Alphabet Inc. (NASDAQ:GOOGL) Position Reduced by Clearbridge Investments LLC

Clearbridge Investments LLC decreased its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 2.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,155,750 shares of the information services provider’s stock after selling 69,171 shares during the period. Clearbridge Investments LLC’s holdings in Alphabet were worth $440,827,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC increased its holdings in shares of Alphabet by 5.6% in the third quarter. FMR LLC now owns 227,317,469 shares of the information services provider’s stock valued at $29,746,764,000 after buying an additional 12,070,681 shares in the last quarter. Norges Bank purchased a new position in Alphabet during the 4th quarter worth approximately $15,441,917,000. Northern Trust Corp grew its position in Alphabet by 3.7% during the 3rd quarter. Northern Trust Corp now owns 67,684,197 shares of the information services provider’s stock worth $8,857,154,000 after purchasing an additional 2,416,328 shares in the last quarter. Fisher Asset Management LLC grew its position in Alphabet by 3.4% during the 4th quarter. Fisher Asset Management LLC now owns 45,220,857 shares of the information services provider’s stock worth $6,316,902,000 after purchasing an additional 1,472,043 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Alphabet by 2.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 34,910,194 shares of the information services provider’s stock worth $4,876,605,000 after purchasing an additional 874,919 shares in the last quarter. Institutional investors own 40.03% of the company’s stock.

Alphabet Stock Up 0.8 %

Shares of GOOGL opened at $174.99 on Friday. The company has a 50-day simple moving average of $160.81 and a 200-day simple moving average of $146.81. The firm has a market capitalization of $2.16 trillion, a P/E ratio of 26.84, a P/E/G ratio of 1.31 and a beta of 1.02. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.15 and a current ratio of 2.15. Alphabet Inc. has a 52 week low of $115.35 and a 52 week high of $178.77.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Thursday, April 25th. The information services provider reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.49 by $0.40. The business had revenue of $80.54 billion during the quarter, compared to analyst estimates of $66.04 billion. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. During the same quarter in the prior year, the business earned $1.17 earnings per share. On average, equities research analysts expect that Alphabet Inc. will post 7.61 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. Stockholders of record on Monday, June 10th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date of this dividend is Monday, June 10th.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. KeyCorp lifted their price objective on shares of Alphabet from $165.00 to $175.00 and gave the stock an “overweight” rating in a research report on Monday, April 22nd. Loop Capital boosted their price target on shares of Alphabet from $155.00 to $170.00 and gave the company a “hold” rating in a report on Wednesday, May 1st. Piper Sandler restated an “overweight” rating and set a $200.00 price target (up from $160.00) on shares of Alphabet in a report on Friday, April 26th. Wolfe Research boosted 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. Finally, Raymond James boosted their price target on shares of Alphabet from $160.00 to $200.00 and gave the company an “outperform” rating in a report on Friday, April 26th. Five analysts have rated the stock with a hold rating, thirty have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and a consensus target price of $191.57.

Insider Activity

In related news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $136.49, for a total value of $93,086.18. Following the sale, the chief accounting officer now owns 28,602 shares of the company’s stock, valued at $3,903,886.98. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $173.22, for a total value of $3,897,450.00. Following the sale, the chief executive officer now owns 2,258,011 shares of the company’s stock, valued at $391,132,665.42. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $136.49, for a total transaction of $93,086.18. Following the completion of the sale, the chief accounting officer now directly owns 28,602 shares in the company, valued at approximately $3,903,886.98. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 205,935 shares of company stock valued at $31,178,987. Insiders own 11.55% 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.