Carnegie Lake Advisors LLC Sells 400 Shares of Alphabet Inc. $GOOG

Carnegie Lake Advisors LLC cut its stake in Alphabet Inc. (NASDAQ:GOOG) by 1.4% during the second quarter, HoldingsChannel reports. The fund owned 28,447 shares of the information services provider’s stock after selling 400 shares during the quarter. Alphabet comprises about 2.0% of Carnegie Lake Advisors LLC’s holdings, making the stock its 12th largest position. Carnegie Lake Advisors LLC’s holdings in Alphabet were worth $5,046,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Kingstone Capital Partners Texas LLC lifted its position in shares of Alphabet by 580,897.4% during the second quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider’s stock valued at $23,963,208,000 after buying an additional 135,064,454 shares during the last quarter. Nuveen LLC bought a new position in shares of Alphabet during the 1st quarter worth approximately $2,622,943,000. Vanguard Group Inc. boosted its stake in Alphabet by 2.4% in the first quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider’s stock valued at $64,299,725,000 after acquiring an additional 9,687,855 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Alphabet by 9.9% in the first quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider’s stock worth $15,971,861,000 after purchasing an additional 9,243,959 shares during the last quarter. Finally, Strs Ohio purchased a new position in Alphabet in the first quarter worth $369,713,000. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. TD Cowen raised their price objective on Alphabet from $270.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Morgan Stanley increased their price target on Alphabet from $210.00 to $270.00 and gave the company an “overweight” rating in a research note on Thursday, October 2nd. Canaccord Genuity Group restated a “buy” rating and set a $330.00 price target on shares of Alphabet in a research note on Thursday, October 30th. JPMorgan Chase & Co. upped their price objective on shares of Alphabet from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, October 27th. Finally, Oppenheimer lifted their target price on shares of Alphabet from $300.00 to $345.00 and gave the stock an “outperform” rating in a research note on Thursday, October 30th. Five investment analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, four have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Alphabet presently has a consensus rating of “Moderate Buy” and a consensus price target of $324.81.

Insider Activity at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 2,778 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $245.00, for a total transaction of $680,610.00. Following the sale, the chief accounting officer directly owned 17,293 shares of the company’s stock, valued at approximately $4,236,785. This trade represents a 13.84% decrease in their position. 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 dated Wednesday, September 3rd. The shares were sold at an average price of $229.73, for a total value of $7,466,225.00. Following the transaction, the chief executive officer owned 2,429,892 shares of the company’s stock, valued at $558,219,089.16. The trade was a 1.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 222,396 shares of company stock worth $54,105,275 over the last three months. Company insiders own 12.99% of the company’s stock.

Alphabet Trading Down 2.0%

Alphabet stock opened at $279.70 on Friday. The stock has a 50-day moving average price of $251.81 and a 200 day moving average price of $205.49. The company has a market capitalization of $3.38 trillion, a price-to-earnings ratio of 27.58, a price-to-earnings-growth ratio of 1.86 and a beta of 1.05. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $291.93. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The company had revenue of $102.35 billion during the quarter, compared to analyst estimates of $99.90 billion. During the same period last year, the firm posted $2.12 EPS. Alphabet’s revenue for the quarter was up 15.9% compared to the same quarter last year. Sell-side analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 8th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Monday, December 8th. Alphabet’s dividend payout ratio (DPR) is 8.28%.

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.