Baker Avenue Asset Management LP Purchases 2,094 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Baker Avenue Asset Management LP grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 1.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 213,098 shares of the information services provider’s stock after acquiring an additional 2,094 shares during the quarter. Alphabet accounts for approximately 1.1% of Baker Avenue Asset Management LP’s investment portfolio, making the stock its 22nd largest position. Baker Avenue Asset Management LP’s holdings in Alphabet were worth $35,342,000 as of its most recent SEC filing.

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

Insider Activity

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 2,137,385 shares of the company’s stock, valued at approximately $339,160,251.80. This trade represents a 1.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Frances Arnold sold 441 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was 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 directly owns 16,490 shares of the company’s stock, valued at $2,820,779.40. The trade was a 2.60 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 206,795 shares of company stock valued at $34,673,866. Corporate insiders own 11.55% of the company’s stock.

Analyst Upgrades and Downgrades

GOOGL has been the topic of a number of recent analyst reports. KeyCorp boosted their price objective on Alphabet from $200.00 to $215.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Loop Capital boosted their price target on Alphabet from $170.00 to $185.00 and gave the company a “hold” rating in a research note on Wednesday, November 6th. JMP Securities raised their price objective on shares of Alphabet from $200.00 to $220.00 and gave the stock a “market outperform” rating in a research report on Wednesday, October 30th. Piper Sandler reiterated an “overweight” rating and issued a $210.00 price objective (up previously from $200.00) on shares of Alphabet in a research note on Wednesday, October 30th. Finally, Scotiabank raised shares of Alphabet to a “strong-buy” rating in a research note on Friday, October 11th. Seven investment 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 company. According to data from MarketBeat, Alphabet has a consensus rating of “Moderate Buy” and a consensus target price of $205.90.

Alphabet Trading Down 1.7 %

Shares of NASDAQ GOOGL opened at $164.76 on Monday. The business’s 50 day moving average price is $167.64 and its 200-day moving average price is $170.36. The company has a market cap of $2.02 trillion, a price-to-earnings ratio of 21.85, a PEG ratio of 1.19 and a beta of 1.03. 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 Inc. has a fifty-two week low of $127.90 and a fifty-two week high of $191.75.

Alphabet (NASDAQ:GOOGL) last issued its 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. The firm had revenue of $88.27 billion during the quarter, compared to analyst estimates of $72.85 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. During the same period in the previous year, the firm earned $1.55 earnings per share. On average, sell-side analysts expect that Alphabet Inc. will post 8.01 earnings per share for the current year.

Alphabet Announces Dividend

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

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.