Wrapmanager Inc. Lowers Position in Alphabet Inc. $GOOG

Wrapmanager Inc. reduced its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 4.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,296 shares of the information services provider’s stock after selling 941 shares during the period. Alphabet makes up approximately 0.9% of Wrapmanager Inc.’s portfolio, making the stock its 22nd largest position. Wrapmanager Inc.’s holdings in Alphabet were worth $3,778,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in GOOG. Brighton Jones LLC boosted its holdings in Alphabet by 5.6% during the fourth quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider’s stock worth $22,901,000 after buying an additional 6,410 shares in the last quarter. Fortis Group Advisors LLC acquired a new stake in shares of Alphabet during the 1st quarter valued at approximately $332,000. Carson Advisory Inc. acquired a new stake in shares of Alphabet during the 1st quarter valued at approximately $787,000. Saturna Capital Corp boosted its stake in shares of Alphabet by 20.8% during the 1st quarter. Saturna Capital Corp now owns 1,734 shares of the information services provider’s stock worth $271,000 after acquiring an additional 298 shares in the last quarter. Finally, Creekmur Asset Management LLC grew its holdings in shares of Alphabet by 14.5% in the 1st quarter. Creekmur Asset Management LLC now owns 819 shares of the information services provider’s stock worth $128,000 after acquiring an additional 104 shares during the period. Institutional investors and hedge funds own 27.26% of the company’s stock.

Insider Transactions at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 2,778 shares of Alphabet stock in a transaction on Monday, September 15th. The stock was sold at an average price of $245.00, for a total transaction of $680,610.00. Following the sale, the chief accounting officer owned 17,293 shares of the company’s stock, valued at $4,236,785. The trade was a 13.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Kent Walker sold 17,816 shares of the stock in a transaction on Monday, September 29th. The stock was sold at an average price of $247.42, for a total value of $4,408,034.72. Following the completion of the transaction, the insider directly owned 42,985 shares of the company’s stock, valued at approximately $10,635,348.70. The trade was a 29.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 221,796 shares of company stock worth $53,983,001. Company insiders own 12.99% of the company’s stock.

Alphabet Stock Performance

GOOG stock opened at $276.98 on Friday. The stock’s fifty day moving average is $257.84 and its two-hundred day moving average is $209.48. The stock has a market capitalization of $3.34 trillion, a price-to-earnings ratio of 27.32, a PEG ratio of 1.86 and a beta of 1.05. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $292.36.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Thursday, October 30th. The information services provider reported $2.87 earnings per share for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. The business had revenue of $102.35 billion for the quarter, compared to analysts’ expectations of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter last year, the company earned $2.12 EPS. On average, research analysts predict that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 8th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Monday, December 8th. Alphabet’s payout ratio is 8.28%.

Analysts Set New Price Targets

GOOG has been the subject of several research reports. Cantor Fitzgerald set a $310.00 price objective on Alphabet and gave the stock a “neutral” rating in a report on Thursday, October 30th. Bank of America lifted their price target on Alphabet from $280.00 to $335.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. TD Cowen boosted their price objective on shares of Alphabet from $270.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. HSBC restated a “buy” rating and set a $335.00 target price on shares of Alphabet in a report on Thursday, October 30th. Finally, Oppenheimer upped their price target on shares of Alphabet from $300.00 to $345.00 and gave the company an “outperform” rating in a report on Thursday, October 30th. Six research analysts have rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $324.81.

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.