Alphabet Inc. (NASDAQ:GOOGL) Stake Cut by Riverstone Advisors LLC

Riverstone Advisors LLC lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 1.7% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 91,472 shares of the information services provider’s stock after selling 1,559 shares during the quarter. Alphabet comprises approximately 8.8% of Riverstone Advisors LLC’s portfolio, making the stock its 4th biggest position. Riverstone Advisors LLC’s holdings in Alphabet were worth $15,171,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in GOOGL. China Universal Asset Management Co. Ltd. raised its stake in shares of Alphabet by 70.6% in the first quarter. China Universal Asset Management Co. Ltd. now owns 101,230 shares of the information services provider’s stock worth $15,279,000 after purchasing an additional 41,880 shares during the last quarter. Quent Capital LLC increased its holdings in Alphabet by 3.6% in the 1st quarter. Quent Capital LLC now owns 31,171 shares of the information services provider’s stock worth $4,705,000 after buying an additional 1,072 shares during the period. Beaumont Financial Advisors LLC raised its position in Alphabet by 0.8% during the 1st quarter. Beaumont Financial Advisors LLC now owns 242,806 shares of the information services provider’s stock worth $36,647,000 after buying an additional 2,012 shares during the last quarter. Covestor Ltd boosted its holdings in shares of Alphabet by 93.6% in the 1st quarter. Covestor Ltd now owns 5,424 shares of the information services provider’s stock valued at $819,000 after acquiring an additional 2,623 shares during the last quarter. Finally, Resurgent Financial Advisors LLC increased its stake in shares of Alphabet by 22.8% in the first quarter. Resurgent Financial Advisors LLC now owns 19,757 shares of the information services provider’s stock worth $2,982,000 after acquiring an additional 3,662 shares during the period. Institutional investors and hedge funds own 40.03% of the company’s stock.

Alphabet Stock Performance

NASDAQ:GOOGL opened at $164.76 on Monday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.95 and a current ratio of 1.95. Alphabet Inc. has a fifty-two week low of $127.90 and a fifty-two week high of $191.75. The company has a market cap of $2.02 trillion, a price-to-earnings ratio of 21.85, a PEG ratio of 1.19 and a beta of 1.03. The stock has a fifty day moving average price of $167.64 and a 200-day moving average price of $170.36.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data 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. The business had revenue of $88.27 billion for the quarter, compared to analyst estimates of $72.85 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. During the same period last year, the firm posted $1.55 earnings per share. As a group, equities analysts anticipate that Alphabet Inc. will post 8.01 EPS for the current fiscal year.

Alphabet Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be given a dividend of $0.20 per share. 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%.

Insiders Place Their Bets

In related news, 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 directly owns 39,334 shares of the company’s stock, valued at approximately $6,307,206.90. This trade represents a 35.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $160.44, for a total transaction of $109,420.08. Following the completion of the sale, the chief accounting officer now directly owns 32,017 shares in the company, valued at approximately $5,136,807.48. This represents a 2.09 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 206,795 shares of company stock worth $34,673,866. Company insiders own 11.55% of the company’s stock.

Analyst Ratings Changes

GOOGL has been the subject of a number of recent research reports. Wedbush reiterated an “outperform” rating and set a $205.00 price objective on shares of Alphabet in a research note on Thursday, October 24th. Seaport Res Ptn raised Alphabet from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 29th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $190.00 price objective on shares of Alphabet in a research note on Wednesday, October 30th. Bank of America boosted their target price on shares of Alphabet from $206.00 to $210.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Truist Financial raised their price target on shares of Alphabet from $220.00 to $225.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Seven equities research analysts have rated the stock with a hold rating, thirty-one have given a buy rating and five have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.