Alphabet Inc. (NASDAQ:GOOG) Shares Sold by Portside Wealth Group LLC

Portside Wealth Group LLC reduced its position in Alphabet Inc. (NASDAQ:GOOG) by 17.6% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 51,700 shares of the information services provider’s stock after selling 11,052 shares during the period. Alphabet accounts for 1.5% of Portside Wealth Group LLC’s investment portfolio, making the stock its 10th biggest holding. Portside Wealth Group LLC’s holdings in Alphabet were worth $8,644,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Abich Financial Wealth Management LLC lifted its holdings in Alphabet by 9,200.0% during the second quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock worth $34,000 after acquiring an additional 184 shares in the last quarter. 1620 Investment Advisors Inc. bought a new position in Alphabet during the second quarter worth about $37,000. HWG Holdings LP bought a new position in Alphabet during the second quarter worth about $40,000. Slocum Gordon & Co LLP bought a new position in Alphabet during the second quarter worth about $44,000. Finally, Hoese & Co LLP lifted its holdings in Alphabet by 62.5% during the second quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock worth $45,000 after acquiring an additional 100 shares in the last quarter. 27.26% of the stock is owned by institutional investors and hedge funds.

Alphabet Stock Performance

NASDAQ:GOOG opened at $182.28 on Friday. Alphabet Inc. has a twelve month low of $129.40 and a twelve month high of $193.31. 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 stock’s 50-day simple moving average is $164.24 and its 200 day simple moving average is $170.89. The firm has a market capitalization of $2.24 trillion, a PE ratio of 24.18, a price-to-earnings-growth ratio of 1.20 and a beta of 1.04.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. The company had revenue of $88.27 billion for the quarter, compared to the consensus estimate of $86.39 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The firm’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same period last year, the company posted $1.55 EPS. On average, analysts anticipate that Alphabet Inc. will post 7.97 EPS for the current fiscal 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 dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.44%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s dividend payout ratio (DPR) is 10.61%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Cantor Fitzgerald upgraded Alphabet to a “hold” rating in a report on Thursday, September 5th. Citigroup boosted their price target on Alphabet from $212.00 to $216.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Wolfe Research upgraded Alphabet to a “strong-buy” rating in a report on Tuesday, July 16th. Jefferies Financial Group boosted their price target on Alphabet from $220.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, Scotiabank assumed coverage on Alphabet in a report on Friday, October 11th. They issued a “sector outperform” rating and a $212.00 price target on the stock. Five research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $200.56.

Insiders Place Their Bets

In other news, CAO Amie Thuener O’toole sold 2,835 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total transaction of $429,587.55. Following the sale, the chief accounting officer now directly owns 29,182 shares in the company, valued at approximately $4,421,948.46. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Kavitark Ram Shriram sold 10,500 shares of Alphabet stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $177.41, for a total value of $1,862,805.00. Following the transaction, the director now directly owns 319,966 shares of the company’s stock, valued at $56,765,168.06. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 2,835 shares of Alphabet stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total value of $429,587.55. Following the completion of the transaction, the chief accounting officer now directly owns 29,182 shares in the company, valued at approximately $4,421,948.46. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 242,552 shares of company stock valued at $40,287,253 in the last 90 days. Corporate insiders own 12.99% of the company’s stock.

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.