Private Wealth Partners LLC Has $59.14 Million Stake in Alphabet Inc. (NASDAQ:GOOGL)

Private Wealth Partners LLC lessened its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 17.1% in the third quarter, HoldingsChannel reports. The fund owned 356,578 shares of the information services provider’s stock after selling 73,761 shares during the period. Alphabet accounts for approximately 4.7% of Private Wealth Partners LLC’s investment portfolio, making the stock its 4th largest holding. Private Wealth Partners LLC’s holdings in Alphabet were worth $59,138,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the company. Conning Inc. raised its position in Alphabet by 5.3% during the third quarter. Conning Inc. now owns 70,991 shares of the information services provider’s stock valued at $11,774,000 after purchasing an additional 3,560 shares in the last quarter. Clear Creek Financial Management LLC raised its position in Alphabet by 1.5% during the third quarter. Clear Creek Financial Management LLC now owns 18,062 shares of the information services provider’s stock valued at $2,996,000 after purchasing an additional 262 shares in the last quarter. Princeton Global Asset Management LLC raised its position in Alphabet by 5.0% during the third quarter. Princeton Global Asset Management LLC now owns 62,452 shares of the information services provider’s stock valued at $10,358,000 after purchasing an additional 2,953 shares in the last quarter. Argonautica Private Wealth Management Inc. raised its position in Alphabet by 0.3% during the third quarter. Argonautica Private Wealth Management Inc. now owns 72,700 shares of the information services provider’s stock valued at $12,057,000 after purchasing an additional 244 shares in the last quarter. Finally, Stevens Capital Partners raised its position in Alphabet by 34.7% during the third quarter. Stevens Capital Partners now owns 1,544 shares of the information services provider’s stock valued at $256,000 after purchasing an additional 398 shares in the last quarter. Institutional investors own 40.03% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Guggenheim boosted their price objective on shares of Alphabet from $195.00 to $205.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. JMP Securities upped their price target on shares of Alphabet from $200.00 to $220.00 and gave the stock a “market outperform” rating in a report on Wednesday, October 30th. Phillip Securities upgraded shares of Alphabet to a “strong-buy” rating in a report on Friday, November 1st. Scotiabank upgraded shares of Alphabet to a “strong-buy” rating in a report on Friday, October 11th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $190.00 price target on shares of Alphabet in a report on Wednesday, October 30th. Seven 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.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $205.90.

Alphabet Trading Down 1.8 %

Shares of GOOGL stock opened at $172.49 on Friday. The company has a 50 day moving average of $165.18 and a 200-day moving average of $170.08. The company has a quick ratio of 1.95, a current 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 firm has a market cap of $2.11 trillion, a P/E ratio of 22.88, a PEG ratio of 1.27 and a beta of 1.03.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The company had revenue of $88.27 billion during the quarter, compared to analyst estimates of $72.85 billion. During the same quarter last year, the business posted $1.55 EPS. Sell-side analysts anticipate that Alphabet Inc. will post 7.99 earnings per share for the current year.

Alphabet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors 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 10.61%.

Insider Activity at Alphabet

In other news, Director John L. Hennessy sold 800 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $153.75, for a total transaction of $123,000.00. Following the completion of the transaction, the director now directly owns 28,524 shares in the company, valued at $4,385,565. The trade was a 2.73 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John Kent Walker sold 21,467 shares of the business’s stock in a transaction 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 transaction, the insider now owns 39,334 shares of the company’s stock, valued at $6,307,206.90. This trade represents a 35.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 206,795 shares of company stock worth $34,471,141. Corporate insiders own 11.55% of the company’s stock.

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.