Amalgamated Bank Trims Position in Alphabet Inc. $GOOGL

Amalgamated Bank lowered its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 3.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 1,233,313 shares of the information services provider’s stock after selling 47,990 shares during the period. Alphabet comprises 1.7% of Amalgamated Bank’s holdings, making the stock its 7th largest holding. Amalgamated Bank’s holdings in Alphabet were worth $217,347,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Guardian Wealth Management Inc. boosted its holdings in Alphabet by 242.9% in the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider’s stock valued at $26,000 after acquiring an additional 119 shares during the last quarter. IMA Advisory Services Inc. acquired a new stake in Alphabet during the 1st quarter worth about $28,000. NBZ Investment Advisors LLC grew its holdings in Alphabet by 85.7% during the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock worth $30,000 after acquiring an additional 90 shares during the period. Financial Gravity Asset Management Inc. bought a new position in shares of Alphabet in the 1st quarter worth about $39,000. Finally, CarsonAllaria Wealth Management Ltd. lifted its stake in shares of Alphabet by 36.4% in the 2nd quarter. CarsonAllaria Wealth Management Ltd. now owns 251 shares of the information services provider’s stock valued at $44,000 after purchasing an additional 67 shares during the period. Institutional investors and hedge funds own 40.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Moffett Nathanson raised their target price on Alphabet from $295.00 to $305.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Citic Securities raised their price objective on shares of Alphabet from $230.00 to $310.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd. China Renaissance lifted their price objective on shares of Alphabet from $207.00 to $330.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Robert W. Baird boosted their target price on shares of Alphabet from $215.00 to $275.00 and gave the company an “outperform” rating in a research report on Monday, September 22nd. Finally, Barclays restated an “overweight” rating and issued a $315.00 price target (up from $250.00) on shares of Alphabet in a report on Thursday, October 30th. Three research analysts have rated the stock with a Strong Buy rating, thirty-eight have issued a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $304.10.

Alphabet Price Performance

Shares of NASDAQ GOOGL opened at $290.10 on Tuesday. The stock has a market cap of $3.51 trillion, a price-to-earnings ratio of 28.61, a PEG ratio of 1.86 and a beta of 1.05. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $291.59. The firm’s 50-day simple moving average is $252.77 and its 200 day simple moving average is $205.82.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings data on Wednesday, October 29th. The information services provider reported $2.87 EPS for the quarter, topping the consensus estimate of $2.29 by $0.58. Alphabet had a return on equity of 36.08% and a net margin of 32.23%.The firm had revenue of $102.35 billion during the quarter, compared to the consensus estimate of $99.90 billion. As a group, research analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Announces Dividend

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

Insider Buying and Selling at Alphabet

In other Alphabet news, insider John Kent Walker sold 17,816 shares of Alphabet stock in a transaction 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 transaction, the insider directly owned 42,985 shares of the company’s stock, valued at $10,635,348.70. The trade was a 29.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 2,778 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $245.00, for a total transaction of $680,610.00. Following the completion of the sale, the chief accounting officer owned 17,293 shares of the company’s stock, valued at approximately $4,236,785. This represents a 13.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 222,396 shares of company stock worth $54,105,275. Corporate insiders own 11.64% of the company’s stock.

Alphabet Company 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.