683 Capital Management LLC Purchases New Position in Alphabet Inc. $GOOGL

683 Capital Management LLC acquired a new stake in shares of Alphabet Inc. (NASDAQ:GOOGL) during the second quarter, HoldingsChannel.com reports. The institutional investor acquired 36,000 shares of the information services provider’s stock, valued at approximately $6,344,000.

A number of other institutional investors have also added to or reduced their stakes in GOOGL. Bridgeway Capital Management LLC lifted its position in Alphabet by 17.9% during the first quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider’s stock valued at $13,637,000 after purchasing an additional 13,371 shares during the last quarter. Alaethes Wealth LLC increased its holdings in Alphabet by 1.1% during the 1st quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider’s stock worth $1,182,000 after purchasing an additional 84 shares during the period. Moment Partners LLC increased its position in Alphabet by 9.3% during the 2nd quarter. Moment Partners LLC now owns 5,896 shares of the information services provider’s stock valued at $1,039,000 after purchasing an additional 504 shares during the period. Welch Group LLC raised its position in shares of Alphabet by 4.0% in the 2nd quarter. Welch Group LLC now owns 64,262 shares of the information services provider’s stock worth $11,325,000 after acquiring an additional 2,467 shares in the last quarter. Finally, Brooktree Capital Management bought a new position in shares of Alphabet during the 2nd quarter worth approximately $352,000. 40.03% of the stock is currently owned by institutional investors.

Insider Activity at Alphabet

In other news, Director Frances Arnold sold 102 shares of the stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $317.66, for a total transaction of $32,401.32. Following the transaction, the director owned 18,104 shares of the company’s stock, valued at approximately $5,750,916.64. This trade represents a 0.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Amie Thuener O’toole sold 954 shares of Alphabet stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $317.00, for a total value of $302,418.00. Following the completion of the transaction, the chief accounting officer owned 11,740 shares of the company’s stock, valued at approximately $3,721,580. The trade was a 7.52% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 226,128 shares of company stock worth $61,326,372. Company insiders own 11.64% of the company’s stock.

Alphabet Trading Down 1.0%

Shares of GOOGL opened at $309.29 on Friday. The firm has a market capitalization of $3.73 trillion, a P/E ratio of 30.50, a price-to-earnings-growth ratio of 1.81 and a beta of 1.07. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.06. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $328.83. The stock’s fifty day simple moving average is $283.14 and its 200 day simple moving average is $229.18.

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 analysts’ consensus estimates of $2.29 by $0.58. The company had revenue of $102.35 billion for the quarter, compared to analysts’ expectations of $99.90 billion. Alphabet had a return on equity of 35.00% and a net margin of 32.23%. On average, equities research analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Dividend Announcement

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 paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Monday, December 8th. Alphabet’s payout ratio is 8.28%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on GOOGL shares. Piper Sandler reaffirmed an “overweight” rating and set a $365.00 target price (up from $330.00) on shares of Alphabet in a report on Thursday. Citigroup reissued a “buy” rating and issued a $343.00 price target (up from $280.00) on shares of Alphabet in a research note on Thursday, October 30th. BMO Capital Markets set a $294.00 target price on shares of Alphabet and gave the stock an “outperform” rating in a report on Thursday, October 9th. Hsbc Global Res raised shares of Alphabet to a “strong-buy” rating in a research report on Tuesday, October 7th. Finally, BNP Paribas Exane began coverage on Alphabet in a research note on Monday, November 24th. They issued an “outperform” rating and a $355.00 price objective for the company. Four investment analysts have rated the stock with a Strong Buy rating, forty-one have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and a consensus price target of $314.22.

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.