Alphabet Inc. $GOOGL Shares Sold by Atalanta Sosnoff Capital LLC

Atalanta Sosnoff Capital LLC cut its stake in Alphabet Inc. (NASDAQ:GOOGL) by 21.8% during the 2nd quarter, HoldingsChannel reports. The firm owned 1,010,180 shares of the information services provider’s stock after selling 281,608 shares during the quarter. Alphabet accounts for about 3.6% of Atalanta Sosnoff Capital LLC’s portfolio, making the stock its 8th largest position. Atalanta Sosnoff Capital LLC’s holdings in Alphabet were worth $178,024,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of GOOGL. Burk Holdings LLC purchased a new stake in shares of Alphabet during the 2nd quarter valued at about $242,000. South Plains Financial Inc. raised its stake in shares of Alphabet by 6.8% during the second quarter. South Plains Financial Inc. now owns 19,919 shares of the information services provider’s stock valued at $3,510,000 after purchasing an additional 1,267 shares during the period. Jaffetilchin Investment Partners LLC lifted its position in shares of Alphabet by 0.7% during the second quarter. Jaffetilchin Investment Partners LLC now owns 108,321 shares of the information services provider’s stock worth $19,089,000 after purchasing an additional 787 shares in the last quarter. Quadcap Wealth Management LLC lifted its position in shares of Alphabet by 5.4% during the second quarter. Quadcap Wealth Management LLC now owns 30,480 shares of the information services provider’s stock worth $5,372,000 after purchasing an additional 1,560 shares in the last quarter. Finally, Insigneo Advisory Services LLC boosted its stake in shares of Alphabet by 11.0% in the second quarter. Insigneo Advisory Services LLC now owns 121,582 shares of the information services provider’s stock valued at $21,426,000 after purchasing an additional 12,089 shares during the period. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Insider Buying and Selling

In other news, insider John Kent Walker sold 17,816 shares of the company’s stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the completion of the transaction, the insider owned 42,985 shares in the company, valued at approximately $10,635,348.70. This represents a 29.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Amie Thuener O’toole sold 2,778 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $245.00, for a total transaction of $680,610.00. Following the completion of the sale, the chief accounting officer directly owned 17,293 shares in the company, valued at approximately $4,236,785. This trade represents a 13.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 226,128 shares of company stock worth $61,326,372 in the last three months. 11.64% of the stock is owned by insiders.

Alphabet Price Performance

Shares of NASDAQ:GOOGL opened at $321.27 on Friday. The company has a market cap of $3.88 trillion, a PE ratio of 31.68, a P/E/G ratio of 1.84 and a beta of 1.07. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $328.83. The firm has a 50-day simple moving average of $276.15 and a 200 day simple moving average of $224.09. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.06.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Wednesday, October 29th. The information services provider reported $2.87 EPS for the quarter, beating analysts’ consensus estimates of $2.29 by $0.58. The company had revenue of $102.35 billion during the quarter, compared to the consensus estimate of $99.90 billion. Alphabet had a return on equity of 35.00% and a net margin of 32.23%. On average, sell-side analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 8th will be given a dividend of $0.21 per share. 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%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Citigroup reaffirmed a “buy” rating and set a $343.00 price target (up previously from $280.00) on shares of Alphabet in a research note on Thursday, October 30th. Canaccord Genuity Group lifted their target price on Alphabet from $270.00 to $330.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Stifel Nicolaus set a $333.00 price target on Alphabet in a report on Thursday, October 30th. Guggenheim restated a “buy” rating and set a $375.00 price objective (up previously from $330.00) on shares of Alphabet in a research note on Monday. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $330.00 target price (up from $285.00) on shares of Alphabet in a research report on Thursday, October 30th. Four analysts have rated the stock with a Strong Buy rating, forty-one have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $312.65.

Alphabet 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.