Alphabet Inc. (NASDAQ:GOOGL) is Morse Asset Management Inc’s 5th Largest Position

Morse Asset Management Inc cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 5.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 83,508 shares of the information services provider’s stock after selling 5,049 shares during the quarter. Alphabet accounts for 3.0% of Morse Asset Management Inc’s investment portfolio, making the stock its 5th largest position. Morse Asset Management Inc’s holdings in Alphabet were worth $13,850,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Lantz Financial LLC raised its holdings in Alphabet by 10.8% during the second quarter. Lantz Financial LLC now owns 4,622 shares of the information services provider’s stock worth $842,000 after purchasing an additional 452 shares in the last quarter. RFG Advisory LLC raised its stake in Alphabet by 27.7% during the 2nd quarter. RFG Advisory LLC now owns 67,487 shares of the information services provider’s stock worth $12,293,000 after acquiring an additional 14,647 shares in the last quarter. Realta Investment Advisors lifted its position in Alphabet by 5.7% in the second quarter. Realta Investment Advisors now owns 31,879 shares of the information services provider’s stock valued at $5,807,000 after acquiring an additional 1,730 shares during the last quarter. Granite Bay Wealth Management LLC boosted its stake in Alphabet by 6,410.2% in the second quarter. Granite Bay Wealth Management LLC now owns 109,566 shares of the information services provider’s stock valued at $18,488,000 after acquiring an additional 107,883 shares in the last quarter. Finally, Northwest Investment Counselors LLC increased its position in shares of Alphabet by 3.5% during the second quarter. Northwest Investment Counselors LLC now owns 17,595 shares of the information services provider’s stock worth $3,205,000 after purchasing an additional 590 shares in the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Insider Activity

In related news, Director Frances Arnold sold 441 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $171.06, for a total transaction of $75,437.46. Following the transaction, the director now owns 16,490 shares of the company’s stock, valued at approximately $2,820,779.40. This represents a 2.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 1,367 shares of Alphabet stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $168.84, for a total transaction of $230,804.28. Following the completion of the sale, the chief accounting officer now directly owns 29,183 shares of the company’s stock, valued at $4,927,257.72. The trade was a 4.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 198,623 shares of company stock worth $34,413,006 over the last three months. 11.55% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Evercore ISI upped their target price on Alphabet from $200.00 to $205.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Scotiabank raised Alphabet to a “strong-buy” rating in a report on Friday, October 11th. JMP Securities lifted their target price on shares of Alphabet from $200.00 to $220.00 and gave the company a “market outperform” rating in a report on Wednesday, October 30th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $190.00 price target on shares of Alphabet in a research report on Wednesday, October 30th. Finally, Sanford C. Bernstein raised their price objective on shares of Alphabet from $180.00 to $185.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 30th. Seven equities research analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Alphabet presently has an average rating of “Moderate Buy” and a consensus price target of $206.08.

Alphabet Price Performance

Shares of NASDAQ GOOGL opened at $189.82 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 company’s 50-day moving average price is $171.63 and its 200 day moving average price is $170.71. Alphabet Inc. has a 52 week low of $129.68 and a 52 week high of $195.61. The stock has a market cap of $2.32 trillion, a price-to-earnings ratio of 25.18, a PEG ratio of 1.39 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL) last released 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 business had revenue of $88.27 billion for the quarter, compared to analyst estimates of $72.85 billion. During the same period in the prior year, the business earned $1.55 earnings per share. As a group, research analysts forecast that Alphabet Inc. will post 8.01 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

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 issued a $0.20 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.42%. Alphabet’s dividend payout ratio (DPR) is 10.61%.

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.