Grant Private Wealth Management Inc Sells 14,992 Shares of Alphabet Inc. $GOOG

Grant Private Wealth Management Inc lessened its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 62.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,928 shares of the information services provider’s stock after selling 14,992 shares during the period. Alphabet makes up approximately 1.3% of Grant Private Wealth Management Inc’s investment portfolio, making the stock its 16th largest position. Grant Private Wealth Management Inc’s holdings in Alphabet were worth $2,174,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. IFS Advisors LLC grew its holdings in Alphabet by 400.0% in the 2nd quarter. IFS Advisors LLC now owns 150 shares of the information services provider’s stock valued at $27,000 after buying an additional 120 shares in the last quarter. Robbins Farley lifted its holdings in shares of Alphabet by 60.0% during the second quarter. Robbins Farley now owns 160 shares of the information services provider’s stock worth $28,000 after buying an additional 60 shares in the last quarter. WestEnd Advisors LLC boosted its position in shares of Alphabet by 58.7% in the second quarter. WestEnd Advisors LLC now owns 165 shares of the information services provider’s stock valued at $29,000 after acquiring an additional 61 shares during the period. University of Illinois Foundation acquired a new position in shares of Alphabet in the second quarter valued at about $31,000. Finally, Fairman Group LLC increased its position in Alphabet by 121.3% during the second quarter. Fairman Group LLC now owns 177 shares of the information services provider’s stock worth $31,000 after acquiring an additional 97 shares during the period. Institutional investors and hedge funds own 27.26% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $250.15, for a total transaction of $8,129,875.00. Following the completion of the transaction, the chief executive officer directly owned 2,369,619 shares in the company, valued at $592,760,192.85. This represents a 1.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Kent Walker sold 17,816 shares of the firm’s stock in a transaction that occurred on Monday, September 29th. The shares were sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the completion of the sale, the insider owned 42,985 shares in the company, valued at $10,635,348.70. This represents a 29.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 228,906 shares of company stock valued at $63,984,117. 12.99% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Raymond James Financial set a $275.00 price objective on shares of Alphabet and gave the company an “outperform” rating in a report on Friday, October 24th. Piper Sandler boosted their price target on Alphabet from $285.00 to $330.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. Weiss Ratings reissued a “buy (b)” rating on shares of Alphabet in a research report on Wednesday, October 8th. Rosenblatt Securities set a $279.00 price objective on Alphabet in a research note on Thursday, October 30th. Finally, BNP Paribas assumed coverage on Alphabet in a research report on Monday, November 24th. They set an “outperform” rating for the company. Seven research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $313.04.

Alphabet Stock Performance

Shares of NASDAQ:GOOG opened at $303.75 on Friday. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $328.67. The stock has a market capitalization of $3.67 trillion, a price-to-earnings ratio of 29.96, a price-to-earnings-growth ratio of 1.73 and a beta of 1.07. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.75 and a quick ratio of 1.75. The company’s 50 day simple moving average is $288.40 and its 200 day simple moving average is $233.60.

Alphabet (NASDAQ:GOOG) last issued its earnings results on Thursday, October 30th. The information services provider reported $2.87 earnings per share for the quarter, beating analysts’ consensus estimates of $2.29 by $0.58. Alphabet had a return on equity of 35.00% and a net margin of 32.23%.The firm had revenue of $102.35 billion for the quarter, compared to the consensus estimate of $99.90 billion. During the same quarter last year, the business posted $2.12 EPS. The company’s revenue was up 15.9% compared to the same quarter last year. As a group, research analysts predict that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 8th were given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date was Monday, December 8th. Alphabet’s payout ratio is currently 8.28%.

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.