Walter Public Investments Inc. cut its holdings in Alphabet Inc. (NASDAQ:GOOG – Free Report) by 23.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 52,005 shares of the information services provider’s stock after selling 15,911 shares during the quarter. Alphabet makes up approximately 4.3% of Walter Public Investments Inc.’s holdings, making the stock its 6th largest holding. Walter Public Investments Inc.’s holdings in Alphabet were worth $17,720,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of the business. International Private Wealth Advisors LLC raised its position in shares of Alphabet by 41.8% in the 3rd quarter. International Private Wealth Advisors LLC now owns 14,041 shares of the information services provider’s stock worth $4,784,000 after acquiring an additional 4,138 shares in the last quarter. Silver Grove Financial Group Inc. grew its position in Alphabet by 2.9% during the 3rd quarter. Silver Grove Financial Group Inc. now owns 4,561 shares of the information services provider’s stock valued at $1,554,000 after purchasing an additional 129 shares during the last quarter. Northbridge Financial Group LLC grew its holdings in shares of Alphabet by 3.0% during the third quarter. Northbridge Financial Group LLC now owns 4,509 shares of the information services provider’s stock valued at $1,554,000 after buying an additional 130 shares during the last quarter. Moneco Advisors LLC boosted its stake in Alphabet by 1.5% during the 3rd quarter. Moneco Advisors LLC now owns 28,584 shares of the information services provider’s stock valued at $9,740,000 after purchasing an additional 425 shares during the last quarter. Finally, Cornerstone Wealth Management LLC increased its holdings in Alphabet by 8.1% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 35,143 shares of the information services provider’s stock worth $11,974,000 after buying an additional 2,637 shares in the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.
Insider Buying and Selling at Alphabet
In other Alphabet news, Director Frances Arnold sold 83 shares of Alphabet stock in a transaction on Wednesday, September 30th. The shares were sold at an average price of $340.45, for a total value of $28,257.35. Following the completion of the transaction, the director directly owned 19,076 shares of the company’s stock, valued at $6,494,424.20. This trade represents a 0.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders have sold 247 shares of company stock valued at $79,238 over the last ninety days. Company insiders own 12.99% of the company’s stock.
Alphabet Price Performance
Shares of NASDAQ:GOOG opened at $295.35 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.79 and a quick ratio of 2.69. Alphabet Inc. has a 1-year low of $271.41 and a 1-year high of $404.47. The company has a market capitalization of $3.63 trillion, a P/E ratio of 15.41, a P/E/G ratio of 0.88 and a beta of 1.21. The firm’s 50 day simple moving average is $326.04 and its two-hundred day simple moving average is $336.19.
Alphabet (NASDAQ:GOOG – Get Free Report) last released its quarterly earnings data on Thursday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, missing analysts’ consensus estimates of $3.01 by ($0.89). Alphabet had a return on equity of 43.33% and a net margin of 50.03%. The business had revenue of $127.58 billion during the quarter, compared to the consensus estimate of $127.97 billion. During the same period last year, the company earned $2.87 EPS. The business’s revenue was up 24.7% on a year-over-year basis. Research analysts expect that Alphabet Inc. will post 19.74 EPS for the current fiscal year.
Alphabet Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, December 14th. Stockholders of record on Monday, December 7th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Monday, December 7th. Alphabet’s dividend payout ratio is currently 4.59%.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on GOOG. Pivotal Research reissued a “buy” rating and set a $475.00 price objective on shares of Alphabet in a report on Thursday, October 29th. China Renaissance dropped their target price on shares of Alphabet from $485.00 to $445.00 and set a “buy” rating on the stock in a report on Friday, July 24th. Evercore reaffirmed an “outperform” rating and issued a $435.00 target price on shares of Alphabet in a research report on Thursday, October 29th. HSBC set a $515.00 target price on shares of Alphabet in a research note on Friday, August 14th. Finally, Roth Capital raised their price target on Alphabet from $435.00 to $440.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd. Six investment analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $413.38.
Check Out Our Latest Analysis on Alphabet
Key Alphabet News
These are some of the GOOG news items that stood out recently:
- Positive Sentiment: Alphabet could benefit from Nvidia CEO Jensen Huang’s reported departure, which may encourage cloud customers to diversify chip suppliers and challenge Nvidia’s premium pricing. Google’s Tensor Processing Units (TPUs) and its chip investments position it to compete for AI-computing demand. Nvidia succession uncertainty opens door for Google TPU and Broadcom, analyst says
- Neutral Sentiment: Alphabet’s cloud growth and cash generation remain part of the investment case, but commentary also flags the cost of its AI infrastructure expansion as a risk to cash flow and returns. 3 Unstoppable Dow Stocks to Buy in November
- Negative Sentiment: A separate lawsuit seeking to halt frontier AI development could create uncertainty for Google’s AI plans if it leads to restrictions or additional compliance burdens. OpenAI, Google, Anthropic hit with lawsuit seeking halt to frontier AI development
About Alphabet
Alphabet is a technology holding company whose primary business is Google. Founded in 1998 by Larry Page and Sergey Brin, Google became part of Alphabet when the company adopted a holding-company structure in 2015. Sundar Pichai leads Alphabet and Google as chief executive officer. Google offers internet search, online advertising, cloud computing, and software and hardware products. Its services and products include Google Search, YouTube, Android, Chrome, Google Maps, Google Play, and Google Cloud.
Further Reading
- Five stocks we like better than Alphabet
- Checkmate for AI Chips? NVIDIA’s Crisis Opens the Board
- Can NVIDIA Maintain Its Momentum Without Huang?
- Six Flags Lost $366 Million in Q3—Its Insiders Just Went Shopping
- What Went Wrong With Amprius Technologies’ Q3? Less Than You’d Think
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