BluePointe Capital Management LLC Reduces Holdings in Alphabet Inc. (NASDAQ:GOOGL)

BluePointe Capital Management LLC reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 12.3% in the third quarter, Holdings Channel reports. The firm owned 3,756 shares of the information services provider’s stock after selling 528 shares during the period. BluePointe Capital Management LLC’s holdings in Alphabet were worth $623,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Black Diamond Financial LLC boosted its stake in shares of Alphabet by 8.1% during the third quarter. Black Diamond Financial LLC now owns 5,555 shares of the information services provider’s stock valued at $921,000 after purchasing an additional 415 shares during the period. First Business Financial Services Inc. raised its holdings in shares of Alphabet by 0.6% in the third quarter. First Business Financial Services Inc. now owns 36,444 shares of the information services provider’s stock valued at $6,044,000 after acquiring an additional 213 shares in the last quarter. King Wealth Management Group raised its holdings in shares of Alphabet by 8.3% in the third quarter. King Wealth Management Group now owns 60,789 shares of the information services provider’s stock valued at $10,082,000 after acquiring an additional 4,666 shares in the last quarter. Dearborn Partners LLC raised its holdings in shares of Alphabet by 2.8% in the third quarter. Dearborn Partners LLC now owns 28,661 shares of the information services provider’s stock valued at $4,753,000 after acquiring an additional 790 shares in the last quarter. Finally, CIBC Asset Management Inc raised its holdings in shares of Alphabet by 5.6% in the third quarter. CIBC Asset Management Inc now owns 1,632,345 shares of the information services provider’s stock valued at $270,722,000 after acquiring an additional 86,019 shares in the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Alphabet Price Performance

Shares of NASDAQ GOOGL opened at $169.23 on Friday. The business’s 50 day moving average price is $168.36 and its 200 day moving average price is $170.33. The firm has a market cap of $2.07 trillion, a P/E ratio of 22.44, a P/E/G ratio of 1.19 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 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 issued its earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. The firm had revenue of $88.27 billion for the quarter, compared to analyst estimates of $72.85 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. During the same quarter in the prior year, the firm earned $1.55 earnings per share. On average, sell-side analysts expect that Alphabet Inc. will post 8.01 earnings per share for the current year.

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be given a $0.20 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 annualized dividend and a yield of 0.47%. Alphabet’s dividend payout ratio is presently 10.61%.

Insiders Place Their Bets

In other Alphabet news, CAO Amie Thuener O’toole sold 2,835 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total value of $429,587.55. Following the sale, the chief accounting officer now owns 29,182 shares in the company, valued at approximately $4,421,948.46. This represents a 8.85 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $158.68, for a total value of $3,570,300.00. Following the completion of the sale, the chief executive officer now owns 2,137,385 shares in the company, valued at approximately $339,160,251.80. This represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 206,795 shares of company stock worth $34,673,866. Corporate insiders own 11.55% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on GOOGL. BMO Capital Markets restated an “outperform” rating and issued a $217.00 price objective (up from $215.00) on shares of Alphabet in a report on Wednesday, October 30th. Truist Financial lifted their price objective on Alphabet from $220.00 to $225.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Wells Fargo & Company lifted their price objective on Alphabet from $182.00 to $187.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Bank of America lifted their price objective on Alphabet from $206.00 to $210.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, Royal Bank of Canada lifted their price objective on Alphabet from $204.00 to $210.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Seven analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and five have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $205.90.

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.