Alphabet Inc. $GOOG is Rhumbline Advisers’ 9th Largest Position

Rhumbline Advisers lessened its holdings in Alphabet Inc. (NASDAQ:GOOG) by 4.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,663,451 shares of the information services provider’s stock after selling 414,873 shares during the quarter. Alphabet accounts for 1.3% of Rhumbline Advisers’ investment portfolio, making the stock its 9th largest position. Rhumbline Advisers’ holdings in Alphabet were worth $1,536,810,000 as of its most recent SEC filing.

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

Alphabet Price Performance

Shares of Alphabet stock opened at $299.65 on Friday. The firm has a market capitalization of $3.62 trillion, a PE ratio of 29.55, a price-to-earnings-growth ratio of 1.86 and a beta of 1.05. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $306.89. The business’s 50-day moving average price is $262.98 and its 200-day moving average price is $213.90.

Alphabet (NASDAQ:GOOG) last issued its earnings results on Thursday, October 30th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.29 by $0.58. Alphabet had a return on equity of 36.08% and a net margin of 32.23%.The business had revenue of $102.35 billion during the quarter, compared to analyst estimates of $99.90 billion. During the same quarter in the prior year, the firm earned $2.12 earnings per share. Alphabet’s revenue for the quarter was up 15.9% on a year-over-year basis. Sell-side analysts forecast that Alphabet Inc. will post 8.89 EPS for the current fiscal 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. The ex-dividend date of this dividend is Monday, December 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Alphabet’s dividend payout ratio (DPR) is currently 8.28%.

Insider Buying and Selling

In other news, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $250.15, for a total value of $8,129,875.00. Following the completion of the sale, the chief executive officer owned 2,369,619 shares of the company’s stock, valued at approximately $592,760,192.85. The trade was a 1.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Amie Thuener O’toole sold 2,778 shares of the stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $250.05, for a total value of $694,638.90. Following the sale, the chief accounting officer owned 14,516 shares of the company’s stock, valued at $3,629,725.80. This represents a 16.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 227,952 shares of company stock worth $58,896,009 in the last 90 days. 12.99% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Rosenblatt Securities set a $279.00 price target on shares of Alphabet in a report on Thursday, October 30th. TD Cowen boosted their target price on Alphabet from $270.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Piper Sandler raised their price target on Alphabet from $285.00 to $330.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Robert W. Baird boosted their price objective on Alphabet from $215.00 to $275.00 and gave the stock an “outperform” rating in a report on Monday, September 22nd. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $330.00 price objective on shares of Alphabet in a research report on Thursday, October 30th. Seven investment analysts have rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Alphabet has a consensus rating of “Moderate Buy” and a consensus target price of $324.81.

About Alphabet

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.