Wallace Advisory Group LLC Trims Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Wallace Advisory Group LLC cut its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 1.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 12,882 shares of the information services provider’s stock after selling 158 shares during the period. Alphabet accounts for about 1.7% of Wallace Advisory Group LLC’s holdings, making the stock its 11th biggest position. Wallace Advisory Group LLC’s holdings in Alphabet were worth $2,346,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Alphabet by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 497,874,324 shares of the information services provider’s stock valued at $75,144,172,000 after buying an additional 4,064,073 shares during the period. Capital Research Global Investors lifted its stake in shares of Alphabet by 14.4% in the 1st quarter. Capital Research Global Investors now owns 57,803,291 shares of the information services provider’s stock valued at $8,724,251,000 after purchasing an additional 7,275,757 shares in the last quarter. Bank of New York Mellon Corp increased its position in Alphabet by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 49,472,478 shares of the information services provider’s stock worth $9,011,412,000 after purchasing an additional 238,403 shares in the last quarter. Fisher Asset Management LLC raised its holdings in Alphabet by 3.3% in the fourth quarter. Fisher Asset Management LLC now owns 45,178,075 shares of the information services provider’s stock valued at $6,310,925,000 after buying an additional 1,429,261 shares during the period. Finally, Capital World Investors grew its stake in Alphabet by 1.7% during the first quarter. Capital World Investors now owns 35,412,299 shares of the information services provider’s stock worth $5,344,778,000 after buying an additional 597,756 shares during the period. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. BMO Capital Markets cut their target price on shares of Alphabet from $222.00 to $215.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 9th. DA Davidson initiated coverage on Alphabet in a research report on Tuesday, September 10th. They issued a “neutral” rating and a $170.00 price objective on the stock. Guggenheim upped their target price on Alphabet from $195.00 to $205.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Truist Financial reiterated a “buy” rating and set a $196.00 target price on shares of Alphabet in a report on Monday, September 16th. Finally, Mizuho upped their price target on Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Eight research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Alphabet has a consensus rating of “Moderate Buy” and an average price target of $201.13.

Alphabet Trading Up 1.1 %

Shares of NASDAQ:GOOGL opened at $164.96 on Tuesday. Alphabet Inc. has a 12-month low of $120.21 and a 12-month high of $191.75. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $2.04 trillion, a P/E ratio of 25.30, a price-to-earnings-growth ratio of 1.21 and a beta of 1.04. The firm has a fifty day moving average of $161.49 and a two-hundred day moving average of $167.96.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The firm had revenue of $84.74 billion for the quarter, compared to the consensus estimate of $70.60 billion. During the same quarter in the previous year, the company posted $1.44 earnings per share. On average, equities analysts expect that Alphabet Inc. will post 7.64 EPS for the current fiscal year.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Monday, September 9th were issued a $0.20 dividend. The ex-dividend date of this dividend was Monday, September 9th. This represents a $0.80 dividend on an annualized basis and a yield of 0.48%. Alphabet’s dividend payout ratio is currently 12.27%.

Insider Buying and Selling at Alphabet

In other news, CAO Amie Thuener O’toole sold 1,367 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $168.84, for a total transaction of $230,804.28. Following the transaction, the chief accounting officer now owns 29,183 shares in the company, valued at $4,927,257.72. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $167.07, for a total value of $3,759,075.00. Following the completion of the sale, the chief executive officer now owns 2,129,306 shares of the company’s stock, valued at $355,743,153.42. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Amie Thuener O’toole sold 1,367 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $168.84, for a total value of $230,804.28. Following the transaction, the chief accounting officer now directly owns 29,183 shares in the company, valued at approximately $4,927,257.72. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 216,092 shares of company stock worth $35,644,136 over the last ninety days. 11.55% of the stock is currently owned by 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.