Peregrine Asset Advisers Inc. Cuts Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Peregrine Asset Advisers Inc. decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 12.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,113 shares of the information services provider’s stock after selling 2,302 shares during the quarter. Alphabet comprises approximately 0.9% of Peregrine Asset Advisers Inc.’s holdings, making the stock its 28th biggest holding. Peregrine Asset Advisers Inc.’s holdings in Alphabet were worth $2,672,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Capital Research Global Investors increased its stake in shares of 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 worth $8,724,251,000 after buying an additional 7,275,757 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Alphabet by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 49,472,478 shares of the information services provider’s stock worth $9,011,412,000 after acquiring an additional 238,403 shares in the last quarter. Capital World Investors increased its position in shares of Alphabet by 1.7% in 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 purchasing an additional 597,756 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Alphabet by 1.8% in the 2nd quarter. American Century Companies Inc. now owns 23,465,190 shares of the information services provider’s stock valued at $4,274,184,000 after purchasing an additional 418,204 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its position in shares of Alphabet by 9.1% during the second quarter. Canada Pension Plan Investment Board now owns 23,263,385 shares of the information services provider’s stock worth $4,237,426,000 after purchasing an additional 1,949,476 shares during the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $158.68, for a total value of $3,570,300.00. Following the transaction, the chief executive officer now directly owns 2,137,385 shares in the company, valued at $339,160,251.80. The trade was a 1.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Kent Walker sold 21,467 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $160.35, for a total value of $3,442,233.45. Following the completion of the transaction, the insider now directly owns 39,334 shares in the company, valued at $6,307,206.90. The trade was a 35.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 206,795 shares of company stock valued at $34,673,866. 11.55% of the stock is currently owned by corporate insiders.

Alphabet Stock Down 1.7 %

Shares of GOOGL stock opened at $164.76 on Monday. Alphabet Inc. has a 12 month low of $127.90 and a 12 month high of $191.75. 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 firm has a market cap of $2.02 trillion, a PE ratio of 21.85, a price-to-earnings-growth ratio of 1.19 and a beta of 1.03. The stock has a 50 day moving average of $167.64 and a 200-day moving average of $170.36.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, beating the consensus estimate of $1.83 by $0.29. The firm had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $72.85 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. During the same quarter in the prior year, the firm posted $1.55 EPS. On average, equities analysts predict that Alphabet Inc. will post 8.01 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s dividend payout ratio is 10.61%.

Analysts Set New Price Targets

GOOGL has been the topic of several research reports. Truist Financial upped their price objective on Alphabet from $220.00 to $225.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Wells Fargo & Company raised their price objective on Alphabet from $182.00 to $187.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Cantor Fitzgerald reiterated a “neutral” rating and set a $190.00 target price on shares of Alphabet in a research note on Wednesday, October 30th. Phillip Securities upgraded shares of Alphabet to a “strong-buy” rating in a research report on Friday, November 1st. Finally, Tigress Financial boosted their price objective on shares of Alphabet from $210.00 to $220.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 26th. Seven investment analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $205.90.

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.