Pekin Hardy Strauss Inc. Has $8.64 Million Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Pekin Hardy Strauss Inc. cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 1.3% in the 3rd quarter, Holdings Channel reports. The firm owned 52,120 shares of the information services provider’s stock after selling 670 shares during the period. Alphabet accounts for about 1.1% of Pekin Hardy Strauss Inc.’s holdings, making the stock its 15th largest position. Pekin Hardy Strauss Inc.’s holdings in Alphabet were worth $8,644,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of GOOGL. Christopher J. Hasenberg Inc increased its position in Alphabet by 75.0% during the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after purchasing an additional 60 shares in the last quarter. LMR Partners LLP acquired a new position in shares of Alphabet during the third quarter worth $32,000. Kings Path Partners LLC bought a new position in shares of Alphabet in the 2nd quarter valued at $36,000. Denver PWM LLC acquired a new stake in shares of Alphabet during the 2nd quarter valued at $41,000. Finally, Quarry LP bought a new stake in Alphabet during the 2nd quarter worth $53,000. Institutional investors and hedge funds own 40.03% of the company’s stock.

Insider Activity at Alphabet

In other news, Director Kavitark Ram Shriram sold 10,500 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $180.78, for a total value of $1,898,190.00. Following the completion of the transaction, the director now directly owns 330,466 shares of the company’s stock, valued at $59,741,643.48. This represents a 3.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $160.63, for a total value of $3,614,175.00. Following the sale, the chief executive officer now directly owns 2,114,885 shares of the company’s stock, valued at $339,713,977.55. The trade was a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 163,624 shares of company stock valued at $27,803,730. 11.55% of the stock is owned by insiders.

Wall Street Analyst Weigh In

GOOGL has been the topic of a number of recent research reports. Cantor Fitzgerald reissued a “neutral” rating and set a $190.00 price target on shares of Alphabet in a research note on Wednesday, October 30th. Pivotal Research lifted their target price on shares of Alphabet from $215.00 to $225.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group decreased their price target on shares of Alphabet from $217.00 to $208.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Wells Fargo & Company lifted their price target on shares of Alphabet from $182.00 to $187.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Finally, KeyCorp increased their price objective on Alphabet from $200.00 to $215.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and five have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $205.90.

Alphabet Trading Up 1.2 %

NASDAQ:GOOGL opened at $174.71 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95. Alphabet Inc. has a one year low of $129.68 and a one year high of $191.75. The company has a market cap of $2.14 trillion, a PE ratio of 23.17, a PEG ratio of 1.24 and a beta of 1.01. The firm has a 50-day moving average of $169.51 and a 200-day moving average of $170.24.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.29. The firm had revenue of $88.27 billion during 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 in the previous year, the company posted $1.55 EPS. As a group, equities research analysts expect that Alphabet Inc. will post 8.01 EPS for the current fiscal year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s payout ratio is currently 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.