Bridges Investment Management Inc. Sells 31,620 Shares of Alphabet Inc. (NASDAQ:GOOG)

Bridges Investment Management Inc. cut its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 7.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 406,746 shares of the information services provider's stock after selling 31,620 shares during the quarter. Bridges Investment Management Inc.'s holdings in Alphabet were worth $68,004,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in shares of Alphabet by 19.7% in the 1st quarter. JPMorgan Chase & Co. now owns 84,171,721 shares of the information services provider's stock valued at $12,815,986,000 after acquiring an additional 13,876,534 shares during the last quarter. Swedbank AB acquired a new position in Alphabet in the first quarter valued at approximately $1,378,708,000. Capital International Investors increased its stake in Alphabet by 9.3% in the first quarter. Capital International Investors now owns 87,716,562 shares of the information services provider's stock valued at $13,355,724,000 after purchasing an additional 7,470,042 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Alphabet by 65.9% during the third quarter. Assenagon Asset Management S.A. now owns 6,294,332 shares of the information services provider's stock worth $1,052,349,000 after purchasing an additional 2,500,621 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Alphabet by 51.8% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,416,150 shares of the information services provider's stock valued at $976,923,000 after buying an additional 2,190,795 shares in the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GOOG has been the subject of a number of research reports. Wells Fargo & Company boosted their price target on shares of Alphabet from $182.00 to $187.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 30th. Scotiabank started coverage on Alphabet in a report on Friday, October 11th. They issued a "sector outperform" rating and a $212.00 price objective for the company. DA Davidson raised Alphabet to a "hold" rating in a report on Tuesday, September 10th. Wolfe Research raised shares of Alphabet to a "strong-buy" rating in a report on Tuesday, July 16th. Finally, Seaport Res Ptn upgraded Alphabet from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, October 29th. Five research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, Alphabet has a consensus rating of "Moderate Buy" and an average target price of $200.56.

Alphabet Stock Down 1.3 %

Shares of Alphabet stock traded down $2.42 during midday trading on Friday, hitting $179.86. The company's stock had a trading volume of 15,021,549 shares, compared to its average volume of 18,002,984. Alphabet Inc. has a 1-year low of $129.40 and a 1-year high of $193.31. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $2.20 trillion, a P/E ratio of 23.85, a PEG ratio of 1.25 and a beta of 1.04. The stock has a 50-day simple moving average of $164.92 and a 200-day simple moving average of $171.20.

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

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date is Monday, December 9th. Alphabet's dividend payout ratio (DPR) is presently 10.61%.

Insiders Place Their Bets

In related news, Director Kavitark Ram Shriram sold 10,500 shares of Alphabet stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $177.41, for a total value of $1,862,805.00. Following the completion of the sale, the director now owns 319,966 shares of the company's stock, valued at approximately $56,765,168.06. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Kavitark Ram Shriram sold 10,500 shares of the company's stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $177.41, for a total transaction of $1,862,805.00. Following the completion of the sale, the director now directly owns 319,966 shares of the company's stock, valued at approximately $56,765,168.06. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Amie Thuener O'toole sold 2,835 shares of Alphabet stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total transaction of $429,587.55. Following the completion of the transaction, the chief accounting officer now owns 29,182 shares in the company, valued at $4,421,948.46. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 242,552 shares of company stock valued at $40,287,253 over the last ninety days. Corporate insiders own 12.99% of the company's stock.

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.