Glassy Mountain Advisors Inc. Reduces Stake in Alphabet Inc. (NASDAQ:GOOGL)

Glassy Mountain Advisors Inc. lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 13.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,332 shares of the information services provider’s stock after selling 3,030 shares during the period. Glassy Mountain Advisors Inc.’s holdings in Alphabet were worth $3,372,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Alphabet by 0.8% during the first quarter. Vanguard Group Inc. now owns 497,874,324 shares of the information services provider’s stock worth $75,144,172,000 after purchasing an additional 4,064,073 shares in the last quarter. Capital Research Global Investors boosted its holdings in Alphabet by 14.4% in the first quarter. Capital Research Global Investors now owns 57,803,291 shares of the information services provider’s stock valued at $8,724,251,000 after purchasing an additional 7,275,757 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Alphabet by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 49,472,478 shares of the information services provider’s stock valued at $9,011,412,000 after purchasing an additional 238,403 shares during the last quarter. Capital World Investors boosted its stake in shares of Alphabet by 1.7% during the 1st quarter. Capital World Investors now owns 35,412,299 shares of the information services provider’s stock worth $5,344,778,000 after acquiring an additional 597,756 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Alphabet by 1.8% during the 2nd quarter. American Century Companies Inc. now owns 23,465,190 shares of the information services provider’s stock worth $4,274,184,000 after acquiring an additional 418,204 shares in the last quarter. Institutional investors own 40.03% of the company’s stock.

Alphabet Price Performance

Shares of GOOGL opened at $172.49 on Friday. Alphabet Inc. has a twelve month low of $127.90 and a twelve month high of $191.75. The firm’s fifty day simple moving average is $165.18 and its 200-day simple moving average is $170.08. The firm has a market capitalization of $2.11 trillion, a price-to-earnings ratio of 22.88, a PEG ratio of 1.27 and a beta of 1.03. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data 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 net margin of 27.74% and a return on equity of 31.66%. The business had revenue of $88.27 billion for the quarter, compared to analyst estimates of $72.85 billion. During the same period last year, the business earned $1.55 EPS. Equities analysts forecast that Alphabet Inc. will post 7.99 EPS for the current fiscal year.

Alphabet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders 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 yield of 0.46%. Alphabet’s dividend payout ratio is presently 10.61%.

Analyst Upgrades and Downgrades

GOOGL has been the topic of several recent analyst reports. JPMorgan Chase & Co. increased their target price on shares of Alphabet from $200.00 to $208.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Truist Financial increased their target price on shares of Alphabet from $220.00 to $225.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. KeyCorp increased their target price on shares of Alphabet from $200.00 to $215.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Mizuho increased their target price on shares of Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Finally, Pivotal Research upped their price target on shares of Alphabet from $215.00 to $225.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $205.90.

Insider Buying and Selling at Alphabet

In other news, Director Kavitark Ram Shriram sold 10,500 shares of the stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $180.78, for a total value of $1,898,190.00. Following the sale, the director now directly owns 330,466 shares in the company, valued at $59,741,643.48. This represents a 3.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Kent Walker sold 21,467 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $160.35, for a total transaction of $3,442,233.45. Following the completion of the sale, the insider now owns 39,334 shares in the company, valued at $6,307,206.90. This represents a 35.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 206,795 shares of company stock worth $34,471,141. 11.55% of the stock is owned by company insiders.

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.