Alphabet Inc. (NASDAQ:GOOGL) Position Trimmed by Grimes & Company Inc.

Grimes & Company Inc. trimmed its stake in Alphabet Inc. (NASDAQ:GOOGL) by 1.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 173,507 shares of the information services provider’s stock after selling 2,346 shares during the quarter. Alphabet accounts for 0.8% of Grimes & Company Inc.’s portfolio, making the stock its 27th largest position. Grimes & Company Inc.’s holdings in Alphabet were worth $28,776,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. New Hampshire Trust lifted its holdings in shares of Alphabet by 2.7% during the 2nd quarter. New Hampshire Trust now owns 43,714 shares of the information services provider’s stock valued at $7,963,000 after buying an additional 1,132 shares during the last quarter. Berkshire Money Management Inc. bought a new position in Alphabet during the first quarter valued at approximately $359,000. Schneider Downs Wealth Management Advisors LP lifted its stake in Alphabet by 58.4% in the first quarter. Schneider Downs Wealth Management Advisors LP now owns 6,374 shares of the information services provider’s stock valued at $962,000 after acquiring an additional 2,351 shares during the last quarter. Trinity Financial Advisors LLC grew its position in Alphabet by 4.5% in the third quarter. Trinity Financial Advisors LLC now owns 4,423 shares of the information services provider’s stock worth $771,000 after acquiring an additional 190 shares in the last quarter. Finally, StoneCrest Wealth Management Inc. raised its holdings in shares of Alphabet by 0.7% during the 3rd quarter. StoneCrest Wealth Management Inc. now owns 21,509 shares of the information services provider’s stock valued at $3,567,000 after purchasing an additional 140 shares in the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CAO Amie Thuener O’toole sold 2,835 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total value of $429,587.55. Following the completion of the transaction, the chief accounting officer now owns 29,182 shares in the company, valued at $4,421,948.46. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Alphabet news, SVP Prabhakar Raghavan sold 34,257 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the completion of the sale, the senior vice president now owns 312,210 shares in the company, valued at approximately $50,765,346. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Amie Thuener O’toole sold 2,835 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total value of $429,587.55. Following the completion of the transaction, the chief accounting officer now owns 29,182 shares in the company, valued at $4,421,948.46. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 232,052 shares of company stock valued at $38,086,723. Insiders own 11.55% of the company’s stock.

Alphabet Price Performance

Shares of Alphabet stock opened at $169.24 on Tuesday. The stock has a market capitalization of $2.08 trillion, a price-to-earnings ratio of 22.45, a P/E/G ratio of 1.23 and a beta of 1.03. The firm’s 50-day moving average price is $162.49 and its two-hundred day moving average price is $169.20. The company has a current ratio of 1.95, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. Alphabet Inc. has a 1-year low of $127.90 and a 1-year high of $191.75.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share 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 firm 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 EPS. On average, equities analysts predict that Alphabet Inc. will post 7.91 earnings per share for the current fiscal year.

Alphabet Announces Dividend

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 issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s dividend payout ratio is currently 10.61%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on GOOGL. Piper Sandler reiterated an “overweight” rating and issued a $210.00 price objective (up from $200.00) on shares of Alphabet in a report on Wednesday, October 30th. Evercore ISI increased their price objective on Alphabet from $200.00 to $205.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Guggenheim boosted their target price on Alphabet from $195.00 to $205.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Cantor Fitzgerald reiterated a “neutral” rating and set a $190.00 price target on shares of Alphabet in a report on Wednesday, October 30th. Finally, Scotiabank upgraded shares of Alphabet to a “strong-buy” rating in a research note on Friday, October 11th. Seven equities research analysts have rated the stock with a hold rating, thirty-one have given a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $205.51.

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.