Waterfront Wealth Inc. Sells 594 Shares of Alphabet Inc. $GOOGL

Waterfront Wealth Inc. decreased its stake in Alphabet Inc. (NASDAQ:GOOGL) by 2.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,695 shares of the information services provider’s stock after selling 594 shares during the quarter. Alphabet makes up 1.2% of Waterfront Wealth Inc.’s portfolio, making the stock its 19th biggest holding. Waterfront Wealth Inc.’s holdings in Alphabet were worth $5,233,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Mystic Asset Management Inc. boosted its holdings in Alphabet by 6.7% in the 1st quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider’s stock worth $4,400,000 after buying an additional 1,791 shares during the period. Bridgeway Capital Management LLC lifted its position in shares of Alphabet by 17.9% in the first quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider’s stock valued at $13,637,000 after acquiring an additional 13,371 shares in the last quarter. Alaethes Wealth LLC boosted its stake in shares of Alphabet by 1.1% in the first quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider’s stock worth $1,182,000 after acquiring an additional 84 shares during the period. Moment Partners LLC boosted its stake in shares of Alphabet by 9.3% in the second quarter. Moment Partners LLC now owns 5,896 shares of the information services provider’s stock worth $1,039,000 after acquiring an additional 504 shares during the period. Finally, Blackhawk Capital Partners LLC. grew its position in shares of Alphabet by 8.4% during the first quarter. Blackhawk Capital Partners LLC. now owns 31,244 shares of the information services provider’s stock worth $4,832,000 after purchasing an additional 2,434 shares in the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GOOGL has been the topic of a number of research analyst reports. CIBC boosted their price target on Alphabet to $315.00 in a report on Monday, October 20th. Wells Fargo & Company increased their price objective on shares of Alphabet from $236.00 to $268.00 and gave the company an “equal weight” rating in a report on Thursday, October 30th. Susquehanna boosted their target price on shares of Alphabet from $225.00 to $350.00 and gave the stock a “positive” rating in a report on Thursday, October 30th. Guggenheim upped their target price on shares of Alphabet from $280.00 to $330.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Finally, Oppenheimer raised their target price on shares of Alphabet from $270.00 to $300.00 and gave the company an “outperform” rating in a research note on Monday, October 20th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-eight have assigned a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $304.10.

Insider Activity

In other news, CAO Amie Thuener O’toole sold 2,778 shares of the stock in a transaction on Monday, September 15th. The shares were sold at an average price of $245.00, for a total value of $680,610.00. Following the sale, the chief accounting officer owned 17,293 shares of the company’s stock, valued at approximately $4,236,785. This represents a 13.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John Kent Walker sold 17,816 shares of the firm’s stock in a transaction dated 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 completion of the sale, the insider owned 42,985 shares of the company’s stock, valued at $10,635,348.70. This trade represents a 29.30% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 222,396 shares of company stock valued at $54,105,275. 11.64% of the stock is currently owned by insiders.

Alphabet Stock Down 2.1%

Shares of NASDAQ GOOGL opened at $278.83 on Monday. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $291.59. The firm’s 50-day moving average price is $251.23 and its 200-day moving average price is $204.90. The stock has a market capitalization of $3.37 trillion, a price-to-earnings ratio of 27.50, a P/E/G ratio of 1.86 and a beta of 1.05.

Alphabet (NASDAQ:GOOGL) last released its quarterly 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 36.08% and a net margin of 32.23%.The company had revenue of $102.35 billion during the quarter, compared to analyst estimates 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 announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 8th will be issued a $0.21 dividend. The ex-dividend date is Monday, December 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet’s payout ratio is 8.28%.

About Alphabet

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.