Pinnacle West Asset Management Inc. Trims Stake in Alphabet Inc. (NASDAQ:GOOGL)

Pinnacle West Asset Management Inc. lowered its position in Alphabet Inc. (NASDAQ:GOOGL) by 4.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 13,415 shares of the information services provider’s stock after selling 685 shares during the quarter. Alphabet comprises approximately 1.6% of Pinnacle West Asset Management Inc.’s portfolio, making the stock its 17th largest holding. Pinnacle West Asset Management Inc.’s holdings in Alphabet were worth $2,225,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in GOOGL. Christopher J. Hasenberg Inc increased its holdings in shares of Alphabet by 75.0% in the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after buying an additional 60 shares during the last quarter. Kings Path Partners LLC bought a new position in Alphabet in the second quarter valued at $36,000. Denver PWM LLC purchased a new stake in Alphabet during the second quarter valued at about $41,000. Quarry LP purchased a new stake in Alphabet during the second quarter valued at about $53,000. Finally, CarsonAllaria Wealth Management Ltd. lifted its stake in Alphabet by 59.2% during the first quarter. CarsonAllaria Wealth Management Ltd. now owns 293 shares of the information services provider’s stock worth $44,000 after purchasing an additional 109 shares during the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on GOOGL shares. Guggenheim raised their price objective on Alphabet from $195.00 to $205.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Sanford C. Bernstein lifted their price target on shares of Alphabet from $180.00 to $185.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 30th. Pivotal Research upped their price objective on shares of Alphabet from $215.00 to $225.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Scotiabank upgraded shares of Alphabet to a “strong-buy” rating in a research report on Friday, October 11th. Finally, Evercore ISI upped their price target on shares of Alphabet from $200.00 to $205.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Seven equities research analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $205.51.

Alphabet Price Performance

GOOGL stock opened at $169.24 on Tuesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 1.95. The firm has a 50 day moving average price of $162.49 and a 200-day moving average price of $169.20. Alphabet Inc. has a 52-week low of $127.90 and a 52-week high of $191.75. The firm has a market capitalization of $2.08 trillion, a price-to-earnings ratio of 22.45, a PEG ratio of 1.23 and a beta of 1.03.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, topping the consensus estimate of $1.83 by $0.29. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The business had revenue of $88.27 billion for the quarter, compared to the consensus estimate of $72.85 billion. During the same period in the previous year, the company posted $1.55 earnings per share. Equities research analysts forecast that Alphabet Inc. will post 7.91 EPS for the current fiscal year.

Alphabet Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a yield of 0.47%. Alphabet’s dividend payout ratio is currently 10.61%.

Insiders Place Their Bets

In related news, CAO Amie Thuener O’toole sold 2,835 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total value of $429,587.55. Following the transaction, the chief accounting officer now directly owns 29,182 shares of the company’s stock, valued at approximately $4,421,948.46. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Alphabet news, CAO Amie Thuener O’toole sold 2,835 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total transaction of $429,587.55. Following the transaction, the chief accounting officer now owns 29,182 shares in the company, valued at approximately $4,421,948.46. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $162.35, for a total transaction of $3,652,875.00. Following the sale, the chief executive officer now directly owns 2,182,385 shares in the company, valued at approximately $354,310,204.75. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 232,052 shares of company stock valued at $38,086,723. Insiders own 11.55% 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.