Peapack Gladstone Financial Corp trimmed its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 0.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 833,248 shares of the information services provider's stock after selling 6,724 shares during the quarter. Alphabet makes up about 2.0% of Peapack Gladstone Financial Corp's portfolio, making the stock its 4th largest holding. Peapack Gladstone Financial Corp's holdings in Alphabet were worth $138,195,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors also recently modified their holdings of the company. State Street Corp raised its holdings in Alphabet by 0.3% during the 3rd quarter. State Street Corp now owns 222,555,548 shares of the information services provider's stock worth $36,910,838,000 after purchasing an additional 743,369 shares during the last quarter. Geode Capital Management LLC raised its stake in Alphabet by 2.0% during the third quarter. Geode Capital Management LLC now owns 134,030,679 shares of the information services provider's stock worth $22,154,651,000 after buying an additional 2,626,431 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in Alphabet by 2.5% in the third quarter. Fisher Asset Management LLC now owns 49,857,900 shares of the information services provider's stock valued at $8,268,933,000 after buying an additional 1,237,385 shares during the period. Bank of New York Mellon Corp boosted its position in Alphabet by 0.5% during the second quarter. Bank of New York Mellon Corp now owns 49,472,478 shares of the information services provider's stock valued at $9,011,412,000 after acquiring an additional 238,403 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Alphabet by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 37,233,079 shares of the information services provider's stock worth $6,175,106,000 after acquiring an additional 523,416 shares in the last quarter. 40.03% of the stock is currently owned by institutional investors.
Alphabet Price Performance
GOOGL stock traded up $2.90 during midday trading on Friday, reaching $191.41. The company had a trading volume of 62,697,719 shares, compared to its average volume of 27,725,518. The company has a market capitalization of $2.34 trillion, a P/E ratio of 25.39, a P/E/G ratio of 1.39 and a beta of 1.01. The firm has a 50-day moving average price of $173.99 and a 200-day moving average price of $171.21. Alphabet Inc. has a 1 year low of $130.66 and a 1 year high of $201.42. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95.
Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.29. The firm had revenue of $88.27 billion for the quarter, compared to analysts' expectations of $72.85 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. During the same quarter last year, the business earned $1.55 earnings per share. On average, research analysts anticipate that Alphabet Inc. will post 8.01 earnings per share for the current fiscal year.
Alphabet Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 9th were given a $0.20 dividend. The ex-dividend date was Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.42%. Alphabet's dividend payout ratio is currently 10.61%.
Insider Activity at Alphabet
In other news, Director John L. Hennessy sold 1,500 shares of the business's stock in a transaction on Monday, October 14th. The shares were sold at an average price of $164.95, for a total transaction of $247,425.00. Following the sale, the director now owns 26,324 shares in the company, valued at approximately $4,342,143.80. The trade was a 5.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Amie Thuener O'toole sold 2,834 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $197.55, for a total transaction of $559,856.70. Following the completion of the transaction, the chief accounting officer now owns 20,681 shares of the company's stock, valued at approximately $4,085,531.55. The trade was a 12.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 178,957 shares of company stock worth $31,358,687 over the last quarter. 11.55% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
A number of research firms have issued reports on GOOGL. The Goldman Sachs Group restated a "buy" rating and set a $210.00 price target on shares of Alphabet in a report on Thursday, December 12th. JMP Securities upped their price objective on shares of Alphabet from $200.00 to $220.00 and gave the company a "market outperform" rating in a report on Wednesday, October 30th. Truist Financial boosted their target price on Alphabet from $220.00 to $225.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. Robert W. Baird reissued an "outperform" rating and issued a $205.00 price objective on shares of Alphabet in a research note on Tuesday, December 10th. Finally, Tigress Financial upped their target price on Alphabet from $210.00 to $220.00 and gave the stock a "strong-buy" rating in a research report on Thursday, September 26th. Seven equities research analysts have rated the stock with a hold rating, thirty-one have given a buy rating and five have assigned a strong buy rating to the company. According to MarketBeat.com, Alphabet presently has an average rating of "Moderate Buy" and a consensus price target of $206.69.
Check Out Our Latest Research Report on Alphabet
Alphabet Company Profile
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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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