Crescent Grove Advisors LLC Reduces Position in Alphabet Inc. (NASDAQ:GOOGL)

Crescent Grove Advisors LLC lowered its stake in Alphabet Inc. (NASDAQ:GOOGL) by 53.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 4,177 shares of the information services provider’s stock after selling 4,743 shares during the period. Crescent Grove Advisors LLC’s holdings in Alphabet were worth $693,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. JFG Wealth Management LLC boosted its position in Alphabet by 48.2% in the third quarter. JFG Wealth Management LLC now owns 2,981 shares of the information services provider’s stock valued at $495,000 after buying an additional 970 shares during the last quarter. Financial Partners Group Inc raised its position in Alphabet by 1.9% during the 3rd quarter. Financial Partners Group Inc now owns 53,877 shares of the information services provider’s stock worth $8,935,000 after buying an additional 1,029 shares during the last quarter. Falcon Wealth Planning lifted its stake in Alphabet by 2.2% during the 3rd quarter. Falcon Wealth Planning now owns 7,898 shares of the information services provider’s stock valued at $1,310,000 after acquiring an additional 171 shares during the period. Crestwood Advisors Group LLC boosted its holdings in shares of Alphabet by 3.3% in the 3rd quarter. Crestwood Advisors Group LLC now owns 760,173 shares of the information services provider’s stock valued at $126,073,000 after acquiring an additional 24,147 shares during the last quarter. Finally, Global Wealth Management Investment Advisory Inc. increased its stake in shares of Alphabet by 13.2% in the third quarter. Global Wealth Management Investment Advisory Inc. now owns 28,263 shares of the information services provider’s stock worth $4,687,000 after acquiring an additional 3,300 shares during the period. 40.03% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Alphabet news, Director Kavitark Ram Shriram sold 10,500 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $177.41, for a total transaction of $1,862,805.00. Following the sale, the director now directly owns 319,966 shares in the company, valued at $56,765,168.06. This represents a 3.18 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $177.36, for a total value of $3,990,600.00. Following the completion of the transaction, the chief executive officer now owns 2,084,306 shares of the company’s stock, valued at approximately $369,672,512.16. This trade represents a 1.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 206,795 shares of company stock worth $34,471,141 over the last ninety days. Corporate insiders own 11.55% of the company’s stock.

Alphabet Stock Up 1.6 %

NASDAQ GOOGL opened at $175.30 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 $127.90 and a 52 week high of $191.75. The business’s fifty day simple moving average is $166.15 and its 200-day simple moving average is $170.28. The firm has a market cap of $2.15 trillion, a PE ratio of 23.25, a P/E/G ratio of 1.23 and a beta of 1.03.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating the consensus estimate 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 $72.85 billion. During the same quarter in the prior year, the company posted $1.55 EPS. As a group, equities analysts anticipate that Alphabet Inc. will post 7.99 earnings per share for the current year.

Alphabet Announces Dividend

The business 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 $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s dividend payout ratio (DPR) is 10.61%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Loop Capital lifted their price objective on Alphabet from $170.00 to $185.00 and gave the company a “hold” rating in a research note on Wednesday, November 6th. Evercore ISI raised their price objective on shares of Alphabet from $200.00 to $205.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Morgan Stanley boosted their target price on shares of Alphabet from $190.00 to $205.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Bank of America raised their price target on shares of Alphabet from $206.00 to $210.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, DA Davidson assumed coverage on shares of Alphabet in a research report on Tuesday, September 10th. They issued a “neutral” rating and a $170.00 price objective for the company. Seven investment analysts have rated the stock with a hold rating, thirty-one have given a buy rating and five have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $205.90.

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.