Glassy Mountain Advisors Inc. Decreases Position in Alphabet Inc. (NASDAQ:GOOGL)

Glassy Mountain Advisors Inc. cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 13.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,332 shares of the information services provider's stock after selling 3,030 shares during the quarter. Glassy Mountain Advisors Inc.'s holdings in Alphabet were worth $3,372,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the business. International Assets Investment Management LLC raised its stake in Alphabet by 43,005.6% in the 3rd quarter. International Assets Investment Management LLC now owns 18,743,594 shares of the information services provider's stock worth $31,086,250,000 after purchasing an additional 18,700,111 shares in the last quarter. SG Americas Securities LLC raised its holdings in shares of Alphabet by 587.4% during the 3rd quarter. SG Americas Securities LLC now owns 10,690,326 shares of the information services provider's stock worth $1,772,991,000 after buying an additional 9,135,056 shares in the last quarter. Capital Research Global Investors lifted its holdings in shares of Alphabet by 14.4% in the first quarter. Capital Research Global Investors now owns 57,803,291 shares of the information services provider's stock worth $8,724,251,000 after acquiring an additional 7,275,757 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Alphabet by 116.4% during the third quarter. Assenagon Asset Management S.A. now owns 8,670,225 shares of the information services provider's stock worth $1,437,957,000 after buying an additional 4,662,809 shares in the last quarter. Finally, Wulff Hansen & CO. grew its holdings in shares of Alphabet by 18,810.2% during the second quarter. Wulff Hansen & CO. now owns 4,434,260 shares of the information services provider's stock worth $807,700,000 after purchasing an additional 4,410,811 shares during the last quarter. Institutional investors own 40.03% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on GOOGL shares. Evercore ISI lifted their price target on shares of Alphabet from $200.00 to $205.00 and gave the stock an "outperform" rating in a report on Wednesday, October 30th. The Goldman Sachs Group cut their price objective on Alphabet from $217.00 to $208.00 and set a "buy" rating on the stock in a research note on Monday, October 14th. JPMorgan Chase & Co. increased their target price on shares of Alphabet from $200.00 to $208.00 and gave the company an "overweight" rating in a research report on Wednesday, July 24th. Royal Bank of Canada increased their price target on Alphabet from $204.00 to $210.00 and gave the stock an "outperform" rating in a report on Wednesday, October 30th. Finally, Piper Sandler reissued an "overweight" rating and issued a $210.00 price objective (up from $200.00) on shares of Alphabet in a research report on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $205.90.

Alphabet Stock Performance

Alphabet stock traded down $3.09 during midday trading on Friday, reaching $172.49. The stock had a trading volume of 32,504,649 shares, compared to its average volume of 27,145,184. The firm has a market capitalization of $2.11 trillion, a PE ratio of 22.88, a P/E/G ratio of 1.27 and a beta of 1.03. 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's 50-day moving average price is $165.61 and its 200 day moving average price is $170.13. Alphabet Inc. has a 12 month low of $127.90 and a 12 month high of $191.75.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, topping the consensus estimate of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The company had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $72.85 billion. During the same period last year, the firm earned $1.55 EPS. As a group, research analysts predict that Alphabet Inc. will post 7.99 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The business also recently disclosed 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. The ex-dividend date is Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a yield of 0.46%. Alphabet's dividend payout ratio (DPR) is 10.61%.

Insiders Place Their Bets

In related news, 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 sale, the chief accounting officer now owns 29,182 shares of the company's stock, valued at approximately $4,421,948.46. This trade represents a 8.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John L. Hennessy sold 800 shares of the company's stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $153.75, for a total value of $123,000.00. Following the completion of the transaction, the director now owns 28,524 shares in the company, valued at $4,385,565. This represents a 2.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 206,795 shares of company stock worth $34,471,141 in the last quarter. 11.55% of the stock is owned by company 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.