Convergence Financial LLC Has $4.42 Million Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Convergence Financial LLC increased its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 3.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 26,664 shares of the information services provider’s stock after acquiring an additional 1,000 shares during the period. Alphabet comprises about 0.9% of Convergence Financial LLC’s investment portfolio, making the stock its 24th biggest position. Convergence Financial LLC’s holdings in Alphabet were worth $4,422,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Country Club Bank raised its stake in shares of Alphabet by 6.6% in the third quarter. Country Club Bank now owns 25,941 shares of the information services provider’s stock valued at $4,253,000 after acquiring an additional 1,602 shares during the last quarter. Lincoln Capital Corp increased its holdings in Alphabet by 0.9% during the 3rd quarter. Lincoln Capital Corp now owns 28,858 shares of the information services provider’s stock valued at $4,786,000 after purchasing an additional 253 shares in the last quarter. Joel Isaacson & Co. LLC increased its holdings in Alphabet by 3.8% during the 3rd 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 in the last quarter. Tarbox Family Office Inc. raised its position in Alphabet by 10.2% in the 3rd quarter. Tarbox Family Office Inc. now owns 5,403 shares of the information services provider’s stock valued at $896,000 after purchasing an additional 499 shares during the last quarter. Finally, Sigma Investment Counselors Inc. boosted its stake in Alphabet by 2.0% in the third quarter. Sigma Investment Counselors Inc. now owns 38,670 shares of the information services provider’s stock worth $6,413,000 after purchasing an additional 760 shares in the last quarter. Institutional investors own 40.03% of the company’s stock.

Insider Activity

In other Alphabet news, Director John L. Hennessy sold 800 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $163.03, for a total transaction of $130,424.00. Following the completion of the sale, the director now directly owns 30,024 shares of the company’s stock, valued at approximately $4,894,812.72. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $167.66, for a total value of $3,772,350.00. Following the transaction, the chief executive officer now directly owns 2,159,885 shares of the company’s stock, valued at $362,126,319.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John L. Hennessy sold 800 shares of Alphabet stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $163.03, for a total value of $130,424.00. Following the sale, the director now directly owns 30,024 shares of the company’s stock, valued at $4,894,812.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 232,052 shares of company stock worth $38,424,448. 11.55% of the stock is currently owned by company insiders.

Alphabet Stock Up 4.0 %

Shares of NASDAQ GOOGL opened at $176.51 on Thursday. Alphabet Inc. has a 1 year low of $127.90 and a 1 year high of $191.75. The firm has a 50-day simple moving average of $162.86 and a two-hundred day simple moving average of $169.36. The company has a market cap of $2.17 trillion, a P/E ratio of 23.41, a PEG ratio of 1.20 and a beta of 1.03. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95.

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 analysts’ consensus estimates of $1.83 by $0.29. The company had revenue of $88.27 billion during the quarter, compared to analyst estimates of $72.85 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. During the same quarter last year, the business posted $1.55 EPS. Research analysts anticipate 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. 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 dividend payout ratio (DPR) is presently 10.61%.

Wall Street Analyst Weigh In

Several research firms have weighed in on GOOGL. Mizuho raised their price objective on shares of Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Argus raised their price target on shares of Alphabet from $200.00 to $215.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. Morgan Stanley boosted their target price on Alphabet from $190.00 to $205.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Guggenheim raised their price target on Alphabet from $195.00 to $205.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $217.00 price objective (up from $215.00) on shares of Alphabet in a report on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating, thirty-one have given a buy rating and five have assigned a strong buy rating to the company’s stock. According to MarketBeat, Alphabet has an average rating of “Moderate Buy” and an average 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.