Gemsstock Ltd. Sells 70,100 Shares of Alphabet Inc. (NASDAQ:GOOG)

Gemsstock Ltd. trimmed its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 32.6% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 144,700 shares of the information services provider's stock after selling 70,100 shares during the quarter. Alphabet comprises approximately 11.7% of Gemsstock Ltd.'s portfolio, making the stock its 5th biggest position. Gemsstock Ltd.'s holdings in Alphabet were worth $24,192,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Abich Financial Wealth Management LLC grew its position in shares of Alphabet by 9,200.0% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider's stock valued at $34,000 after acquiring an additional 184 shares during the period. 1620 Investment Advisors Inc. bought a new position in shares of Alphabet in the second quarter worth about $37,000. HWG Holdings LP purchased a new position in shares of Alphabet during the 2nd quarter valued at about $40,000. Slocum Gordon & Co LLP bought a new position in shares of Alphabet during the 2nd quarter valued at approximately $44,000. Finally, Sanctuary Wealth Management L.L.C. increased its holdings in Alphabet by 87.3% in the 3rd quarter. Sanctuary Wealth Management L.L.C. now owns 251 shares of the information services provider's stock worth $42,000 after acquiring an additional 117 shares in the last quarter. Hedge funds and other institutional investors own 27.26% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on GOOG. Jefferies Financial Group raised their price objective on shares of Alphabet from $220.00 to $235.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. Cantor Fitzgerald raised Alphabet to a "hold" rating in a research note on Thursday, September 5th. Seaport Res Ptn upgraded Alphabet from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, October 29th. UBS Group upped their price target on Alphabet from $187.00 to $192.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 30th. Finally, DA Davidson raised shares of Alphabet to a "hold" rating in a report on Tuesday, September 10th. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $200.56.

Alphabet Stock Down 1.7 %

NASDAQ:GOOG traded down $3.07 during midday trading on Wednesday, reaching $176.51. 5,394,426 shares of the stock traded hands, compared to its average volume of 19,497,586. The stock has a market capitalization of $2.16 trillion, a PE ratio of 23.45, a price-to-earnings-growth ratio of 1.22 and a beta of 1.04. Alphabet Inc. has a 12-month low of $129.40 and a 12-month high of $193.31. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.95 and a current ratio of 1.95. The business has a 50-day moving average of $168.15 and a two-hundred day moving average of $171.87.

Alphabet (NASDAQ:GOOG - Get Free Report) last announced its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.29. The company had revenue of $88.27 billion for the quarter, compared to analysts' expectations of $86.39 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The firm's quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.55 EPS. On average, equities analysts forecast that Alphabet Inc. will post 7.99 earnings per share 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 issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.45%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet's dividend payout ratio is currently 10.61%.

Insider Transactions at Alphabet

In other news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $158.68, for a total transaction of $3,570,300.00. Following the completion of the transaction, the chief executive officer now owns 2,137,385 shares of the company's stock, valued at $339,160,251.80. The trade was a 1.04 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Amie Thuener O'toole sold 682 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were 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. The trade was a 2.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 184,295 shares of company stock worth $30,698,791 over the last 90 days. 12.99% of the stock is currently owned by insiders.

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.