Long Corridor Asset Management Ltd Boosts Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Long Corridor Asset Management Ltd boosted its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 22.2% in the fourth quarter, HoldingsChannel reports. The firm owned 110,000 shares of the information services provider’s stock after purchasing an additional 20,000 shares during the quarter. Alphabet accounts for about 15.6% of Long Corridor Asset Management Ltd’s holdings, making the stock its 2nd largest holding. Long Corridor Asset Management Ltd’s holdings in Alphabet were worth $20,823,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Community Bank N.A. lifted its holdings in Alphabet by 6.4% during the 4th quarter. Community Bank N.A. now owns 46,173 shares of the information services provider’s stock worth $8,741,000 after purchasing an additional 2,790 shares during the last quarter. Absolute Capital Management LLC grew its holdings in Alphabet by 14.0% in the 4th quarter. Absolute Capital Management LLC now owns 2,096 shares of the information services provider’s stock valued at $401,000 after buying an additional 258 shares in the last quarter. Permanent Capital Management LP bought a new position in Alphabet during the 4th quarter worth $273,000. Glass Wealth Management Co LLC lifted its holdings in shares of Alphabet by 4.5% during the fourth quarter. Glass Wealth Management Co LLC now owns 37,054 shares of the information services provider’s stock worth $7,014,000 after buying an additional 1,580 shares in the last quarter. Finally, Olistico Wealth LLC boosted its position in shares of Alphabet by 9.1% in the fourth quarter. Olistico Wealth LLC now owns 8,981 shares of the information services provider’s stock valued at $1,700,000 after acquiring an additional 746 shares during the period. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $200.00 price target on shares of Alphabet in a research report on Wednesday, March 19th. Needham & Company LLC reaffirmed a “buy” rating and set a $225.00 target price on shares of Alphabet in a report on Wednesday, February 5th. Bank of America reiterated a “buy” rating and issued a $210.00 price target on shares of Alphabet in a research note on Monday, December 23rd. JMP Securities restated a “market perform” rating on shares of Alphabet in a research note on Wednesday, February 5th. Finally, Wells Fargo & Company dropped their price objective on Alphabet from $184.00 to $167.00 and set an “equal weight” rating for the company in a report on Monday, March 31st. Ten research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and five have given a strong buy rating to the stock. According to MarketBeat.com, Alphabet has an average rating of “Moderate Buy” and an average price target of $209.13.

Insider Activity at Alphabet

In related news, Director John L. Hennessy sold 1,500 shares of the stock in a transaction on Monday, January 13th. The shares were sold at an average price of $189.80, for a total transaction of $284,700.00. Following the transaction, the director now directly owns 21,824 shares of the company’s stock, valued at $4,142,195.20. This represents a 6.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Amie Thuener O’toole sold 2,834 shares of Alphabet stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $194.32, for a total transaction of $550,702.88. Following the completion of the sale, the chief accounting officer now directly owns 17,847 shares of the company’s stock, valued at approximately $3,468,029.04. This trade represents a 13.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 119,797 shares of company stock worth $21,089,470 in the last 90 days. Corporate insiders own 11.55% of the company’s stock.

Alphabet Price Performance

Alphabet stock opened at $145.60 on Friday. The stock’s 50 day moving average is $175.15 and its 200 day moving average is $176.68. Alphabet Inc. has a one year low of $145.38 and a one year high of $207.05. The firm has a market cap of $1.77 trillion, a P/E ratio of 18.09, a P/E/G ratio of 1.34 and a beta of 1.03. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.84 and a quick ratio of 1.84.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings data on Tuesday, February 4th. The information services provider reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.03. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. As a group, research analysts expect that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 10th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date was Monday, March 10th. Alphabet’s dividend payout ratio is 9.94%.

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.