Covey Capital Advisors LLC Has $4.29 Million Position in Alphabet Inc. (NASDAQ:GOOGL)

Covey Capital Advisors LLC lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 2.2% during the third quarter, HoldingsChannel reports. The fund owned 25,857 shares of the information services provider’s stock after selling 590 shares during the quarter. Alphabet makes up about 4.7% of Covey Capital Advisors LLC’s portfolio, making the stock its 7th biggest holding. Covey Capital Advisors LLC’s holdings in Alphabet were worth $4,288,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. Atlantic Union Bankshares Corp raised its stake in shares of Alphabet by 1.8% in the third quarter. Atlantic Union Bankshares Corp now owns 121,926 shares of the information services provider’s stock valued at $20,221,000 after purchasing an additional 2,114 shares in the last quarter. Infusive Asset Management Inc. raised its stake in shares of Alphabet by 10.4% in the 3rd quarter. Infusive Asset Management Inc. now owns 111,242 shares of the information services provider’s stock valued at $18,449,000 after buying an additional 10,470 shares in the last quarter. Rockefeller Capital Management L.P. lifted its holdings in shares of Alphabet by 14.3% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 3,846,869 shares of the information services provider’s stock worth $637,920,000 after acquiring an additional 482,349 shares during the period. Centric Wealth Management boosted its position in shares of Alphabet by 1.2% during the 3rd quarter. Centric Wealth Management now owns 7,973 shares of the information services provider’s stock valued at $1,407,000 after acquiring an additional 97 shares in the last quarter. Finally, Providence Wealth Advisors LLC increased its stake in Alphabet by 2.0% in the third quarter. Providence Wealth Advisors LLC now owns 5,133 shares of the information services provider’s stock valued at $841,000 after acquiring an additional 100 shares during the period. 40.03% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider John Kent Walker sold 16,802 shares of Alphabet stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $165.47, for a total value of $2,780,226.94. Following the completion of the transaction, the insider now owns 43,999 shares of the company’s stock, valued at $7,280,514.53. This trade represents a 27.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $160.63, for a total value of $3,614,175.00. Following the transaction, the chief executive officer now owns 2,114,885 shares of the company’s stock, valued at $339,713,977.55. The trade was a 1.05 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 197,123 shares of company stock valued at $34,121,676. Company insiders own 11.55% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on GOOGL. Morgan Stanley lifted their price objective on Alphabet from $190.00 to $205.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Needham & Company LLC reiterated a “buy” rating and issued a $210.00 price target on shares of Alphabet in a research report on Wednesday, October 30th. Piper Sandler reiterated an “overweight” rating and set a $210.00 price objective (up from $200.00) on shares of Alphabet in a research note on Wednesday, October 30th. Robert W. Baird reaffirmed an “outperform” rating and issued a $205.00 target price on shares of Alphabet in a report on Tuesday. Finally, Tigress Financial lifted their price target on shares of Alphabet from $210.00 to $220.00 and gave the company a “strong-buy” rating in a report on Thursday, September 26th. Seven research analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $206.03.

Alphabet Price Performance

GOOGL opened at $195.40 on Thursday. The company has a fifty day simple moving average of $170.07 and a 200 day simple moving average of $170.28. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.04. The stock has a market cap of $2.39 trillion, a P/E ratio of 25.92, a P/E/G ratio of 1.24 and a beta of 1.01. Alphabet Inc. has a 12 month low of $129.68 and a 12 month high of $195.61.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.29. The company had revenue of $88.27 billion for the quarter, compared to analyst estimates of $72.85 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. During the same quarter last year, the firm posted $1.55 earnings per share. On average, research analysts expect that Alphabet Inc. will post 8.01 EPS for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be given a $0.20 dividend. The ex-dividend date is Monday, December 9th. This represents a $0.80 annualized dividend and a yield of 0.41%. Alphabet’s dividend payout ratio is currently 10.61%.

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.