Bridges Investment Management Inc. Sells 42,439 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Bridges Investment Management Inc. decreased its position in Alphabet Inc. (NASDAQ:GOOGL) by 2.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,667,025 shares of the information services provider’s stock after selling 42,439 shares during the period. Alphabet comprises approximately 3.9% of Bridges Investment Management Inc.’s holdings, making the stock its 5th largest holding. Bridges Investment Management Inc.’s holdings in Alphabet were worth $276,476,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the company. Klingman & Associates LLC increased its holdings in Alphabet by 14.3% in the 3rd quarter. Klingman & Associates LLC now owns 17,797 shares of the information services provider’s stock valued at $2,952,000 after buying an additional 2,220 shares during the period. Thomas Story & Son LLC boosted its position in shares of Alphabet by 2.8% during the 3rd quarter. Thomas Story & Son LLC now owns 38,371 shares of the information services provider’s stock valued at $6,364,000 after acquiring an additional 1,055 shares in the last quarter. Assetmark Inc. increased its stake in Alphabet by 3.8% in the third quarter. Assetmark Inc. now owns 2,228,026 shares of the information services provider’s stock valued at $369,518,000 after acquiring an additional 80,856 shares during the period. Verdence Capital Advisors LLC raised its position in Alphabet by 4.9% in the third quarter. Verdence Capital Advisors LLC now owns 72,779 shares of the information services provider’s stock worth $12,070,000 after purchasing an additional 3,389 shares in the last quarter. Finally, Executive Wealth Management LLC lifted its stake in 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 purchasing an additional 5,926 shares during the period. Institutional investors own 40.03% of the company’s stock.

Insider Activity at Alphabet

In related news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction that occurred on 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 owns 32,017 shares in the company, valued at approximately $5,136,807.48. The trade was a 2.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $158.68, for a total transaction of $3,570,300.00. Following the completion of the sale, the chief executive officer now owns 2,137,385 shares in the company, valued at approximately $339,160,251.80. This trade represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 206,795 shares of company stock worth $34,673,866 in the last ninety days. Company insiders own 11.55% of the company’s stock.

Alphabet Price Performance

GOOGL opened at $164.76 on Friday. The company has a fifty day moving average price of $167.64 and a two-hundred day moving average price of $170.36. The firm has a market capitalization of $2.02 trillion, a PE ratio of 21.85, a P/E/G ratio of 1.27 and a beta of 1.03. 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.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, topping 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 business had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $72.85 billion. During the same period in the previous year, the firm earned $1.55 earnings per share. As a group, analysts anticipate that Alphabet Inc. will post 7.99 earnings per share for the current year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.49%. Alphabet’s dividend payout ratio (DPR) is presently 10.61%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on GOOGL shares. Seaport Res Ptn upgraded Alphabet from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 29th. China Renaissance raised Alphabet from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Wedbush reiterated an “outperform” rating and set a $205.00 price objective on shares of Alphabet in a research note on Thursday, October 24th. Cantor Fitzgerald reissued a “neutral” rating and set a $190.00 price objective on shares of Alphabet in a report on Wednesday, October 30th. Finally, Loop Capital upped their target price on shares of Alphabet from $170.00 to $185.00 and gave the stock a “hold” rating in a report on Wednesday, November 6th. Seven analysts have rated the stock with a hold rating, thirty-one have given a buy rating and five have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $205.90.

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.