Tsai Capital Corp Cuts Position in Alphabet Inc. $GOOG

Tsai Capital Corp reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 43.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,710 shares of the information services provider’s stock after selling 12,844 shares during the quarter. Alphabet makes up 2.2% of Tsai Capital Corp’s holdings, making the stock its 19th largest position. Tsai Capital Corp’s holdings in Alphabet were worth $2,964,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. RDA Financial Network increased its holdings in Alphabet by 5.3% in the 2nd quarter. RDA Financial Network now owns 11,094 shares of the information services provider’s stock worth $1,968,000 after buying an additional 554 shares during the period. Bleakley Financial Group LLC boosted its holdings in shares of Alphabet by 1.4% in the 2nd quarter. Bleakley Financial Group LLC now owns 170,020 shares of the information services provider’s stock valued at $30,160,000 after acquiring an additional 2,304 shares during the last quarter. Tower View Wealth Management LLC increased its stake in shares of Alphabet by 6.9% in the second quarter. Tower View Wealth Management LLC now owns 27,644 shares of the information services provider’s stock worth $4,904,000 after acquiring an additional 1,776 shares during the period. Oldfather Financial Services LLC acquired a new stake in shares of Alphabet in the second quarter worth $213,000. Finally, Dock Street Asset Management Inc. lifted its position in Alphabet by 0.8% during the second quarter. Dock Street Asset Management Inc. now owns 234,306 shares of the information services provider’s stock valued at $41,563,000 after purchasing an additional 1,970 shares during the period. Institutional investors own 27.26% of the company’s stock.

Alphabet Stock Performance

Shares of GOOG stock opened at $319.95 on Friday. The company has a market capitalization of $3.86 trillion, a P/E ratio of 31.55, a P/E/G ratio of 1.86 and a beta of 1.05. The business’s 50 day moving average is $269.82 and its two-hundred day moving average is $219.56. 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 $328.67.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Thursday, October 30th. The information services provider reported $2.87 EPS for the quarter, beating analysts’ consensus estimates of $2.29 by $0.58. The business had revenue of $102.35 billion during the quarter, compared to analysts’ expectations of $99.90 billion. Alphabet had a return on equity of 36.08% and a net margin of 32.23%.The business’s revenue was up 15.9% compared to the same quarter last year. During the same period in the previous year, the business earned $2.12 earnings per share. Analysts expect that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders 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 yield of 0.3%. The ex-dividend date of this dividend is Monday, December 8th. Alphabet’s dividend payout ratio (DPR) is presently 8.28%.

Analyst Upgrades and Downgrades

GOOG has been the topic of several recent research reports. Oppenheimer upped their price target on shares of Alphabet from $300.00 to $345.00 and gave the company an “outperform” rating in a report on Thursday, October 30th. Sanford C. Bernstein upped their target price on Alphabet from $260.00 to $305.00 and gave the stock an “outperform” rating in a research note on Thursday, October 30th. Wolfe Research lifted their price target on Alphabet from $290.00 to $350.00 and gave the company an “outperform” rating in a research report on Thursday, October 30th. Barclays upped their price objective on Alphabet from $250.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Finally, Mizuho set a $325.00 target price on shares of Alphabet in a report on Thursday, October 30th. Seven analysts have rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $304.62.

Insider Activity at Alphabet

In related news, CAO Amie Thuener O’toole sold 2,778 shares of Alphabet stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $288.26, for a total value of $800,786.28. Following the sale, the chief accounting officer directly owned 11,739 shares in the company, valued at approximately $3,383,884.14. The trade was a 19.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 600 shares of the business’s stock in a transaction that occurred on Thursday, November 13th. The stock was sold at an average price of $280.06, for a total value of $168,036.00. Following the sale, the director owned 4,516 shares of the company’s stock, valued at approximately $1,264,750.96. This trade represents a 11.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 227,850 shares of company stock worth $58,874,814 over the last three months. Company insiders own 12.99% of the company’s stock.

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.