Alphabet Inc. (NASDAQ:GOOGL) Stake Lessened by MinichMacGregor Wealth Management LLC

MinichMacGregor Wealth Management LLC lowered its position in Alphabet Inc. (NASDAQ:GOOGL) by 21.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,428 shares of the information services provider’s stock after selling 656 shares during the quarter. MinichMacGregor Wealth Management LLC’s holdings in Alphabet were worth $403,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Falcon Wealth Planning lifted its holdings in Alphabet by 2.2% in the 3rd quarter. Falcon Wealth Planning now owns 7,898 shares of the information services provider’s stock worth $1,310,000 after purchasing an additional 171 shares during the last quarter. Crestwood Advisors Group LLC increased its stake in Alphabet by 3.3% in the third quarter. Crestwood Advisors Group LLC now owns 760,173 shares of the information services provider’s stock valued at $126,073,000 after acquiring an additional 24,147 shares during the period. Global Wealth Management Investment Advisory Inc. lifted its holdings in shares of Alphabet by 13.2% during the third quarter. Global Wealth Management Investment Advisory Inc. now owns 28,263 shares of the information services provider’s stock valued at $4,687,000 after acquiring an additional 3,300 shares during the period. Heritage Investors Management Corp increased its holdings in shares of Alphabet by 0.5% during the third quarter. Heritage Investors Management Corp now owns 420,235 shares of the information services provider’s stock worth $69,695,000 after buying an additional 2,101 shares in the last quarter. Finally, Hanlon Investment Management Inc. raised its position in Alphabet by 3.5% in the 3rd quarter. Hanlon Investment Management Inc. now owns 3,493 shares of the information services provider’s stock valued at $579,000 after purchasing an additional 119 shares during the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on GOOGL. Morgan Stanley increased their price target on shares of Alphabet from $190.00 to $205.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Truist Financial lifted their price objective 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. China Renaissance raised shares of Alphabet from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. JPMorgan Chase & Co. lifted their target price on Alphabet from $200.00 to $208.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Finally, Mizuho raised their price target on Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Seven analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $205.90.

Alphabet Stock Up 1.6 %

Shares of NASDAQ GOOGL opened at $175.30 on Tuesday. The company has a market cap of $2.15 trillion, a price-to-earnings ratio of 23.25, a PEG ratio of 1.23 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 Inc. has a 12 month low of $127.90 and a 12 month high of $191.75. The stock has a 50-day moving average price of $166.15 and a two-hundred day moving average price of $170.28.

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

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be given a dividend of $0.20 per share. The ex-dividend date 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 currently 10.61%.

Insider Transactions at Alphabet

In other news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $167.66, for a total value of $3,772,350.00. Following the transaction, the chief executive officer now directly owns 2,159,885 shares of the company’s stock, valued at $362,126,319.10. The trade was a 1.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kavitark Ram Shriram sold 10,500 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $177.41, for a total transaction of $1,862,805.00. Following the completion of the sale, the director now owns 319,966 shares of the company’s stock, valued at $56,765,168.06. The trade was a 3.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 206,795 shares of company stock worth $34,471,141. Company insiders own 11.55% of the company’s stock.

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.