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

Concord Wealth Partners increased its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 22.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 36,853 shares of the information services provider’s stock after acquiring an additional 6,664 shares during the quarter. Alphabet makes up 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 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Christopher J. Hasenberg Inc boosted its position in shares of Alphabet by 75.0% during the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after acquiring an additional 60 shares during the last quarter. Kings Path Partners LLC acquired a new position in shares of Alphabet during the 2nd quarter valued at about $36,000. Denver PWM LLC purchased a new stake in Alphabet in the 2nd quarter valued at about $41,000. Quarry LP purchased a new stake in Alphabet in the 2nd quarter valued at about $53,000. Finally, CarsonAllaria Wealth Management Ltd. raised its holdings in Alphabet by 59.2% in the 1st 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 during the period. Institutional investors and hedge funds own 40.03% of the company’s stock.

Alphabet Stock Performance

Shares of GOOGL opened at $178.35 on Friday. The company has a market capitalization of $2.18 trillion, a price-to-earnings ratio of 23.65, a price-to-earnings-growth ratio of 1.25 and a beta of 1.03. Alphabet Inc. has a 52-week low of $127.90 and a 52-week high of $191.75. The stock has a 50 day moving average price of $163.54 and a 200 day moving average price of $169.59. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.04.

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

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.45%. The ex-dividend date is Monday, December 9th. Alphabet’s payout ratio is currently 10.61%.

Insider Activity

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

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Morgan Stanley boosted their price objective on shares of Alphabet from $190.00 to $205.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. China Renaissance upgraded shares of Alphabet from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Evercore ISI boosted their price objective on shares of Alphabet from $200.00 to $205.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Pivotal Research boosted their price objective on shares of Alphabet from $215.00 to $225.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $210.00 price target on shares of Alphabet in a research note on Wednesday, October 30th. 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’s stock. According to MarketBeat.com, Alphabet presently has an average 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.