alphabet by 17.9% in the 1st quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider’s stock worth $13,637,000 after buying an additional 13,371 shares in the last quarter. Alaethes Wealth LLC increased its stake in shares of Alphabet by 1.1% in the first quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider’s stock worth $1,182,000 after acquiring an additional 84 shares during the last quarter. Moment Partners LLC raised its holdings in shares of Alphabet by 9.3% during the second quarter. Moment Partners LLC now owns 5,896 shares of the information services provider’s stock worth $1,039,000 after acquiring an additional 504 shares in the last quarter. Welch Group LLC boosted its position in Alphabet by 4.0% during the second quarter. Welch Group LLC now owns 64,262 shares of the information services provider’s stock valued at $11,325,000 after purchasing an additional 2,467 shares during the last quarter. Finally, Elgethun Capital Management boosted its position in Alphabet by 4.8% during the first quarter. Elgethun Capital Management now owns 8,487 shares of the information services provider’s stock valued at $1,312,000 after purchasing an additional 390 shares during the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Wolfe Research reaffirmed an “outperform” rating and set a $350.00 price target (up from $290.00) on shares of Alphabet in a research note on Thursday, October 30th. Moffett Nathanson raised their price objective on shares of Alphabet from $305.00 to $315.00 and gave the company a “buy” rating in a research report on Tuesday, November 25th. Melius Research boosted their target price on shares of Alphabet from $220.00 to $255.00 in a research report on Thursday, September 25th. Guggenheim increased their price target on shares of Alphabet from $280.00 to $330.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Finally, Rosenblatt Securities raised their price target on shares of Alphabet from $224.00 to $279.00 and gave the company a “neutral” rating in a report on Thursday, October 30th. Four analysts have rated the stock with a Strong Buy rating, forty-one have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and an average target price of $307.84.

Read Our Latest Analysis on GOOGL

Insiders Place Their Bets

In other Alphabet news, Director Frances Arnold sold 112 shares of Alphabet stock in a transaction that occurred on Thursday, October 30th. The stock was sold at an average price of $291.80, for a total value of $32,681.60. Following the transaction, the director directly owned 18,004 shares of the company’s stock, valued at $5,253,567.20. The trade was a 0.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John L. Hennessy sold 600 shares of the company’s stock in a transaction that occurred on Thursday, November 13th. The stock was sold at an average price of $280.06, for a total value of $168,036.00. Following the transaction, the director owned 4,516 shares of the company’s stock, valued at approximately $1,264,750.96. This trade represents a 11.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 225,072 shares of company stock worth $58,074,027. Corporate insiders own 11.64% of the company’s stock.

Alphabet Price Performance

NASDAQ GOOGL opened at $320.02 on Friday. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $328.83. The company has a fifty day simple moving average of $269.25 and a 200 day simple moving average of $219.18. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a market cap of $3.86 trillion, a P/E ratio of 31.56, a P/E/G ratio of 1.86 and a beta of 1.05.

Alphabet (NASDAQ:GOOGLGet Free Report) last released its earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The firm had revenue of $102.35 billion during the quarter, compared to analyst estimates of $99.90 billion. On average, sell-side analysts predict that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 8th will be paid a dividend of $0.21 per share. The ex-dividend date is Monday, December 8th. This represents a $0.84 annualized dividend and a yield of 0.3%. Alphabet’s dividend payout ratio is presently 8.28%.

Alphabet Company Profile

(Free Report)

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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