Assetmark Inc. Buys 80,856 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Assetmark Inc. boosted its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 3.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,228,026 shares of the information services provider’s stock after buying an additional 80,856 shares during the quarter. Alphabet makes up approximately 1.0% of Assetmark Inc.’s holdings, making the stock its 20th largest holding. Assetmark Inc.’s holdings in Alphabet were worth $369,518,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Verdence Capital Advisors LLC lifted its position in Alphabet by 4.9% during the 3rd quarter. Verdence Capital Advisors LLC now owns 72,779 shares of the information services provider’s stock valued at $12,070,000 after purchasing an additional 3,389 shares during the period. Executive Wealth Management LLC raised its stake in shares of Alphabet by 13.8% during the third quarter. Executive Wealth Management LLC now owns 48,734 shares of the information services provider’s stock worth $8,083,000 after buying an additional 5,926 shares during the last quarter. Washington Trust Advisors Inc. raised its stake in shares of Alphabet by 0.5% during the third quarter. Washington Trust Advisors Inc. now owns 188,659 shares of the information services provider’s stock worth $31,289,000 after buying an additional 961 shares during the last quarter. Crumly & Associates Inc. lifted its holdings in Alphabet by 4.3% in the third quarter. Crumly & Associates Inc. now owns 5,874 shares of the information services provider’s stock valued at $974,000 after buying an additional 243 shares during the period. Finally, Windward Capital Management Co. CA boosted its stake in Alphabet by 1.7% in the third quarter. Windward Capital Management Co. CA now owns 302,745 shares of the information services provider’s stock valued at $50,210,000 after acquiring an additional 5,121 shares during the last quarter. 40.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have commented on GOOGL shares. Piper Sandler reiterated an “overweight” rating and set a $210.00 target price (up previously from $200.00) on shares of Alphabet in a research report on Wednesday, October 30th. Seaport Res Ptn upgraded Alphabet from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 29th. BMO Capital Markets restated an “outperform” rating and set a $217.00 target price (up previously from $215.00) on shares of Alphabet in a report on Wednesday, October 30th. Phillip Securities upgraded Alphabet to a “strong-buy” rating in a research report on Friday, November 1st. Finally, Tigress Financial increased their price target on shares of Alphabet from $210.00 to $220.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 26th. Seven equities research analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $205.90.

Insider Buying and Selling at Alphabet

In related news, insider John Kent Walker sold 21,467 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $160.35, for a total value of $3,442,233.45. Following the transaction, the insider now owns 39,334 shares in the company, valued at approximately $6,307,206.90. This represents a 35.31 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $160.44, for a total transaction of $109,420.08. Following the completion of the transaction, the chief accounting officer now directly owns 32,017 shares in the company, valued at approximately $5,136,807.48. This represents a 2.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 206,795 shares of company stock worth $34,673,866 over the last ninety days. Insiders own 11.55% of the company’s stock.

Alphabet Trading Down 1.7 %

Shares of NASDAQ:GOOGL opened at $164.76 on Friday. Alphabet Inc. has a 52-week low of $127.90 and a 52-week 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 $2.02 trillion, a P/E ratio of 21.85, a price-to-earnings-growth ratio of 1.27 and a beta of 1.03. The company has a 50-day simple moving average of $167.64 and a 200 day simple moving average of $170.36.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data 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 return on equity of 31.66% and a net margin of 27.74%. The company had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $72.85 billion. During the same period last year, the firm posted $1.55 earnings per share. Sell-side analysts forecast that Alphabet Inc. will post 7.99 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently disclosed 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 dividend on an annualized basis and a yield of 0.49%. Alphabet’s dividend payout ratio (DPR) is 10.61%.

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.