Alphabet Inc. (NASDAQ:GOOGL) is Moors & Cabot Inc.’s 9th Largest Position

Moors & Cabot Inc. cut its position in Alphabet Inc. (NASDAQ:GOOGL) by 0.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 142,657 shares of the information services provider’s stock after selling 1,109 shares during the period. Alphabet comprises 1.2% of Moors & Cabot Inc.’s portfolio, making the stock its 9th largest holding. Moors & Cabot Inc.’s holdings in Alphabet were worth $23,660,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of New York Mellon Corp increased its stake in shares of Alphabet by 0.5% in the second 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. American Century Companies Inc. grew its stake in Alphabet by 1.8% during the second quarter. American Century Companies Inc. now owns 23,465,190 shares of the information services provider’s stock valued at $4,274,184,000 after acquiring an additional 418,204 shares in the last quarter. Canada Pension Plan Investment Board grew its stake in Alphabet by 9.1% during the second quarter. Canada Pension Plan Investment Board now owns 23,263,385 shares of the information services provider’s stock valued at $4,237,426,000 after acquiring an additional 1,949,476 shares in the last quarter. International Assets Investment Management LLC grew its stake in Alphabet by 43,005.6% during the third quarter. International Assets Investment Management LLC now owns 18,743,594 shares of the information services provider’s stock valued at $31,086,250,000 after acquiring an additional 18,700,111 shares in the last quarter. Finally, Jennison Associates LLC grew its stake in Alphabet by 9.9% during the third quarter. Jennison Associates LLC now owns 18,183,524 shares of the information services provider’s stock valued at $3,015,737,000 after acquiring an additional 1,630,556 shares in the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Sanford C. Bernstein raised their target price on shares of Alphabet from $180.00 to $185.00 and gave the company a “market perform” rating in a research note on Wednesday, October 30th. Scotiabank raised shares of Alphabet to a “strong-buy” rating in a research note on Friday, October 11th. Tigress Financial raised their target price on shares of Alphabet from $210.00 to $220.00 and gave the company a “strong-buy” rating in a research note on Thursday, September 26th. Wells Fargo & Company raised their target price on shares of Alphabet from $182.00 to $187.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Finally, JMP Securities lifted their price objective on shares of Alphabet from $200.00 to $220.00 and gave the stock a “market outperform” rating 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 has a consensus rating of “Moderate Buy” and an average target price of $205.90.

Insider Transactions at Alphabet

In related news, Director Frances Arnold sold 441 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $171.06, for a total value of $75,437.46. Following the sale, the director now owns 16,490 shares of the company’s stock, valued at $2,820,779.40. This trade represents a 2.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Amie Thuener O’toole sold 2,835 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total transaction of $429,587.55. Following the completion of the sale, the chief accounting officer now directly owns 29,182 shares in the company, valued at approximately $4,421,948.46. This trade represents a 8.85 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 163,624 shares of company stock valued at $27,803,730. 11.55% of the stock is currently owned by corporate insiders.

Alphabet Stock Performance

Shares of NASDAQ GOOGL opened at $174.37 on Thursday. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04. The company has a 50 day simple moving average of $169.10 and a two-hundred day simple moving average of $170.29. Alphabet Inc. has a 12 month low of $128.25 and a 12 month high of $191.75. The stock has a market cap of $2.13 trillion, a price-to-earnings ratio of 23.13, a PEG ratio of 1.22 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL) last announced its 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 during the quarter, compared to analyst estimates 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 firm posted $1.55 earnings per share. As a group, analysts predict that Alphabet Inc. will post 8.01 earnings per share for the current year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders 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 annualized dividend and a dividend yield of 0.46%. Alphabet’s dividend payout ratio is presently 10.61%.

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.