Kelleher Financial Advisors Sells 21,610 Shares of Alphabet Inc. $GOOGL

Kelleher Financial Advisors cut its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 55.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 17,658 shares of the information services provider’s stock after selling 21,610 shares during the quarter. Alphabet makes up 1.6% of Kelleher Financial Advisors’ portfolio, making the stock its 12th largest holding. Kelleher Financial Advisors’ holdings in Alphabet were worth $6,076,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. State Street Corp lifted its holdings in Alphabet by 5.6% during the 2nd quarter. State Street Corp now owns 238,977,259 shares of the information services provider’s stock valued at $85,403,303,000 after purchasing an additional 12,718,127 shares during the last quarter. Amundi grew its stake in Alphabet by 4.6% during the second quarter. Amundi now owns 33,203,350 shares of the information services provider’s stock worth $11,865,809,000 after buying an additional 1,457,371 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Alphabet by 10.1% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,724,321 shares of the information services provider’s stock worth $6,334,186,000 after buying an additional 1,631,721 shares during the last quarter. Swiss National Bank grew its stake in Alphabet by 7.1% during the first quarter. Swiss National Bank now owns 17,079,800 shares of the information services provider’s stock worth $4,911,467,000 after buying an additional 1,139,400 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of Alphabet by 90.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 17,040,373 shares of the information services provider’s stock worth $4,900,078,000 after buying an additional 8,112,680 shares in the last quarter. 40.03% of the stock is owned by institutional investors.

More Alphabet News

Here’s some of the latest news about GOOGL:

• Positive Sentiment: Nvidia CEO Jensen Huang’s reported departure has put a spotlight on alternatives to Nvidia. Alphabet’s expanding TPU business could help it compete for AI workloads and gain market share, while its Google Cloud infrastructure also uses AMD processors. Why Alphabet Stock Was Moving Higher Today
• Positive Sentiment: An economist cited Alphabet’s search distribution, advertising business and ability to generate cash as reasons it may be well-positioned despite the AI sell-off. The view supports the case that established customer reach can help the company monetize AI. Is It Too Late to Buy the Dip? 3 Corners of the Market Still Offering Real Value
• Neutral Sentiment: Alphabet is reportedly planning its first Hong Kong- and Singapore-dollar bond sale. The deal could diversify its funding, though investors may also watch how borrowing fits with already elevated AI infrastructure spending. Alphabet Eyes Bond Sales

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Royal Bank Of Canada cut their target price on shares of Alphabet from $425.00 to $400.00 and set an “outperform” rating for the company in a research note on Thursday, October 29th. BMO Capital Markets restated an “outperform” rating and set a $480.00 price target (up from $465.00) on shares of Alphabet in a research report on Tuesday, October 20th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Alphabet in a report on Thursday, October 15th. DA Davidson dropped their price target on Alphabet from $350.00 to $300.00 and set a “neutral” rating for the company in a report on Thursday, October 29th. Finally, Truist Financial cut their price objective on Alphabet from $420.00 to $410.00 and set a “buy” rating for the company in a research report on Thursday, October 29th. Five research analysts have rated the stock with a Strong Buy rating, forty-five have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $412.51.

Alphabet Stock Up 1.8%

NASDAQ:GOOGL opened at $298.70 on Friday. The company has a market cap of $3.67 trillion, a price-to-earnings ratio of 15.59, a P/E/G ratio of 0.88 and a beta of 1.23. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.69 and a current ratio of 2.79. The stock’s fifty day moving average price is $329.12 and its two-hundred day moving average price is $338.21. Alphabet Inc. has a 52-week low of $270.70 and a 52-week high of $408.61.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Wednesday, October 28th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.02 by ($0.90). The firm had revenue of $127.58 billion for the quarter, compared to analyst estimates of $127.96 billion. Alphabet had a net margin of 50.03% and a return on equity of 43.33%. On average, analysts anticipate that Alphabet Inc. will post 19.81 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 14th. Stockholders of record on Monday, December 7th will be given a dividend of $0.22 per share. The ex-dividend date is Monday, December 7th. This represents a $0.88 annualized dividend and a dividend yield of 0.3%. Alphabet’s payout ratio is currently 4.59%.

Insider Activity at Alphabet

In related news, Director Frances Arnold sold 83 shares of the business’s stock in a transaction that occurred on Wednesday, September 30th. The shares were sold at an average price of $340.45, for a total transaction of $28,257.35. Following the completion of the sale, the director directly owned 19,076 shares of the company’s stock, valued at $6,494,424.20. The trade was a 0.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In the last ninety days, insiders have sold 247 shares of company stock worth $79,238. 11.61% of the stock is owned by insiders.

About Alphabet

Alphabet Inc. is a technology holding company whose largest business is Google. Founded in 1998 by Larry Page and Sergey Brin, Google became part of Alphabet when the company reorganized its businesses under the holding-company structure in 2015. Google’s products and services include Search, YouTube, Android, Chrome, Google Maps, Google Play and Google Cloud. The company also generates revenue from digital advertising and offers devices, subscriptions and artificial intelligence products and services.