WASHINGTON TRUST Co Has $71.87 Million Stake in Alphabet Inc. (NASDAQ:GOOGL)

WASHINGTON TRUST Co lessened its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 2.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 433,367 shares of the information services provider’s stock after selling 10,612 shares during the quarter. Alphabet accounts for approximately 2.5% of WASHINGTON TRUST Co’s investment portfolio, making the stock its 10th biggest position. WASHINGTON TRUST Co’s holdings in Alphabet were worth $71,874,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of GOOGL. Edge Financial Advisors LLC acquired a new position in Alphabet in the third quarter valued at about $353,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its stake in Alphabet by 2.8% in the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 3,075,846 shares of the information services provider’s stock valued at $500,502,000 after purchasing an additional 83,365 shares in the last quarter. Highline Wealth Partners LLC acquired a new position in Alphabet in the third quarter valued at about $3,131,000. Creekmur Asset Management LLC raised its stake in Alphabet by 5.8% in the third quarter. Creekmur Asset Management LLC now owns 12,768 shares of the information services provider’s stock valued at $2,118,000 after purchasing an additional 703 shares in the last quarter. Finally, Pathway Financial Advisers LLC raised its stake in Alphabet by 28.6% in the third quarter. Pathway Financial Advisers LLC now owns 4,318 shares of the information services provider’s stock valued at $716,000 after purchasing an additional 960 shares in the last quarter. Institutional investors own 40.03% of the company’s stock.

Alphabet Trading Up 1.1 %

NASDAQ GOOGL opened at $180.35 on Tuesday. The firm has a market capitalization of $2.21 trillion, a P/E ratio of 23.92, a PEG ratio of 1.27 and a beta of 1.03. The business has a fifty day simple moving average of $163.54 and a 200 day simple moving average of $169.74. 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.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. The business had revenue of $88.27 billion during 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 period in the prior year, the firm posted $1.55 EPS. On average, analysts predict that Alphabet Inc. will post 7.99 EPS for the current fiscal year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s payout ratio is currently 10.61%.

Analyst Ratings Changes

GOOGL has been the subject of a number of analyst reports. KeyCorp boosted their price target on Alphabet from $200.00 to $215.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Needham & Company LLC reaffirmed a “buy” rating and issued a $210.00 price target on shares of Alphabet in a research note on Wednesday, October 30th. DA Davidson initiated coverage on Alphabet in a research note on Tuesday, September 10th. They set a “neutral” rating and a $170.00 target price for the company. UBS Group boosted their target price on Alphabet from $200.00 to $204.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 24th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $190.00 target price on shares of Alphabet in a research note on Wednesday, October 30th. Seven equities research 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’s stock. According to data from MarketBeat, Alphabet has a consensus rating of “Moderate Buy” and an average target price of $205.90.

Insider Activity

In other news, SVP Prabhakar Raghavan sold 34,257 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the completion of the sale, the senior vice president now directly owns 312,210 shares of the company’s stock, valued at $50,765,346. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other 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 transaction of $109,420.08. Following the completion of the sale, the chief accounting officer now directly owns 32,017 shares of the company’s stock, valued at $5,136,807.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Prabhakar Raghavan sold 34,257 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $162.60, for a total value of $5,570,188.20. Following the sale, the senior vice president now directly owns 312,210 shares of the company’s stock, valued at approximately $50,765,346. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 241,752 shares of company stock valued at $40,156,829 in the last ninety days. 11.55% of the stock is currently owned by insiders.

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.