Altarock Partners LP Sells 2,408,938 Shares of Alphabet Inc. $GOOGL

Altarock Partners LP decreased its position in Alphabet Inc. (NASDAQ:GOOGL) by 69.7% during the 2nd quarter, HoldingsChannel reports. The fund owned 1,045,429 shares of the information services provider’s stock after selling 2,408,938 shares during the quarter. Alphabet comprises about 3.4% of Altarock Partners LP’s portfolio, making the stock its 7th largest holding. Altarock Partners LP’s holdings in Alphabet were worth $184,236,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Brighton Jones LLC increased its position in shares of Alphabet by 3.9% in the fourth quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider’s stock valued at $20,886,000 after acquiring an additional 4,110 shares during the last quarter. Revolve Wealth Partners LLC grew its stake in Alphabet by 3.5% in the fourth quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider’s stock valued at $2,826,000 after purchasing an additional 506 shares in the last quarter. Smart Money Group LLC increased its position in shares of Alphabet by 9.4% during the 1st quarter. Smart Money Group LLC now owns 6,181 shares of the information services provider’s stock worth $956,000 after purchasing an additional 532 shares during the last quarter. United Bank increased its position in shares of Alphabet by 2.1% during the 1st quarter. United Bank now owns 45,084 shares of the information services provider’s stock worth $6,972,000 after purchasing an additional 910 shares during the last quarter. Finally, Integrated Investment Consultants LLC raised its stake in shares of Alphabet by 16.4% during the 1st quarter. Integrated Investment Consultants LLC now owns 27,114 shares of the information services provider’s stock worth $4,193,000 after purchasing an additional 3,822 shares in the last quarter. 40.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

GOOGL has been the subject of several analyst reports. DA Davidson reissued a “neutral” rating and issued a $300.00 target price on shares of Alphabet in a research note on Tuesday, November 25th. Canaccord Genuity Group increased their price target on shares of Alphabet from $270.00 to $330.00 and gave the company a “buy” rating in a research note on Thursday, October 30th. Evercore ISI boosted their price objective on shares of Alphabet from $300.00 to $325.00 and gave the stock an “outperform” rating in a research note on Thursday, October 30th. Jefferies Financial Group upped their target price on shares of Alphabet from $285.00 to $320.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $365.00 target price (up from $330.00) on shares of Alphabet in a research note on Thursday. Four research 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 MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $314.22.

Insider Activity at Alphabet

In other news, CAO Amie Thuener O’toole sold 2,778 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $245.00, for a total transaction of $680,610.00. Following the transaction, the chief accounting officer directly owned 17,293 shares of the company’s stock, valued at approximately $4,236,785. This trade represents a 13.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 value of $4,408,034.72. Following the completion of the transaction, the insider directly owned 42,985 shares of the company’s stock, valued at $10,635,348.70. This represents a 29.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 226,128 shares of company stock worth $61,326,372. Corporate insiders own 11.64% of the company’s stock.

Alphabet Price Performance

Alphabet stock opened at $309.29 on Friday. The company has a market capitalization of $3.73 trillion, a price-to-earnings ratio of 30.50, a PEG 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 12 month low of $140.53 and a 12 month high of $328.83. The stock’s 50 day moving average is $283.14 and its 200-day moving average is $229.18.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.58. Alphabet had a return on equity of 35.00% and a net margin of 32.23%.The business had revenue of $102.35 billion during the quarter, compared to analysts’ expectations of $99.90 billion. Equities research analysts expect that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Dividend Announcement

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