Profit Investment Management LLC Reduces Stake in Alphabet Inc. $GOOGL

Profit Investment Management LLC reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 32.7% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,500 shares of the information services provider’s stock after selling 2,678 shares during the period. Alphabet comprises 1.7% of Profit Investment Management LLC’s investment portfolio, making the stock its 20th biggest position. Profit Investment Management LLC’s holdings in Alphabet were worth $1,337,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of GOOGL. Financial Gravity Companies Inc. purchased a new stake in Alphabet in the second quarter worth $31,000. Corsicana & Co. purchased a new stake in Alphabet in the 3rd quarter worth about $54,000. CarsonAllaria Wealth Management Ltd. raised its stake in Alphabet by 36.4% in the 2nd quarter. CarsonAllaria Wealth Management Ltd. now owns 251 shares of the information services provider’s stock valued at $44,000 after acquiring an additional 67 shares during the period. Vermillion & White Wealth Management Group LLC raised its stake in Alphabet by 37.9% in the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 324 shares of the information services provider’s stock valued at $57,000 after acquiring an additional 89 shares during the period. Finally, S&T Bank PA lifted its holdings in Alphabet by 40.2% during the second quarter. S&T Bank PA now owns 345 shares of the information services provider’s stock valued at $61,000 after purchasing an additional 99 shares during the last quarter. Institutional investors own 40.03% of the company’s stock.

Alphabet Trading Down 0.2%

Shares of GOOGL stock opened at $313.51 on Friday. The company has a market capitalization of $3.78 trillion, a PE ratio of 30.92, a price-to-earnings-growth ratio of 1.81 and a beta of 1.07. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $328.83. The business’s fifty day moving average is $295.59 and its 200 day moving average is $238.75. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.75 and a current ratio of 1.75.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Wednesday, October 29th. The information services provider reported $2.87 EPS for the quarter, topping the consensus estimate of $2.29 by $0.58. Alphabet had a return on equity of 35.00% and a net margin of 32.23%.The business had revenue of $102.35 billion during the quarter, compared to analysts’ expectations of $99.90 billion. On average, equities research analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

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

Insider Buying and Selling

In other news, CAO Amie Thuener O’toole sold 2,778 shares of the firm’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $250.05, for a total transaction of $694,638.90. Following the sale, the chief accounting officer owned 14,516 shares in the company, valued at approximately $3,629,725.80. This trade represents a 16.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider John Kent Walker sold 17,816 shares of Alphabet stock in a transaction on Monday, September 29th. The stock was sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the sale, the insider directly owned 42,985 shares of the company’s stock, valued at $10,635,348.70. This represents a 29.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 226,128 shares of company stock worth $63,183,331. Insiders own 11.64% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on GOOGL shares. Piper Sandler reiterated an “overweight” rating and issued a $365.00 target price (up previously from $330.00) on shares of Alphabet in a research note on Thursday, December 11th. JPMorgan Chase & Co. lifted their price objective on shares of Alphabet from $340.00 to $385.00 and gave the company an “overweight” rating in a research note on Friday, December 12th. Melius Research increased their target price on Alphabet from $220.00 to $255.00 in a research report on Thursday, September 25th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $315.00 price target on shares of Alphabet in a report on Tuesday, December 2nd. Finally, Mizuho set a $325.00 price objective on Alphabet in a research note on Thursday, October 30th. Four analysts have rated the stock with a Strong Buy rating, forty-one have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $315.90.

About Alphabet

Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google’s core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.

Beyond Google’s consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.