Concord Wealth Partners Boosts Stake in Alphabet Inc. (NASDAQ:GOOGL)

Concord Wealth Partners grew its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 22.1% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 36,853 shares of the information services provider's stock after acquiring an additional 6,664 shares during the quarter. Alphabet comprises about 1.0% of Concord Wealth Partners' portfolio, making the stock its 25th biggest holding. Concord Wealth Partners' holdings in Alphabet were worth $6,112,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in GOOGL. Christopher J. Hasenberg Inc grew its holdings in shares of Alphabet by 75.0% during the second 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 during the last quarter. Kings Path Partners LLC bought a new stake in Alphabet in the second quarter valued at $36,000. Denver PWM LLC acquired a new position in Alphabet during the 2nd quarter worth approximately $41,000. CarsonAllaria Wealth Management Ltd. lifted its stake in shares of Alphabet by 59.2% in the first quarter. CarsonAllaria Wealth Management Ltd. now owns 293 shares of the information services provider's stock valued at $44,000 after buying an additional 109 shares in the last quarter. Finally, Quarry LP bought a new stake in shares of Alphabet during the second quarter worth about $53,000. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Alphabet

In related news, Director Frances Arnold sold 441 shares of the business'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 transaction of $75,437.46. Following the completion of the transaction, the director now owns 16,490 shares in the company, valued at $2,820,779.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Frances Arnold sold 441 shares of the business's stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $171.06, for a total transaction of $75,437.46. Following the sale, the director now owns 16,490 shares in the company, valued at approximately $2,820,779.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Prabhakar Raghavan sold 34,257 shares of the company's stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the transaction, the senior vice president now owns 312,210 shares in the company, valued at approximately $50,765,346. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 242,552 shares of company stock valued at $40,287,253 over the last quarter. 11.55% of the stock is owned by corporate insiders.

Alphabet Price Performance

Shares of GOOGL traded down $2.40 during mid-day trading on Friday, hitting $178.35. 22,006,182 shares of the stock were exchanged, compared to its average volume of 25,879,976. The company has a market cap of $2.18 trillion, a PE ratio of 23.65, a price-to-earnings-growth ratio of 1.25 and a beta of 1.03. The firm has a 50-day moving average of $163.54 and a two-hundred day moving average of $169.67. Alphabet Inc. has a 52-week low of $127.90 and a 52-week high of $191.75. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.95 and a current ratio of 1.95.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its 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 business had revenue of $88.27 billion for the quarter, compared to analyst estimates of $72.85 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. During the same quarter last year, the firm posted $1.55 earnings per share. On average, equities analysts predict that Alphabet Inc. will post 7.99 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a yield of 0.45%. Alphabet's dividend payout ratio is currently 10.61%.

Wall Street Analysts Forecast Growth

GOOGL has been the subject of several recent analyst reports. Wedbush reaffirmed an "outperform" rating and issued a $205.00 target price on shares of Alphabet in a report on Thursday, October 24th. Argus boosted their price objective on shares of Alphabet from $200.00 to $215.00 and gave the company a "buy" rating in a research note on Tuesday, July 16th. Mizuho boosted their price objective on Alphabet from $205.00 to $210.00 and gave the stock an "outperform" rating in a report on Wednesday, July 24th. KeyCorp raised their price target on Alphabet from $200.00 to $215.00 and gave the company an "overweight" rating in a research report on Wednesday, October 30th. Finally, Scotiabank raised shares of Alphabet to a "strong-buy" rating in a research note on Friday, October 11th. Seven analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $205.90.

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.