Trust Asset Management LLC Decreases Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

Trust Asset Management LLC cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 1.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 123,940 shares of the information services provider’s stock after selling 1,374 shares during the period. Alphabet accounts for approximately 1.7% of Trust Asset Management LLC’s holdings, making the stock its 7th biggest holding. Trust Asset Management LLC’s holdings in Alphabet were worth $20,722,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of GOOG. Abich Financial Wealth Management LLC increased its stake in Alphabet by 9,200.0% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock valued at $34,000 after buying an additional 184 shares during the last quarter. 1620 Investment Advisors Inc. bought a new position in Alphabet during the second quarter worth $37,000. HWG Holdings LP acquired a new position in Alphabet in the 2nd quarter valued at about $40,000. Slocum Gordon & Co LLP acquired a new stake in Alphabet during the 2nd quarter worth approximately $44,000. Finally, Sanctuary Wealth Management L.L.C. increased its position in Alphabet by 87.3% during the third quarter. Sanctuary Wealth Management L.L.C. now owns 251 shares of the information services provider’s stock worth $42,000 after acquiring an additional 117 shares during the period. Institutional investors and hedge funds own 27.26% of the company’s stock.

Alphabet Stock Performance

NASDAQ GOOG traded up $2.75 during trading hours on Monday, reaching $169.32. 3,897,772 shares of the company were exchanged, compared to its average volume of 19,577,766. The stock has a market capitalization of $2.07 trillion, a P/E ratio of 22.09, a P/E/G ratio of 1.16 and a beta of 1.04. 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 1 year low of $129.40 and a 1 year high of $193.31. The business’s 50 day simple moving average is $169.10 and its 200-day simple moving average is $171.87.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $86.39 billion. During the same quarter in the previous year, the firm posted $1.55 EPS. Alphabet’s revenue was up 15.1% on a year-over-year basis. On average, equities research analysts expect that Alphabet Inc. will post 8.02 earnings per share for the current year.

Alphabet Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be paid a dividend of $0.20 per share. The ex-dividend date is Monday, December 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.47%. Alphabet’s payout ratio is 10.61%.

Insider Buying and Selling

In other Alphabet news, Director Frances Arnold sold 441 shares of the firm’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $171.06, for a total value of $75,437.46. Following the completion of the transaction, the director now owns 16,490 shares in the company, valued at $2,820,779.40. This trade represents a 2.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $160.44, for a total value of $109,420.08. Following the transaction, the chief accounting officer now directly owns 32,017 shares of the company’s stock, valued at $5,136,807.48. The trade was a 2.09 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 206,795 shares of company stock valued at $34,673,866. 12.99% of the stock is owned by insiders.

Wall Street Analyst Weigh In

GOOG has been the subject of several recent analyst reports. Canaccord Genuity Group upped their price objective on shares of Alphabet from $220.00 to $225.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Cantor Fitzgerald upgraded Alphabet to a “hold” rating in a report on Thursday, September 5th. Pivotal Research lifted their target price on Alphabet from $215.00 to $225.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. increased their price objective on shares of Alphabet from $208.00 to $212.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Finally, Jefferies Financial Group boosted their price target on Alphabet from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, Alphabet has an average rating of “Moderate Buy” and an average price target of $200.56.

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.