Alphabet Inc. (NASDAQ:GOOGL) Short Interest Update

17 Oct 2024, 04:30 by Kim Johansen · The Markets Daily

Alphabet Inc. (NASDAQ:GOOGL – Get Free Report) saw a significant decline in short interest in September. As of September 30th, there was short interest totalling 71,090,000 shares, a decline of 10.7% from the September 15th total of 79,580,000 shares. Based on an average daily volume of 25,620,000 shares, the days-to-cover ratio is currently 2.8 days.

Insider Transactions at Alphabet

In other news, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $168.00, for a total value of $114,576.00. Following the transaction, the chief accounting officer now owns 31,334 shares of the company’s stock, valued at $5,264,112. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $168.00, for a total value of $114,576.00. Following the completion of the transaction, the chief accounting officer now directly owns 31,334 shares in the company, valued at approximately $5,264,112. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $162.35, for a total value of $3,652,875.00. Following the transaction, the chief executive officer now owns 2,182,385 shares in the company, valued at $354,310,204.75. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 220,426 shares of company stock valued at $35,993,340. 11.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Alphabet

A number of institutional investors have recently bought and sold shares of GOOGL. Christopher J. Hasenberg Inc increased its stake in shares of Alphabet by 75.0% in the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after purchasing an additional 60 shares in the last quarter. Tributary Capital Management LLC purchased a new stake in Alphabet in the 1st quarter worth $30,000. Kings Path Partners LLC bought a new stake in Alphabet during the second quarter valued at about $36,000. Denver PWM LLC purchased a new position in shares of Alphabet in the second quarter valued at about $41,000. Finally, CarsonAllaria Wealth Management Ltd. lifted its position in shares of Alphabet by 59.2% in the first quarter. CarsonAllaria Wealth Management Ltd. now owns 293 shares of the information services provider’s stock valued at $44,000 after acquiring an additional 109 shares in the last quarter. 40.03% of the stock is owned by institutional investors.

Alphabet Stock Performance

Alphabet stock traded down $0.30 during mid-day trading on Wednesday, reaching $165.16. 16,389,323 shares of the stock traded hands, compared to its average volume of 27,085,760. The stock has a market capitalization of $2.04 trillion, a PE ratio of 25.33, a price-to-earnings-growth ratio of 1.21 and a beta of 1.04. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08. The business’s 50-day moving average is $161.76 and its 200-day moving average is $168.05. Alphabet has a 12-month low of $120.21 and a 12-month high of $191.75.

Alphabet (NASDAQ:GOOGL – Get Free Report) last released its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, beating the consensus estimate of $1.85 by $0.04. The firm had revenue of $84.74 billion during the quarter, compared to analyst estimates of $70.60 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. During the same quarter in the prior year, the firm earned $1.44 EPS. As a group, sell-side analysts predict that Alphabet will post 7.64 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently commented on GOOGL shares. Needham & Company LLC reiterated a “buy” rating and issued a $210.00 price objective on shares of Alphabet in a report on Tuesday. Mizuho lifted their price target on Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Pivotal Research raised Alphabet to a “strong-buy” rating in a research note on Tuesday, October 1st. The Goldman Sachs Group decreased their target price on shares of Alphabet from $217.00 to $208.00 and set a “buy” rating on the stock in a research note on Monday. Finally, Truist Financial increased their price target on shares of Alphabet from $196.00 to $220.00 and gave the company a “buy” rating in a research report on Wednesday. Eight investment analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, Alphabet has a consensus rating of “Moderate Buy” and a consensus price target of $201.76.

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