Janney Capital Management LLC Trims Stake in Alphabet Inc. $GOOGL

Janney Capital Management LLC lowered its position in Alphabet Inc. (NASDAQ:GOOGL) by 2.9% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 80,587 shares of the information services provider’s stock after selling 2,426 shares during the period. Janney Capital Management LLC’s holdings in Alphabet were worth $14,202,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in GOOGL. Missouri Trust & Investment Co lifted its holdings in shares of Alphabet by 0.3% in the 2nd quarter. Missouri Trust & Investment Co now owns 16,916 shares of the information services provider’s stock valued at $2,981,000 after acquiring an additional 55 shares during the last quarter. AM Investment Strategies LLC boosted its stake in shares of Alphabet by 0.9% during the second quarter. AM Investment Strategies LLC now owns 6,477 shares of the information services provider’s stock valued at $1,141,000 after purchasing an additional 57 shares in the last quarter. Bfsg LLC boosted its stake in shares of Alphabet by 0.6% during the second quarter. Bfsg LLC now owns 10,428 shares of the information services provider’s stock valued at $1,838,000 after purchasing an additional 59 shares in the last quarter. Enzi Wealth boosted its stake in Alphabet by 2.5% in the first quarter. Enzi Wealth now owns 2,561 shares of the information services provider’s stock valued at $408,000 after acquiring an additional 62 shares in the last quarter. Finally, Park Capital Management LLC WI boosted its stake in Alphabet by 1.1% in the second quarter. Park Capital Management LLC WI now owns 6,005 shares of the information services provider’s stock valued at $1,058,000 after acquiring an additional 65 shares in the last quarter. Institutional investors own 40.03% of the company’s stock.

Insider Activity

In related news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $184.38, for a total transaction of $5,992,350.00. Following the completion of the sale, the chief executive officer owned 2,527,392 shares in the company, valued at $466,000,536.96. This represents a 1.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kavitark Ram Shriram sold 18,566 shares of the stock in a transaction on Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the sale, the director owned 243,400 shares of the company’s stock, valued at approximately $45,213,984. This represents a 7.09% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 276,738 shares of company stock worth $59,135,475. Corporate insiders own 11.64% of the company’s stock.

Wall Street Analysts Forecast Growth

GOOGL has been the subject of several research reports. Moffett Nathanson lifted their price objective on shares of Alphabet from $230.00 to $295.00 and gave the stock a “buy” rating in a research note on Thursday, September 25th. Wall Street Zen cut shares of Alphabet from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. Citigroup boosted their target price on shares of Alphabet from $225.00 to $280.00 and gave the stock a “buy” rating in a research note on Monday, September 15th. Oppenheimer restated an “outperform” rating and set a $270.00 price target (up from $235.00) on shares of Alphabet in a research report on Tuesday, September 2nd. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $201.00 target price on shares of Alphabet in a report on Wednesday, September 24th. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $240.76.

Alphabet Price Performance

Shares of GOOGL opened at $245.35 on Friday. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $256.00. The firm’s 50 day moving average price is $221.25 and its 200 day moving average price is $185.96. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a market cap of $2.97 trillion, a P/E ratio of 26.13, a PEG ratio of 1.66 and a beta of 1.00.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.60 billion. On average, research analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were issued a $0.21 dividend. The ex-dividend date was Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Alphabet’s dividend payout ratio is presently 8.95%.

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.