Cercano Management LLC Trims Stake in Alphabet Inc. $GOOGL

Cercano Management LLC cut its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 58.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 124,387 shares of the information services provider’s stock after selling 171,676 shares during the period. Cercano Management LLC’s holdings in Alphabet were worth $21,921,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Avantax Advisory Services Inc. lifted its position in Alphabet by 5.3% during the second quarter. Avantax Advisory Services Inc. now owns 373,850 shares of the information services provider’s stock valued at $65,884,000 after purchasing an additional 18,687 shares in the last quarter. Woodley Farra Manion Portfolio Management Inc. raised its stake in shares of Alphabet by 1.2% in the second quarter. Woodley Farra Manion Portfolio Management Inc. now owns 449,762 shares of the information services provider’s stock worth $79,262,000 after buying an additional 5,272 shares during the period. Paragon Capital Management LLC purchased a new position in shares of Alphabet during the 2nd quarter valued at about $306,000. Cetera Investment Advisers grew its stake in shares of Alphabet by 5.3% during the 2nd quarter. Cetera Investment Advisers now owns 1,662,406 shares of the information services provider’s stock valued at $292,966,000 after acquiring an additional 83,857 shares during the period. Finally, Cedar Wealth Management LLC increased its holdings in Alphabet by 34.9% in the 2nd quarter. Cedar Wealth Management LLC now owns 16,183 shares of the information services provider’s stock worth $2,852,000 after acquiring an additional 4,187 shares in the last quarter. Institutional investors own 40.03% of the company’s stock.

Alphabet Stock Performance

NASDAQ:GOOGL opened at $319.95 on Friday. The firm has a market capitalization of $3.86 trillion, a PE ratio of 31.55, a PEG ratio of 1.86 and a beta of 1.05. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $328.83. The stock’s fifty day moving average is $267.94 and its 200 day moving average is $217.64. 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 (NASDAQ:GOOGL) last posted its quarterly earnings data 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 company had revenue of $102.35 billion for the quarter, compared to analyst estimates of $99.90 billion. On average, sell-side analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. China Renaissance lifted their price target on shares of Alphabet from $207.00 to $330.00 and gave the company a “buy” rating in a report on Friday, October 31st. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Alphabet in a report on Thursday, October 30th. Robert W. Baird raised their price target on Alphabet from $215.00 to $275.00 and gave the company an “outperform” rating in a report on Monday, September 22nd. Daiwa Capital Markets boosted their price objective on Alphabet from $233.00 to $333.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Finally, President Capital increased their target price on Alphabet from $258.00 to $323.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Four investment analysts have rated the stock with a Strong Buy rating, forty-one have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $307.84.

Insider Transactions at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 2,778 shares of the company’s stock in a transaction on Monday, November 17th. The stock was sold at an average price of $288.26, for a total value of $800,786.28. Following the completion of the sale, the chief accounting officer directly owned 11,739 shares in the company, valued at approximately $3,383,884.14. This represents a 19.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John L. Hennessy sold 600 shares of the stock in a transaction 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 directly owned 4,516 shares in the company, valued at $1,264,750.96. The trade was a 11.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 225,072 shares of company stock valued at $58,074,027. Company insiders own 11.64% of the company’s stock.

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.