Grant Private Wealth Management Inc Has $2.17 Million Position in Alphabet Inc. $GOOG

Grant Private Wealth Management Inc lessened its holdings in Alphabet Inc. (NASDAQ:GOOG) by 62.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,928 shares of the information services provider’s stock after selling 14,992 shares during the quarter. Alphabet makes up approximately 1.3% of Grant Private Wealth Management Inc’s investment portfolio, making the stock its 16th largest position. Grant Private Wealth Management Inc’s holdings in Alphabet were worth $2,174,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. First Financial Bank Trust Division lifted its holdings in shares of Alphabet by 0.6% during the third quarter. First Financial Bank Trust Division now owns 7,208 shares of the information services provider’s stock worth $1,756,000 after purchasing an additional 45 shares during the period. Trust Co of the South raised its position in Alphabet by 0.5% during the 3rd quarter. Trust Co of the South now owns 8,800 shares of the information services provider’s stock worth $2,143,000 after purchasing an additional 48 shares during the last quarter. Dimension Capital Management LLC lifted its holdings in Alphabet by 0.4% during the 2nd quarter. Dimension Capital Management LLC now owns 13,968 shares of the information services provider’s stock worth $2,478,000 after buying an additional 50 shares during the period. Adams Wealth Management lifted its holdings in Alphabet by 2.2% during the 2nd quarter. Adams Wealth Management now owns 2,332 shares of the information services provider’s stock worth $414,000 after buying an additional 50 shares during the period. Finally, CacheTech Inc. grew its position in shares of Alphabet by 2.2% in the 2nd quarter. CacheTech Inc. now owns 2,332 shares of the information services provider’s stock valued at $414,000 after buying an additional 50 shares during the last quarter. 27.26% of the stock is owned by institutional investors.

Alphabet Stock Up 1.9%

Shares of NASDAQ:GOOG opened at $303.75 on Friday. The business’s 50 day moving average is $288.40 and its 200 day moving average is $233.60. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $328.67. The stock has a market cap of $3.67 trillion, a price-to-earnings ratio of 29.96, a PEG ratio of 1.73 and a beta of 1.07. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.06.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Thursday, October 30th. The information services provider reported $2.87 EPS for the quarter, beating analysts’ consensus estimates of $2.29 by $0.58. The business had revenue of $102.35 billion during the quarter, compared to analyst estimates of $99.90 billion. Alphabet had a return on equity of 35.00% and a net margin of 32.23%.Alphabet’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.12 EPS. On average, sell-side analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

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

Insider Activity

In other news, CAO Amie Thuener O’toole sold 2,778 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $312.30, for a total value of $867,569.40. Following the completion of the transaction, the chief accounting officer directly owned 8,962 shares of the company’s stock, valued at $2,798,832.60. This represents a 23.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Frances Arnold sold 102 shares of the stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $317.66, for a total value of $32,401.32. Following the sale, the director directly owned 18,104 shares of the company’s stock, valued at $5,750,916.64. The trade was a 0.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 228,906 shares of company stock valued at $63,984,117. 12.99% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Piper Sandler lifted their price objective on Alphabet from $285.00 to $330.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. UBS Group reaffirmed a “neutral” rating on shares of Alphabet in a research note on Thursday, October 30th. Loop Capital upgraded shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 18th. Scotiabank set a $336.00 target price on shares of Alphabet and gave the stock a “sector outperform” rating in a research note on Thursday, October 30th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $375.00 price target on shares of Alphabet in a research note on Monday, December 1st. Seven investment analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Alphabet presently has a consensus rating of “Buy” and an average price target of $313.04.

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.