Alphabet Inc. (NASDAQ:GOOGL) Shares Sold by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. lessened its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 73.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,758 shares of the information services provider’s stock after selling 26,497 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Alphabet were worth $1,618,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in GOOGL. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Alphabet by 70.6% during the first quarter. China Universal Asset Management Co. Ltd. now owns 101,230 shares of the information services provider’s stock valued at $15,279,000 after acquiring an additional 41,880 shares during the period. Quent Capital LLC boosted its holdings in shares of Alphabet by 3.6% during the first quarter. Quent Capital LLC now owns 31,171 shares of the information services provider’s stock valued at $4,705,000 after acquiring an additional 1,072 shares during the period. Tyro Capital Management LLC acquired a new position in shares of Alphabet during the first quarter valued at $8,026,000. Tremblant Capital Group boosted its holdings in shares of Alphabet by 76.1% during the first quarter. Tremblant Capital Group now owns 9,415 shares of the information services provider’s stock valued at $1,421,000 after acquiring an additional 4,068 shares during the period. Finally, Kestra Advisory Services LLC boosted its holdings in shares of Alphabet by 9.3% during the first quarter. Kestra Advisory Services LLC now owns 533,158 shares of the information services provider’s stock valued at $80,470,000 after acquiring an additional 45,361 shares during the period. Institutional investors and hedge funds own 40.03% of the company’s stock.

Alphabet Stock Up 0.1 %

NASDAQ:GOOGL opened at $169.23 on Friday. The business’s fifty day moving average price is $168.36 and its 200 day moving average price is $170.33. The firm has a market capitalization of $2.07 trillion, a price-to-earnings ratio of 22.44, a PEG ratio of 1.19 and a beta of 1.03. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04. Alphabet Inc. has a 1-year low of $127.90 and a 1-year high of $191.75.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.29. The company had revenue of $88.27 billion for the quarter, compared to analysts’ expectations of $72.85 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. During the same quarter in the previous year, the business posted $1.55 EPS. On average, sell-side analysts forecast that Alphabet Inc. will post 8.01 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 annualized dividend and a yield of 0.47%. Alphabet’s dividend payout ratio is presently 10.61%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GOOGL. Seaport Res Ptn raised shares of Alphabet from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 29th. Morgan Stanley lifted their price objective on shares of Alphabet from $190.00 to $205.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Wedbush restated an “outperform” rating and set a $205.00 price objective on shares of Alphabet in a research note on Thursday, October 24th. Roth Mkm lifted their price objective on shares of Alphabet from $206.00 to $212.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Needham & Company LLC restated a “buy” rating and set a $210.00 price objective on shares of Alphabet in a research note on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating, thirty-one have given a buy rating and five have given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $205.90.

Insiders Place Their Bets

In other news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $176.67, for a total value of $3,975,075.00. Following the transaction, the chief executive officer now directly owns 2,061,806 shares of the company’s stock, valued at approximately $364,259,266.02. This represents a 1.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kavitark Ram Shriram sold 10,500 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $177.41, for a total transaction of $1,862,805.00. Following the completion of the transaction, the director now directly owns 319,966 shares in the company, valued at $56,765,168.06. This trade represents a 3.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 206,795 shares of company stock worth $34,673,866 in the last quarter. 11.55% of the stock is currently owned by corporate insiders.

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.