Covestor Ltd Trims Stake in Alphabet Inc. (NASDAQ:GOOGL)

Covestor Ltd lessened its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 24.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,401 shares of the information services provider’s stock after selling 1,458 shares during the period. Alphabet makes up 0.5% of Covestor Ltd’s investment portfolio, making the stock its 17th largest position. Covestor Ltd’s holdings in Alphabet were worth $729,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Christopher J. Hasenberg Inc raised its position in Alphabet by 75.0% in the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after purchasing an additional 60 shares during the period. Kings Path Partners LLC acquired a new stake in shares of Alphabet in the second quarter valued at $36,000. Denver PWM LLC purchased a new stake in shares of Alphabet in the 2nd quarter valued at $41,000. Quarry LP acquired a new position in Alphabet during the 2nd quarter worth about $53,000. Finally, Summit Securities Group LLC purchased a new position in Alphabet during the 2nd quarter valued at about $55,000. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Down 1.7 %

GOOGL opened at $164.76 on Friday. The business has a 50 day moving average price of $167.64 and a two-hundred day moving average price of $170.35. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.04. The company has a market cap of $2.02 trillion, a PE ratio of 21.85, a P/E/G ratio of 1.19 and a beta of 1.03. Alphabet Inc. has a 52 week low of $127.90 and a 52 week high of $191.75.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, topping the consensus estimate 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 quarter in the prior year, the business earned $1.55 earnings per share. As a group, research analysts anticipate that Alphabet Inc. will post 8.01 EPS for the current year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.49%. The ex-dividend date is Monday, December 9th. Alphabet’s payout ratio is 10.61%.

Insider Transactions at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $158.68, for a total transaction of $3,570,300.00. Following the sale, the chief executive officer now directly owns 2,137,385 shares in the company, valued at approximately $339,160,251.80. The trade was a 1.04 % decrease in their position. The sale was disclosed in a document filed 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 owns 32,017 shares of the company’s stock, valued at $5,136,807.48. This represents a 2.09 % decrease in their position. 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. 11.55% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

GOOGL has been the topic of a number of recent research reports. The Goldman Sachs Group cut their price target on shares of Alphabet from $217.00 to $208.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Phillip Securities upgraded shares of Alphabet to a “strong-buy” rating in a report on Friday, November 1st. Morgan Stanley boosted their price target on shares of Alphabet from $190.00 to $205.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Piper Sandler reaffirmed an “overweight” rating and set a $210.00 price objective (up previously from $200.00) on shares of Alphabet in a research report on Wednesday, October 30th. Finally, Pivotal Research lifted their target price on Alphabet from $215.00 to $225.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Seven analysts have rated the stock with a hold rating, thirty-one have given a buy rating and five have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus 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.