Tower Bridge Advisors Cuts Stake in Alphabet Inc. (NASDAQ:GOOG)

Tower Bridge Advisors decreased its position in Alphabet Inc. (NASDAQ:GOOG) by 1.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 204,977 shares of the information services provider’s stock after selling 2,077 shares during the quarter. Alphabet makes up 3.6% of Tower Bridge Advisors’ investment portfolio, making the stock its 3rd largest position. Tower Bridge Advisors’ holdings in Alphabet were worth $34,270,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of GOOG. Twelve Points Wealth Management LLC grew its stake in Alphabet by 0.7% in the 2nd quarter. Twelve Points Wealth Management LLC now owns 7,985 shares of the information services provider’s stock worth $1,465,000 after acquiring an additional 55 shares in the last quarter. PCG Wealth Advisors LLC boosted its holdings in shares of Alphabet by 3.1% in the second quarter. PCG Wealth Advisors LLC now owns 1,880 shares of the information services provider’s stock valued at $345,000 after purchasing an additional 57 shares during the period. Investment Advisory Services Inc. TX ADV grew its stake in Alphabet by 1.6% in the second quarter. Investment Advisory Services Inc. TX ADV now owns 3,636 shares of the information services provider’s stock worth $667,000 after purchasing an additional 57 shares in the last quarter. Advisors Management Group Inc. ADV increased its holdings in Alphabet by 2.0% during the 2nd quarter. Advisors Management Group Inc. ADV now owns 2,944 shares of the information services provider’s stock worth $540,000 after purchasing an additional 58 shares during the period. Finally, Shira Ridge Wealth Management raised its position in Alphabet by 0.4% during the 2nd quarter. Shira Ridge Wealth Management now owns 15,490 shares of the information services provider’s stock valued at $2,841,000 after purchasing an additional 60 shares in the last quarter. 27.26% of the stock is owned by institutional investors.

Insider Transactions at Alphabet

In related news, Director Kavitark Ram Shriram sold 10,500 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $177.41, for a total value of $1,862,805.00. Following the completion of the transaction, the director now owns 319,966 shares of the company’s stock, valued at approximately $56,765,168.06. This represents a 3.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Frances Arnold sold 441 shares of the firm’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 value of $75,437.46. Following the completion of the sale, the director now directly owns 16,490 shares in the company, valued at approximately $2,820,779.40. The trade was a 2.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 206,795 shares of company stock valued at $34,471,141 in the last 90 days. 12.99% of the stock is currently owned by company insiders.

Alphabet Trading Down 2.0 %

NASDAQ GOOG opened at $173.89 on Friday. The company has a fifty day moving average of $167.01 and a 200 day moving average of $171.70. The company has a market capitalization of $2.13 trillion, a PE ratio of 23.06, a P/E/G ratio of 1.22 and a beta of 1.04. 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 1 year low of $129.40 and a 1 year high of $193.31.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.29. The business had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $86.39 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The company’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.55 EPS. Research analysts forecast that Alphabet Inc. will post 7.99 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be given a $0.20 dividend. The ex-dividend date is Monday, December 9th. This represents a $0.80 annualized dividend and a yield of 0.46%. Alphabet’s dividend payout ratio is presently 10.61%.

Wall Street Analyst Weigh In

GOOG has been the topic of a number of recent research reports. Oppenheimer increased their price target on Alphabet from $185.00 to $215.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. UBS Group increased their target price on shares of Alphabet from $187.00 to $192.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Scotiabank assumed coverage on shares of Alphabet in a report on Friday, October 11th. They issued a “sector outperform” rating and a $212.00 price target for the company. Barclays increased their price objective on shares of Alphabet from $200.00 to $220.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Finally, Citigroup lifted their target price on Alphabet from $212.00 to $216.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $200.56.

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.