Prestige Wealth Management Group LLC Acquires 388 Shares of Alphabet Inc. (NASDAQ:GOOG)

Prestige Wealth Management Group LLC raised its stake in Alphabet Inc. (NASDAQ:GOOG) by 42.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,294 shares of the information services provider’s stock after acquiring an additional 388 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in Alphabet were worth $216,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Investment Advisory Services Inc. TX ADV lifted its stake in Alphabet by 1.6% in the 2nd quarter. Investment Advisory Services Inc. TX ADV now owns 3,636 shares of the information services provider’s stock valued at $667,000 after purchasing an additional 57 shares during the last quarter. Advisors Management Group Inc. ADV lifted its stake in shares of Alphabet by 2.0% in the 2nd quarter. Advisors Management Group Inc. ADV now owns 2,944 shares of the information services provider’s stock valued at $540,000 after acquiring an additional 58 shares during the last quarter. Montecito Bank & Trust boosted its holdings in shares of Alphabet by 0.4% during the 2nd quarter. Montecito Bank & Trust now owns 16,790 shares of the information services provider’s stock valued at $3,080,000 after acquiring an additional 60 shares in the last quarter. Sunburst Financial Group LLC grew its position in Alphabet by 2.1% during the 3rd quarter. Sunburst Financial Group LLC now owns 2,959 shares of the information services provider’s stock worth $495,000 after acquiring an additional 60 shares during the last quarter. Finally, Johnson Financial Group LLC increased its holdings in Alphabet by 2.6% in the 3rd quarter. Johnson Financial Group LLC now owns 2,360 shares of the information services provider’s stock worth $395,000 after purchasing an additional 60 shares in the last quarter. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Stock Performance

Shares of GOOG stock opened at $177.10 on Tuesday. 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 52 week low of $131.06 and a 52 week high of $193.31. The firm has a 50 day moving average of $171.26 and a 200-day moving average of $171.73. The company has a market cap of $2.17 trillion, a price-to-earnings ratio of 23.49, a price-to-earnings-growth ratio of 1.23 and a beta of 1.02.

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 business had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $86.39 billion. During the same period last year, the company posted $1.55 earnings per share. The business’s quarterly revenue was up 15.1% on a year-over-year basis. On average, equities analysts forecast that Alphabet Inc. will post 8.02 earnings per share for the current year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.45%. The ex-dividend date is Monday, December 9th. Alphabet’s dividend payout ratio is currently 10.61%.

Insider Buying and Selling at Alphabet

In related news, insider John Kent Walker sold 16,802 shares of the company’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $165.47, for a total transaction of $2,780,226.94. Following the completion of the sale, the insider now owns 43,999 shares in the company, valued at approximately $7,280,514.53. This represents a 27.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $160.63, for a total transaction of $3,614,175.00. Following the completion of the sale, the chief executive officer now owns 2,114,885 shares of the company’s stock, valued at approximately $339,713,977.55. The trade was a 1.05 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 160,789 shares of company stock valued at $27,374,143. Corporate insiders own 12.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GOOG. Cantor Fitzgerald raised Alphabet to a “hold” rating in a research note on Thursday, September 5th. Phillip Securities raised shares of Alphabet to a “strong-buy” rating in a report on Friday, November 1st. Seaport Res Ptn raised shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 29th. JPMorgan Chase & Co. boosted their price objective on shares of Alphabet from $208.00 to $212.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Finally, Jefferies Financial Group raised their target price on Alphabet from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Alphabet currently has a consensus rating of “Moderate Buy” and an average target price of $200.56.

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.