RWQ Financial Management Services Inc. Cuts Holdings in Alphabet Inc. (NASDAQ:GOOGL)

RWQ Financial Management Services Inc. cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 72.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,002 shares of the information services provider’s stock after selling 59,776 shares during the period. Alphabet accounts for approximately 1.3% of RWQ Financial Management Services Inc.’s investment portfolio, making the stock its 13th biggest holding. RWQ Financial Management Services Inc.’s holdings in Alphabet were worth $3,815,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of GOOGL. China Universal Asset Management Co. Ltd. raised its position in shares of Alphabet by 70.6% in the first quarter. China Universal Asset Management Co. Ltd. now owns 101,230 shares of the information services provider’s stock worth $15,279,000 after acquiring an additional 41,880 shares during the period. Quent Capital LLC increased its holdings in shares of Alphabet by 3.6% in the first quarter. Quent Capital LLC now owns 31,171 shares of the information services provider’s stock valued at $4,705,000 after purchasing an additional 1,072 shares during the last quarter. Empowered Funds LLC raised its stake in Alphabet by 12.3% during the first quarter. Empowered Funds LLC now owns 187,840 shares of the information services provider’s stock worth $28,351,000 after purchasing an additional 20,572 shares during the period. Sustainable Insight Capital Management LLC grew its holdings in shares of Alphabet by 146.4% during the 1st quarter. Sustainable Insight Capital Management LLC now owns 8,920 shares of the information services provider’s stock worth $1,346,000 after purchasing an additional 5,300 shares during the period. Finally, Illinois Municipal Retirement Fund lifted its holdings in shares of Alphabet by 2.4% in the 1st quarter. Illinois Municipal Retirement Fund now owns 513,406 shares of the information services provider’s stock worth $77,488,000 after acquiring an additional 11,837 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Alphabet Price Performance

GOOGL opened at $172.49 on Friday. The company has a market capitalization of $2.11 trillion, a price-to-earnings ratio of 22.88, a PEG ratio of 1.27 and a beta of 1.03. The business’s fifty day simple moving average is $165.61 and its 200-day simple moving average is $170.13. 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 Inc. has a 12-month low of $127.90 and a 12-month high of $191.75.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The business had revenue of $88.27 billion for the quarter, compared to analyst estimates of $72.85 billion. During the same quarter in the prior year, the business posted $1.55 EPS. On average, equities research analysts anticipate that Alphabet Inc. will post 7.99 earnings per share for the current fiscal year.

Alphabet Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts have recently issued reports on GOOGL shares. Evercore ISI lifted their price objective on Alphabet from $200.00 to $205.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Guggenheim lifted their price objective on shares of Alphabet from $195.00 to $205.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. China Renaissance raised shares of Alphabet from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Truist Financial lifted their target price on shares of Alphabet from $220.00 to $225.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, Mizuho boosted 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. Seven equities research analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and five have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $205.90.

Insider Buying and Selling

In other news, Director Frances Arnold sold 441 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $171.06, for a total transaction of $75,437.46. Following the completion of the sale, the director now owns 16,490 shares in the company, valued at approximately $2,820,779.40. The trade was a 2.60 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kavitark Ram Shriram sold 10,500 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $177.41, for a total transaction of $1,862,805.00. Following the completion of the sale, the director now directly owns 319,966 shares of the company’s stock, valued at $56,765,168.06. The trade was a 3.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 206,795 shares of company stock worth $34,471,141 in the last 90 days. Insiders own 11.55% of the company’s stock.

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.