Alphabet Inc. (NASDAQ:GOOGL) Stake Decreased by Glenmede Trust Co. NA

Glenmede Trust Co. NA lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 0.5% in the 3rd quarter, Holdings Channel reports. The fund owned 1,616,190 shares of the information services provider’s stock after selling 8,622 shares during the quarter. Alphabet accounts for 1.3% of Glenmede Trust Co. NA’s holdings, making the stock its 9th largest holding. Glenmede Trust Co. NA’s holdings in Alphabet were worth $268,045,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Christopher J. Hasenberg Inc grew its position in shares of Alphabet by 75.0% in the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after purchasing an additional 60 shares in the last quarter. LMR Partners LLP acquired a new position in Alphabet during the third quarter worth $32,000. Kings Path Partners LLC purchased a new stake in Alphabet in the 2nd quarter valued at $36,000. Denver PWM LLC acquired a new stake in shares of Alphabet in the 2nd quarter worth $41,000. Finally, Quarry LP acquired a new position in shares of Alphabet during the 2nd quarter valued at about $53,000. Institutional investors and hedge funds own 40.03% of the company’s stock.

Insider Buying and Selling

In other news, CAO Amie Thuener O’toole sold 1,367 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $168.84, for a total transaction of $230,804.28. Following the completion of the sale, the chief accounting officer now owns 29,183 shares in the company, valued at $4,927,257.72. This represents a 4.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider John Kent Walker sold 16,802 shares of the stock in a transaction on Friday, September 27th. The stock was sold at an average price of $165.47, for a total value of $2,780,226.94. Following the sale, the insider now directly owns 43,999 shares of the company’s stock, valued at approximately $7,280,514.53. This represents a 27.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 160,789 shares of company stock worth $27,374,143 in the last 90 days. Company insiders own 11.55% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on GOOGL. Morgan Stanley raised their price objective on shares of Alphabet from $190.00 to $205.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. DA Davidson began coverage on shares of Alphabet in a report on Tuesday, September 10th. They set a “neutral” rating and a $170.00 price target for the company. Piper Sandler reiterated an “overweight” rating and issued a $210.00 price objective (up from $200.00) on shares of Alphabet in a report on Wednesday, October 30th. Cantor Fitzgerald reissued a “neutral” rating and set a $190.00 target price on shares of Alphabet in a research note on Wednesday, October 30th. Finally, JMP Securities lifted their target price on Alphabet from $200.00 to $220.00 and gave the company a “market outperform” rating in a research report on Wednesday, October 30th. Seven analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $205.90.

Alphabet Price Performance

Shares of GOOGL opened at $175.37 on Tuesday. 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 Inc. has a 1-year low of $129.68 and a 1-year high of $191.75. The stock has a market cap of $2.15 trillion, a PE ratio of 23.26, a price-to-earnings-growth ratio of 1.24 and a beta of 1.01. The firm has a fifty day moving average price of $169.70 and a 200 day moving average price of $170.21.

Alphabet (NASDAQ:GOOGL) last posted its earnings results 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 previous year, the business earned $1.55 EPS. As a group, sell-side analysts anticipate that Alphabet Inc. will post 8.01 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors 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 0.46%. Alphabet’s dividend payout ratio (DPR) is 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.