Massachusetts Financial Services Co. MA lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 59.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,137,368 shares of the information services provider's stock after selling 1,701,010 shares during the quarter. Massachusetts Financial Services Co. MA's holdings in Alphabet were worth $190,157,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Twelve Points Wealth Management LLC grew its stake in shares of Alphabet by 0.7% during the 2nd quarter. Twelve Points Wealth Management LLC now owns 7,985 shares of the information services provider's stock valued at $1,465,000 after buying an additional 55 shares during the period. PCG Wealth Advisors LLC lifted its position in Alphabet by 3.1% in the second quarter. PCG Wealth Advisors LLC now owns 1,880 shares of the information services provider's stock worth $345,000 after purchasing an additional 57 shares during the period. Investment Advisory Services Inc. TX ADV grew its position in Alphabet by 1.6% in the second quarter. Investment Advisory Services Inc. TX ADV now owns 3,636 shares of the information services provider's stock worth $667,000 after buying an additional 57 shares during the last quarter. Advisors Management Group Inc. ADV raised its holdings in shares of Alphabet by 2.0% during the second quarter. Advisors Management Group Inc. ADV now owns 2,944 shares of the information services provider's stock valued at $540,000 after acquiring an additional 58 shares during the period. Finally, Shira Ridge Wealth Management boosted its holdings in shares of Alphabet by 0.4% during the second quarter. Shira Ridge Wealth Management now owns 15,490 shares of the information services provider's stock worth $2,841,000 after purchasing an additional 60 shares during the period. 27.26% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling at Alphabet
In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the business's stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $176.67, for a total transaction of $3,975,075.00. Following the sale, the chief executive officer now directly owns 2,061,806 shares in the company, valued at approximately $364,259,266.02. The trade was a 1.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kavitark Ram Shriram sold 10,500 shares of Alphabet stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $180.78, for a total value of $1,898,190.00. Following the completion of the transaction, the director now directly owns 330,466 shares in the company, valued at $59,741,643.48. This represents a 3.08 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 206,795 shares of company stock worth $34,673,866. Corporate insiders own 12.99% of the company's stock.
Alphabet Price Performance
Shares of GOOG traded down $2.67 during trading hours on Friday, hitting $166.57. 24,497,042 shares of the stock were exchanged, compared to its average volume of 21,249,034. The stock's 50-day moving average price is $169.10 and its two-hundred day moving average price is $171.87. The company has a market cap of $2.04 trillion, a price-to-earnings ratio of 22.09, a price-to-earnings-growth ratio of 1.18 and a beta of 1.04. 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 Inc. has a 12-month low of $129.40 and a 12-month high of $193.31.
Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share 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 the consensus estimate of $86.39 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. Alphabet's revenue was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.55 EPS. Research analysts expect that Alphabet Inc. will post 8.01 earnings per share for the current year.
Alphabet Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be given 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 0.48%. Alphabet's payout ratio is 10.61%.
Wall Street Analysts Forecast Growth
GOOG has been the subject of several research analyst reports. Jefferies Financial Group boosted their price objective on Alphabet from $220.00 to $235.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. Canaccord Genuity Group boosted their price target on shares of Alphabet from $220.00 to $225.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price objective on shares of Alphabet from $208.00 to $212.00 and gave the company an "overweight" rating in a report on Wednesday, October 30th. Cantor Fitzgerald upgraded Alphabet to a "hold" rating in a research note on Thursday, September 5th. Finally, Wells Fargo & Company boosted their price objective on shares of Alphabet from $182.00 to $187.00 and gave the company an "equal weight" rating in a report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $200.56.
Read Our Latest Analysis on GOOG
About Alphabet
(
Free Report)
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.
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