BluePointe Capital Management LLC Reduces Position in Alphabet Inc. (NASDAQ:GOOG)

BluePointe Capital Management LLC reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 11.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,733 shares of the information services provider’s stock after selling 604 shares during the period. BluePointe Capital Management LLC’s holdings in Alphabet were worth $791,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. China Universal Asset Management Co. Ltd. increased its holdings in Alphabet by 360.1% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 20,249 shares of the information services provider’s stock worth $3,083,000 after buying an additional 15,848 shares during the period. Quent Capital LLC boosted its holdings in Alphabet by 5.8% in the first quarter. Quent Capital LLC now owns 32,706 shares of the information services provider’s stock valued at $4,980,000 after purchasing an additional 1,798 shares during the last quarter. Empowered Funds LLC grew its position in Alphabet by 19.0% during the 1st quarter. Empowered Funds LLC now owns 86,040 shares of the information services provider’s stock worth $13,100,000 after purchasing an additional 13,756 shares during the period. Great Lakes Retirement Inc. acquired a new stake in Alphabet during the 1st quarter worth about $215,000. Finally, GM Advisory Group LLC lifted its holdings in shares of Alphabet by 2.5% in the 1st quarter. GM Advisory Group LLC now owns 45,710 shares of the information services provider’s stock valued at $6,960,000 after buying an additional 1,120 shares during the period. 27.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GOOG has been the topic of several recent research reports. Cantor Fitzgerald upgraded Alphabet to a “hold” rating in a research report on Thursday, September 5th. Seaport Res Ptn upgraded shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 29th. Scotiabank began coverage on Alphabet in a research report on Friday, October 11th. They set a “sector outperform” rating and a $212.00 target price on the stock. Citigroup increased their price target on Alphabet from $212.00 to $216.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, UBS Group boosted their price objective on Alphabet from $187.00 to $192.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Five investment 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 MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $200.56.

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $167.66, for a total transaction of $3,772,350.00. Following the completion of the sale, the chief executive officer now directly owns 2,159,885 shares of the company’s stock, valued at approximately $362,126,319.10. This trade represents a 1.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Frances Arnold sold 441 shares of the business’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $171.06, for a total transaction of $75,437.46. Following the completion of the sale, the director now owns 16,490 shares in the company, valued at approximately $2,820,779.40. This trade represents a 2.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 206,795 shares of company stock valued at $34,471,141. 12.99% of the stock is owned by company insiders.

Alphabet Stock Down 1.7 %

GOOG stock opened at $177.35 on Friday. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04. The firm has a 50-day moving average of $166.20 and a two-hundred day moving average of $171.57. Alphabet Inc. has a 12 month low of $129.40 and a 12 month high of $193.31. The company has a market cap of $2.17 trillion, a price-to-earnings ratio of 23.52, a PEG ratio of 1.27 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 EPS for the quarter, beating the consensus estimate of $1.83 by $0.29. The firm had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $86.39 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The business’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.55 earnings per share. As a group, analysts forecast that Alphabet Inc. will post 7.99 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

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 given 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 0.45%. Alphabet’s payout ratio is 10.61%.

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.