Allworth Financial LP Cuts Stake in Alphabet Inc. (NASDAQ:GOOGL)

Allworth Financial LP lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 0.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 157,465 shares of the information services provider’s stock after selling 162 shares during the period. Allworth Financial LP’s holdings in Alphabet were worth $26,116,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Mayfair Advisory Group LLC increased its position in Alphabet by 11.4% in the third quarter. Mayfair Advisory Group LLC now owns 2,843 shares of the information services provider’s stock worth $475,000 after buying an additional 290 shares during the last quarter. Convergence Financial LLC grew its stake in shares of Alphabet by 3.9% during the 3rd quarter. Convergence Financial LLC now owns 26,664 shares of the information services provider’s stock worth $4,422,000 after acquiring an additional 1,000 shares during the period. Country Club Bank increased its holdings in Alphabet by 6.6% in the 3rd quarter. Country Club Bank now owns 25,941 shares of the information services provider’s stock worth $4,253,000 after acquiring an additional 1,602 shares during the last quarter. Lincoln Capital Corp raised its stake in Alphabet by 0.9% in the 3rd quarter. Lincoln Capital Corp now owns 28,858 shares of the information services provider’s stock valued at $4,786,000 after acquiring an additional 253 shares during the period. Finally, Joel Isaacson & Co. LLC lifted its holdings in Alphabet by 3.8% during the third quarter. Joel Isaacson & Co. LLC now owns 477,201 shares of the information services provider’s stock valued at $79,144,000 after purchasing an additional 17,386 shares during the last quarter. Institutional investors own 40.03% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on GOOGL shares. BMO Capital Markets reiterated an “outperform” rating and issued a $217.00 target price (up previously from $215.00) on shares of Alphabet in a research note on Wednesday, October 30th. Roth Mkm lifted their price objective on shares of Alphabet from $206.00 to $212.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Piper Sandler restated an “overweight” rating and set a $210.00 target price (up previously from $200.00) on shares of Alphabet in a research report on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price target on Alphabet from $200.00 to $208.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Finally, Sanford C. Bernstein increased their price objective on Alphabet from $180.00 to $185.00 and gave the stock a “market perform” rating in a report on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and five have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $205.90.

Insiders Place Their Bets

In other news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $160.44, for a total transaction of $109,420.08. Following the completion of the transaction, the chief accounting officer now directly owns 32,017 shares of the company’s stock, valued at approximately $5,136,807.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $177.36, for a total value of $3,990,600.00. Following the sale, the chief executive officer now directly owns 2,084,306 shares in the company, valued at approximately $369,672,512.16. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $160.44, for a total value of $109,420.08. Following the transaction, the chief accounting officer now directly owns 32,017 shares in the company, valued at $5,136,807.48. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 232,052 shares of company stock valued at $38,424,448 in the last quarter. Insiders own 11.55% of the company’s stock.

Alphabet Stock Up 4.0 %

GOOGL opened at $176.51 on Thursday. Alphabet Inc. has a 12 month low of $127.90 and a 12 month high of $191.75. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04. The business’s 50-day moving average price is $162.86 and its 200-day moving average price is $169.36. The company has a market cap of $2.17 trillion, a P/E ratio of 23.41, a P/E/G ratio of 1.20 and a beta of 1.03.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.29. The firm had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $72.85 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. During the same quarter in the previous year, the company posted $1.55 earnings per share. On average, equities analysts expect that Alphabet Inc. will post 7.99 EPS for the current year.

Alphabet Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 annualized dividend and a yield of 0.45%. Alphabet’s payout ratio is currently 10.61%.

Alphabet 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.