Iron Gate Global Advisors LLC Grows Stake in Alphabet Inc. (NASDAQ:GOOGL)

Iron Gate Global Advisors LLC lifted its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 7.7% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 96,626 shares of the information services provider’s stock after acquiring an additional 6,876 shares during the period. Alphabet makes up approximately 2.5% of Iron Gate Global Advisors LLC’s investment portfolio, making the stock its 13th largest holding. Iron Gate Global Advisors LLC’s holdings in Alphabet were worth $16,034,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Harmony Asset Management LLC boosted its position in Alphabet by 2.7% in the third quarter. Harmony Asset Management LLC now owns 51,749 shares of the information services provider’s stock valued at $8,583,000 after buying an additional 1,362 shares during the last quarter. Hilltop Holdings Inc. grew its position in Alphabet by 59.6% during the third quarter. Hilltop Holdings Inc. now owns 76,087 shares of the information services provider’s stock valued at $12,619,000 after buying an additional 28,423 shares during the period. Hollow Brook Wealth Management LLC grew its position in shares of Alphabet by 3.5% during the 3rd quarter. Hollow Brook Wealth Management LLC now owns 46,898 shares of the information services provider’s stock valued at $7,778,000 after acquiring an additional 1,578 shares during the period. Garden State Investment Advisory Services LLC grew its holdings in Alphabet by 30.1% in the third quarter. Garden State Investment Advisory Services LLC now owns 13,536 shares of the information services provider’s stock valued at $2,246,000 after purchasing an additional 3,132 shares during the period. Finally, Coastwise Capital Group LLC increased its holdings in Alphabet by 4.5% in the 3rd quarter. Coastwise Capital Group LLC now owns 22,173 shares of the information services provider’s stock worth $3,707,000 after acquiring an additional 954 shares in the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Alphabet Price Performance

GOOGL stock 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 has a market capitalization of $2.32 trillion, a P/E ratio of 25.18, a PEG ratio of 1.39 and a beta of 1.01. The business has a 50 day simple moving average of $171.63 and a 200-day simple moving average of $170.71. Alphabet Inc. has a twelve month low of $129.68 and a twelve month high of $195.61.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share 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 analysts’ expectations of $72.85 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. During the same quarter in the prior year, the business earned $1.55 EPS. As a group, equities analysts anticipate that Alphabet Inc. will post 8.01 EPS for the current 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 annualized dividend and a yield of 0.42%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s dividend payout ratio (DPR) is presently 10.61%.

Insider Buying and Selling at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $160.63, for a total transaction of $3,614,175.00. Following the sale, the chief executive officer now directly owns 2,114,885 shares in the company, valued at approximately $339,713,977.55. The trade was a 1.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kavitark Ram Shriram sold 37,134 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $185.02, for a total transaction of $6,870,532.68. Following the completion of the transaction, the director now owns 282,832 shares of the company’s stock, valued at $52,329,576.64. This represents a 11.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 198,623 shares of company stock valued at $34,413,006 in the last ninety days. Insiders own 11.55% of the company’s stock.

Wall Street Analyst Weigh In

GOOGL has been the subject of several research reports. Needham & Company LLC reiterated a “buy” rating and set a $210.00 price objective on shares of Alphabet in a research note on Wednesday, October 30th. The Goldman Sachs Group reiterated a “buy” rating and set a $210.00 price objective on shares of Alphabet in a research report on Thursday. Royal Bank of Canada boosted their target price on shares of Alphabet from $204.00 to $210.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Piper Sandler reaffirmed an “overweight” rating and issued a $210.00 price target (up previously from $200.00) on shares of Alphabet in a research note on Wednesday, October 30th. Finally, JMP Securities increased their price objective on shares of Alphabet from $200.00 to $220.00 and gave the stock a “market outperform” rating in a research report on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating, thirty-one have given a buy rating and five have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $206.08.

About Alphabet

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.