Atalanta Sosnoff Capital LLC Cuts Position in Alphabet Inc. $GOOG

Atalanta Sosnoff Capital LLC decreased its holdings in Alphabet Inc. (NASDAQ:GOOG) by 23.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 18,903 shares of the information services provider’s stock after selling 5,952 shares during the quarter. Atalanta Sosnoff Capital LLC’s holdings in Alphabet were worth $3,353,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of GOOG. Brighton Jones LLC grew its position in shares of Alphabet by 5.6% in the fourth quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider’s stock valued at $22,901,000 after purchasing an additional 6,410 shares during the period. Spectrum Wealth Counsel LLC raised its position in shares of Alphabet by 4.2% during the 1st quarter. Spectrum Wealth Counsel LLC now owns 3,754 shares of the information services provider’s stock worth $586,000 after purchasing an additional 150 shares during the last quarter. Providence Wealth Advisors LLC lifted its stake in Alphabet by 0.9% in the 1st quarter. Providence Wealth Advisors LLC now owns 10,197 shares of the information services provider’s stock valued at $1,613,000 after buying an additional 95 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Alphabet by 25.2% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,159,325 shares of the information services provider’s stock worth $493,581,000 after buying an additional 634,924 shares during the last quarter. Finally, one8zero8 LLC boosted its holdings in Alphabet by 1.6% in the 1st quarter. one8zero8 LLC now owns 30,659 shares of the information services provider’s stock worth $4,790,000 after buying an additional 496 shares during the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on GOOG shares. Weiss Ratings reissued a “buy (b)” rating on shares of Alphabet in a report on Wednesday, October 8th. JPMorgan Chase & Co. increased their price objective on Alphabet from $260.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. KeyCorp restated an “overweight” rating and issued a $330.00 price objective on shares of Alphabet in a report on Thursday, October 30th. TD Cowen upped their target price on shares of Alphabet from $270.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. Finally, Hsbc Global Res upgraded shares of Alphabet to a “strong-buy” rating in a research report on Tuesday, October 7th. Seven research analysts have rated the stock with a Strong Buy rating, twenty-six have given a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $324.81.

Insiders Place Their Bets

In related news, CAO Amie Thuener O’toole sold 2,778 shares of the business’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $288.26, for a total value of $800,786.28. Following the sale, the chief accounting officer directly owned 11,739 shares in the company, valued at approximately $3,383,884.14. The trade was a 19.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction dated Wednesday, November 19th. The shares were sold at an average price of $296.64, for a total transaction of $9,640,800.00. Following the completion of the transaction, the chief executive officer directly owned 2,304,619 shares in the company, valued at $683,642,180.16. The trade was a 1.39% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 227,952 shares of company stock worth $58,896,009 over the last ninety days. Company insiders own 12.99% of the company’s stock.

Alphabet Price Performance

Shares of GOOG stock opened at $299.65 on Monday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The company has a market capitalization of $3.62 trillion, a PE ratio of 29.55, a price-to-earnings-growth ratio of 1.86 and a beta of 1.05. The firm’s 50-day moving average is $262.98 and its two-hundred day moving average is $214.67. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $306.89.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Thursday, October 30th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. The business had revenue of $102.35 billion during the quarter, compared to the consensus estimate of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The business’s revenue was up 15.9% compared to the same quarter last year. During the same quarter last year, the firm earned $2.12 EPS. Analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Announces Dividend

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

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.