Alphabet Inc. (NASDAQ:GOOGL) Stake Reduced by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 0.2% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,160,112 shares of the information services provider’s stock after selling 5,373 shares during the period. Alphabet accounts for 1.5% of State of New Jersey Common Pension Fund D’s portfolio, making the stock its 9th biggest position. State of New Jersey Common Pension Fund D’s holdings in Alphabet were worth $358,255,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Stockman Wealth Management Inc. boosted its position in shares of Alphabet by 5.4% during the third quarter. Stockman Wealth Management Inc. now owns 68,556 shares of the information services provider’s stock valued at $11,370,000 after purchasing an additional 3,542 shares in the last quarter. River Global Investors LLP boosted its holdings in Alphabet by 90.5% in the third quarter. River Global Investors LLP now owns 221,080 shares of the information services provider’s stock worth $36,679,000 after acquiring an additional 104,998 shares in the last quarter. Tyler Stone Wealth Management boosted its holdings in Alphabet by 117.5% in the third quarter. Tyler Stone Wealth Management now owns 30,755 shares of the information services provider’s stock worth $5,101,000 after acquiring an additional 16,613 shares in the last quarter. Baker Avenue Asset Management LP boosted its holdings in Alphabet by 1.0% in the third quarter. Baker Avenue Asset Management LP now owns 213,098 shares of the information services provider’s stock worth $35,342,000 after acquiring an additional 2,094 shares in the last quarter. Finally, Round Rock Advisors LLC lifted its holdings in shares of Alphabet by 7.5% during the third quarter. Round Rock Advisors LLC now owns 9,324 shares of the information services provider’s stock valued at $1,546,000 after purchasing an additional 649 shares in the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on GOOGL. Loop Capital upped their price target on Alphabet from $170.00 to $185.00 and gave the company a “hold” rating in a report on Wednesday, November 6th. Scotiabank raised Alphabet to a “strong-buy” rating in a report on Friday, October 11th. China Renaissance raised Alphabet from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Tigress Financial upped their price target on Alphabet from $210.00 to $220.00 and gave the company a “strong-buy” rating in a report on Thursday, September 26th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $210.00 price target on shares of Alphabet in a report on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $205.90.

Alphabet Price Performance

GOOGL opened at $164.76 on Monday. The firm has a market cap of $2.02 trillion, a price-to-earnings ratio of 21.85, a price-to-earnings-growth ratio of 1.19 and a beta of 1.03. Alphabet Inc. has a fifty-two week low of $127.90 and a fifty-two week high of $191.75. The company’s 50-day moving average price is $167.64 and its 200 day moving average price is $170.36. 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 (NASDAQ:GOOGL) last announced 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. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The company had revenue of $88.27 billion for the quarter, compared to analyst estimates of $72.85 billion. During the same quarter last year, the business earned $1.55 earnings per share. As a group, sell-side analysts expect that Alphabet Inc. will post 8.01 earnings per share for the current year.

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.49%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s dividend payout ratio (DPR) is presently 10.61%.

Insider Activity

In related news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $160.44, for a total value of $109,420.08. Following the completion of the sale, the chief accounting officer now owns 32,017 shares in the company, valued at approximately $5,136,807.48. This represents a 2.09 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Kent Walker sold 21,467 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $160.35, for a total transaction of $3,442,233.45. Following the completion of the sale, the insider now owns 39,334 shares of the company’s stock, valued at approximately $6,307,206.90. The trade was a 35.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 206,795 shares of company stock worth $34,673,866 over the last three months. Corporate insiders own 11.55% of the company’s stock.

Alphabet Company 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.