Profit Investment Management LLC Sells 2,678 Shares of Alphabet Inc. $GOOGL

Profit Investment Management LLC lowered its position in Alphabet Inc. (NASDAQ:GOOGL) by 32.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,500 shares of the information services provider’s stock after selling 2,678 shares during the quarter. Alphabet makes up approximately 1.7% of Profit Investment Management LLC’s portfolio, making the stock its 20th biggest position. Profit Investment Management LLC’s holdings in Alphabet were worth $1,337,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Alphabet by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 516,559,609 shares of the information services provider’s stock worth $91,033,300,000 after purchasing an additional 6,733,278 shares during the period. State Street Corp increased its holdings in shares of Alphabet by 1.8% in the second quarter. State Street Corp now owns 229,954,269 shares of the information services provider’s stock worth $40,524,841,000 after buying an additional 4,008,374 shares during the period. Geode Capital Management LLC lifted its stake in shares of Alphabet by 3.1% in the 2nd quarter. Geode Capital Management LLC now owns 141,615,284 shares of the information services provider’s stock valued at $24,857,017,000 after acquiring an additional 4,224,497 shares during the last quarter. Norges Bank purchased a new stake in Alphabet during the 2nd quarter valued at about $21,944,208,000. Finally, Invesco Ltd. grew its position in Alphabet by 1.2% during the 2nd quarter. Invesco Ltd. now owns 44,151,820 shares of the information services provider’s stock worth $7,780,875,000 after acquiring an additional 503,306 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GOOGL has been the subject of several recent research reports. BNP Paribas initiated coverage on Alphabet in a research report on Monday, November 24th. They issued an “outperform” rating and a $355.00 price objective for the company. Daiwa Capital Markets upped their price objective on shares of Alphabet from $233.00 to $333.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. Rosenblatt Securities raised their target price on Alphabet from $224.00 to $279.00 and gave the stock a “neutral” rating in a research note on Thursday, October 30th. CICC Research boosted their price target on Alphabet from $240.00 to $303.00 and gave the company an “outperform” rating in a report on Friday, October 31st. Finally, China Renaissance increased their price objective on Alphabet from $207.00 to $330.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Four research analysts have rated the stock with a Strong Buy rating, forty-one have issued a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $315.90.

Insider Activity at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 2,778 shares of the firm’s stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $250.05, for a total transaction of $694,638.90. Following the completion of the transaction, the chief accounting officer owned 14,516 shares of the company’s stock, valued at approximately $3,629,725.80. This trade represents a 16.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $283.48, for a total transaction of $9,213,100.00. Following the transaction, the chief executive officer owned 2,337,119 shares of the company’s stock, valued at $662,526,494.12. The trade was a 1.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 226,128 shares of company stock valued at $63,183,331 in the last three months. Company insiders own 11.64% of the company’s stock.

Alphabet Trading Down 0.2%

GOOGL opened at $313.51 on Friday. 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 Inc. has a 52 week low of $140.53 and a 52 week high of $328.83. The stock has a market cap of $3.78 trillion, a PE ratio of 30.92, a PEG ratio of 1.81 and a beta of 1.07. The business has a 50 day moving average of $295.59 and a 200-day moving average of $238.75.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.58. The company had revenue of $102.35 billion for the quarter, compared to analysts’ expectations of $99.90 billion. Alphabet had a return on equity of 35.00% and a net margin of 32.23%. Equities research analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 8th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Monday, December 8th. Alphabet’s dividend payout ratio (DPR) is presently 8.28%.

Alphabet Profile

Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google’s core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.

Beyond Google’s consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.