Transcendent Capital Group LLC Cuts Stake in Alphabet Inc. (NASDAQ:GOOGL)

Transcendent Capital Group LLC lessened its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 97.2% during the third quarter, Holdings Channel.com reports. The firm owned 260 shares of the information services provider’s stock after selling 9,073 shares during the quarter. Transcendent Capital Group LLC’s holdings in Alphabet were worth $43,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. 17 Capital Partners LLC boosted its position in Alphabet by 4.2% during the 3rd quarter. 17 Capital Partners LLC now owns 19,985 shares of the information services provider’s stock valued at $3,315,000 after buying an additional 800 shares during the period. Mach 1 Financial Group LLC increased its position in shares of Alphabet by 12.7% in the third quarter. Mach 1 Financial Group LLC now owns 5,242 shares of the information services provider’s stock valued at $869,000 after acquiring an additional 591 shares during the period. Mesirow Financial Investment Management Inc. raised its stake in shares of Alphabet by 1.0% during the third quarter. Mesirow Financial Investment Management Inc. now owns 414,394 shares of the information services provider’s stock valued at $68,728,000 after acquiring an additional 4,035 shares during the last quarter. XML Financial LLC boosted its holdings in shares of Alphabet by 5.5% during the third quarter. XML Financial LLC now owns 25,595 shares of the information services provider’s stock worth $4,245,000 after purchasing an additional 1,325 shares during the period. Finally, Austin Asset Management Co Inc grew its stake in shares of Alphabet by 3.6% in the third quarter. Austin Asset Management Co Inc now owns 3,550 shares of the information services provider’s stock worth $589,000 after purchasing an additional 124 shares during the last quarter. 40.03% of the stock is owned by institutional investors.

Analysts Set New Price Targets

GOOGL has been the subject of a number of recent analyst reports. Scotiabank raised Alphabet to a “strong-buy” rating in a research report on Friday, October 11th. Wells Fargo & Company upped their target price on Alphabet from $182.00 to $187.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Evercore ISI lifted their price target on shares of Alphabet from $200.00 to $205.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Pivotal Research upped their price objective on shares of Alphabet from $215.00 to $225.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $210.00 target price (up from $200.00) on shares of Alphabet in a research report on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and five have issued a strong buy rating to the stock. According to data from MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and a consensus price target of $205.90.

Alphabet Stock Performance

Shares of GOOGL stock opened at $164.76 on Friday. 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 company has a 50 day moving average price of $167.64 and a 200-day moving average price of $170.35. Alphabet Inc. has a 52 week low of $127.90 and a 52 week high of $191.75. The firm has a market capitalization of $2.02 trillion, a PE ratio of 21.85, a P/E/G ratio of 1.19 and a beta of 1.03.

Alphabet (NASDAQ:GOOGL) last issued its 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. The company had revenue of $88.27 billion for the quarter, compared to analysts’ expectations of $72.85 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. During the same quarter last year, the company posted $1.55 earnings per share. As a group, equities research analysts expect that Alphabet Inc. will post 8.01 earnings per share for the current year.

Alphabet Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.49%. The ex-dividend date is Monday, December 9th. Alphabet’s payout ratio is currently 10.61%.

Insider Activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $158.68, for a total transaction of $3,570,300.00. Following the completion of the sale, the chief executive officer now directly owns 2,137,385 shares of the company’s stock, valued at approximately $339,160,251.80. This represents a 1.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kavitark Ram Shriram sold 10,500 shares of Alphabet stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $180.78, for a total transaction of $1,898,190.00. Following the transaction, the director now owns 330,466 shares in the company, valued at $59,741,643.48. This represents a 3.08 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 206,795 shares of company stock worth $34,673,866. 11.55% of the stock is owned by insiders.

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.