Valley National Advisers Inc. Sells 3,983 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Valley National Advisers Inc. cut its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 18.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,112 shares of the information services provider's stock after selling 3,983 shares during the quarter. Valley National Advisers Inc.'s holdings in Alphabet were worth $3,003,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of GOOGL. Christopher J. Hasenberg Inc increased its stake 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. Kings Path Partners LLC acquired a new position in shares of Alphabet in the second quarter valued at approximately $36,000. Denver PWM LLC bought a new stake in shares of Alphabet during the second quarter worth $41,000. Quarry LP acquired a new stake in shares of Alphabet during the second quarter worth $53,000. Finally, CarsonAllaria Wealth Management Ltd. lifted its position in Alphabet by 59.2% in the 1st quarter. CarsonAllaria Wealth Management Ltd. now owns 293 shares of the information services provider's stock valued at $44,000 after acquiring an additional 109 shares in the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

GOOGL has been the subject of a number of research reports. Argus increased their target price on Alphabet from $200.00 to $215.00 and gave the stock a "buy" rating in a report on Tuesday, July 16th. UBS Group lifted their target price on Alphabet from $200.00 to $204.00 and gave the company a "neutral" rating in a research report on Wednesday, July 24th. Loop Capital boosted their target price on Alphabet from $170.00 to $185.00 and gave the company a "hold" rating in a research note on Wednesday. Pivotal Research raised their price target on shares of Alphabet from $215.00 to $225.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. Finally, Truist Financial boosted their price objective on shares of Alphabet from $220.00 to $225.00 and gave the stock a "buy" 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 MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $205.90.

Alphabet Price Performance

Shares of NASDAQ GOOGL traded down $2.40 during midday trading on Friday, reaching $178.35. The company's stock had a trading volume of 21,982,048 shares, compared to its average volume of 27,174,885. 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 company has a market cap of $2.20 trillion, a P/E ratio of 23.65, a P/E/G ratio of 1.20 and a beta of 1.03. The business's 50 day moving average price is $163.54 and its two-hundred day moving average price is $169.59. Alphabet Inc. has a fifty-two week low of $127.90 and a fifty-two week high of $191.75.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced 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 firm had revenue of $88.27 billion during the quarter, compared to analysts' expectations 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 firm earned $1.55 EPS. On average, analysts forecast that Alphabet Inc. will post 7.99 EPS for the current fiscal year.

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet's payout ratio is presently 10.61%.

Insider Transactions at Alphabet

In related news, CAO Amie Thuener O'toole sold 682 shares of Alphabet stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $160.44, for a total value of $109,420.08. Following the transaction, the chief accounting officer now directly owns 32,017 shares of the company's stock, valued at $5,136,807.48. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CAO Amie Thuener O'toole sold 682 shares of Alphabet stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $160.44, for a total value of $109,420.08. Following the transaction, the chief accounting officer now owns 32,017 shares in the company, valued at approximately $5,136,807.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Prabhakar Raghavan sold 34,257 shares of the company's stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $162.60, for a total value of $5,570,188.20. Following the sale, the senior vice president now owns 312,210 shares of the company's stock, valued at approximately $50,765,346. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 242,552 shares of company stock valued at $40,287,253. Company insiders own 11.55% of the company's stock.

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.