Tower Wealth Partners Inc. Trims Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Tower Wealth Partners Inc. lowered its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 16.6% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 1,238 shares of the information services provider’s stock after selling 246 shares during the quarter. Tower Wealth Partners Inc.’s holdings in Alphabet were worth $205,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Farther Finance Advisors LLC raised its stake in shares of Alphabet by 9.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 117,365 shares of the information services provider’s stock valued at $19,463,000 after buying an additional 10,044 shares during the last quarter. Dash Acquisitions Inc. grew its holdings in Alphabet by 0.7% during the third quarter. Dash Acquisitions Inc. now owns 9,656 shares of the information services provider’s stock worth $1,596,000 after acquiring an additional 67 shares during the period. Weatherly Asset Management L. P. raised its position in Alphabet by 2.6% during the third quarter. Weatherly Asset Management L. P. now owns 107,148 shares of the information services provider’s stock valued at $17,770,000 after acquiring an additional 2,731 shares in the last quarter. Cambiar Investors LLC lifted its holdings in Alphabet by 0.6% in the third quarter. Cambiar Investors LLC now owns 352,764 shares of the information services provider’s stock valued at $58,506,000 after acquiring an additional 2,018 shares during the period. Finally, CacheTech Inc. boosted its position in Alphabet by 5.9% in the 3rd quarter. CacheTech Inc. now owns 17,505 shares of the information services provider’s stock worth $2,903,000 after purchasing an additional 973 shares in the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Alphabet Trading Down 1.8 %

Shares of Alphabet stock opened at $175.58 on Friday. The company’s fifty day moving average is $164.82 and its two-hundred day moving average is $170.04. Alphabet Inc. has a 1 year low of $127.90 and a 1 year high of $191.75. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.95 and a current ratio of 1.95. The company has a market capitalization of $2.15 trillion, a P/E ratio of 23.29, a PEG ratio of 1.29 and a beta of 1.03.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.29. The firm had revenue of $88.27 billion for the quarter, compared to analyst estimates of $72.85 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. During the same quarter last year, the company posted $1.55 earnings per share. Analysts forecast that Alphabet Inc. will post 7.99 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date is Monday, December 9th. Alphabet’s payout ratio is currently 10.61%.

Insider Transactions at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $160.44, for a total value of $109,420.08. Following the completion of the sale, the chief accounting officer now owns 32,017 shares of the company’s stock, valued at approximately $5,136,807.48. This trade represents a 2.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $167.66, for a total transaction of $3,772,350.00. Following the sale, the chief executive officer now owns 2,159,885 shares in the company, valued at $362,126,319.10. The trade was a 1.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 206,795 shares of company stock worth $34,471,141 over the last 90 days. 11.55% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on GOOGL. BMO Capital Markets reaffirmed an “outperform” rating and set a $217.00 target price (up from $215.00) on shares of Alphabet in a report on Wednesday, October 30th. Bank of America lifted their price objective on shares of Alphabet from $206.00 to $210.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Tigress Financial increased their target price on shares of Alphabet from $210.00 to $220.00 and gave the stock a “strong-buy” rating in a research note on Thursday, September 26th. Truist Financial lifted their price target on Alphabet from $220.00 to $225.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, China Renaissance raised Alphabet from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Seven investment analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and a consensus target price of $205.90.

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.