State of Tennessee Treasury Department Trims Holdings in Alphabet Inc. (NASDAQ:GOOGL)

State of Tennessee Treasury Department cut its holdings in Alphabet Inc. (NASDAQ:GOOGLFree Report) by 0.8% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,893,530 shares of the information services provider’s stock after selling 15,312 shares during the quarter. Alphabet makes up approximately 1.0% of State of Tennessee Treasury Department’s investment portfolio, making the stock its 16th biggest position. State of Tennessee Treasury Department’s holdings in Alphabet were worth $264,507,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Regal Investment Advisors LLC grew its position in shares of Alphabet by 1.8% in the 4th quarter. Regal Investment Advisors LLC now owns 45,068 shares of the information services provider’s stock worth $6,296,000 after buying an additional 803 shares during the period. TCI Fund Management Ltd. purchased a new stake in Alphabet during the 4th quarter valued at about $21,987,000. XML Financial LLC grew its position in Alphabet by 6.1% during the 4th quarter. XML Financial LLC now owns 20,753 shares of the information services provider’s stock valued at $2,899,000 after purchasing an additional 1,193 shares during the last quarter. Elo Mutual Pension Insurance Co grew its position in Alphabet by 4.2% during the 4th quarter. Elo Mutual Pension Insurance Co now owns 517,988 shares of the information services provider’s stock valued at $72,358,000 after purchasing an additional 20,702 shares during the last quarter. Finally, Intrepid Capital Management Inc. grew its position in Alphabet by 23.8% during the 4th quarter. Intrepid Capital Management Inc. now owns 20,885 shares of the information services provider’s stock valued at $2,917,000 after purchasing an additional 4,014 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Alphabet

In other Alphabet news, Director John L. Hennessy sold 500 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $149.50, for a total transaction of $74,750.00. Following the completion of the sale, the director now directly owns 8,791 shares of the company’s stock, valued at approximately $1,314,254.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Alphabet news, Director John L. Hennessy sold 500 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $149.50, for a total transaction of $74,750.00. Following the completion of the sale, the director now directly owns 8,791 shares of the company’s stock, valued at approximately $1,314,254.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $176.58, for a total transaction of $3,973,050.00. Following the sale, the chief executive officer now directly owns 2,235,511 shares of the company’s stock, valued at $394,746,532.38. The disclosure for this sale can be found here. Insiders sold a total of 157,458 shares of company stock valued at $25,538,973 in the last three months. 11.55% of the stock is currently owned by corporate insiders.

Alphabet Price Performance

NASDAQ GOOGL opened at $175.01 on Tuesday. Alphabet Inc. has a 12 month low of $115.35 and a 12 month high of $178.77. The stock has a market cap of $2.16 trillion, a price-to-earnings ratio of 26.84, a PEG ratio of 1.31 and a beta of 1.01. The company’s 50 day moving average is $166.20 and its two-hundred day moving average is $149.98. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.05.

Alphabet (NASDAQ:GOOGLGet Free Report) last released its earnings results on Thursday, April 25th. The information services provider reported $1.89 EPS for the quarter, topping analysts’ consensus estimates of $1.49 by $0.40. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. The company had revenue of $80.54 billion for the quarter, compared to analysts’ expectations of $66.04 billion. During the same quarter last year, the business earned $1.17 EPS. As a group, research analysts anticipate that Alphabet Inc. will post 7.6 earnings per share for the current year.

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 10th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date of this dividend is Monday, June 10th.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. JPMorgan Chase & Co. increased their price objective on shares of Alphabet from $165.00 to $200.00 and gave the company an “overweight” rating in a research report on Friday, April 26th. Piper Sandler reissued an “overweight” rating and set a $200.00 price objective (up from $160.00) on shares of Alphabet in a research report on Friday, April 26th. Wedbush raised their price target on shares of Alphabet from $175.00 to $205.00 and gave the company an “outperform” rating in a report on Friday, April 26th. Rosenblatt Securities raised their price target on shares of Alphabet from $172.00 to $182.00 and gave the company a “buy” rating in a report on Friday, April 26th. Finally, Wolfe Research raised their price target on shares of Alphabet from $180.00 to $200.00 and gave the company an “outperform” rating in a report on Friday, April 26th. Five investment analysts have rated the stock with a hold rating, thirty have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $191.57.

View Our Latest Report on Alphabet

About Alphabet

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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