UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $6.71 Billion Stake in Alphabet Inc. (NASDAQ:GOOGL)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 10.8% in the third quarter, Holdings Channel.com reports. The institutional investor owned 40,457,850 shares of the information services provider’s stock after selling 4,878,033 shares during the period. Alphabet makes up about 1.7% of UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings, making the stock its 6th largest holding. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Alphabet were worth $6,709,934,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. New Hampshire Trust boosted its position in Alphabet by 2.7% during the 2nd quarter. New Hampshire Trust now owns 43,714 shares of the information services provider’s stock worth $7,963,000 after acquiring an additional 1,132 shares during the period. Schear Investment Advisers LLC boosted its position in Alphabet by 17.0% during the 3rd quarter. Schear Investment Advisers LLC now owns 33,751 shares of the information services provider’s stock worth $5,598,000 after acquiring an additional 4,905 shares during the period. Trinity Financial Advisors LLC boosted its position in Alphabet by 4.5% during the 3rd quarter. Trinity Financial Advisors LLC now owns 4,423 shares of the information services provider’s stock worth $771,000 after acquiring an additional 190 shares during the period. Landscape Capital Management L.L.C. boosted its position in Alphabet by 27.9% during the 3rd quarter. Landscape Capital Management L.L.C. now owns 25,275 shares of the information services provider’s stock worth $4,192,000 after acquiring an additional 5,516 shares during the period. Finally, abrdn plc boosted its position in Alphabet by 10.7% during the 3rd quarter. abrdn plc now owns 6,305,717 shares of the information services provider’s stock worth $1,037,196,000 after acquiring an additional 611,233 shares during the period. 40.03% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CAO Amie Thuener O’toole sold 1,367 shares of the stock in a transaction dated Tuesday, October 1st. The stock was 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 of the company’s stock, valued at approximately $4,927,257.72. This represents a 4.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kavitark Ram Shriram sold 37,134 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $185.02, for a total value of $6,870,532.68. Following the transaction, the director now directly owns 282,832 shares in the company, valued at approximately $52,329,576.64. This represents a 11.61 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 197,923 shares of company stock valued at $34,244,676. Insiders own 11.55% of the company’s stock.

Wall Street Analysts Forecast Growth

GOOGL has been the subject of a number of analyst reports. Morgan Stanley boosted their price target on Alphabet from $190.00 to $205.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group cut their price objective on Alphabet from $217.00 to $208.00 and set a “buy” rating for the company in a report on Monday, October 14th. Roth Mkm upped their price objective on Alphabet from $206.00 to $212.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Needham & Company LLC restated a “buy” rating and issued a $210.00 price objective on shares of Alphabet in a report on Wednesday, October 30th. Finally, DA Davidson initiated coverage on Alphabet in a report on Tuesday, September 10th. They issued a “neutral” rating and a $170.00 price objective for the company. Seven investment 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’s stock. According to data from MarketBeat, Alphabet has a consensus rating of “Moderate Buy” and a consensus price target of $206.03.

Alphabet Stock Performance

Shares of GOOGL stock opened at $185.17 on Wednesday. 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 fifty-two week low of $129.68 and a fifty-two week high of $191.75. The stock’s 50-day moving average is $169.70 and its two-hundred day moving average is $170.21. The firm has a market cap of $2.27 trillion, a P/E ratio of 24.56, a PEG ratio of 1.24 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL) last issued 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. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The company had revenue of $88.27 billion for the quarter, compared to analyst estimates of $72.85 billion. During the same period in the prior year, the firm posted $1.55 EPS. Analysts predict that Alphabet Inc. will post 8.01 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The business 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 dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date is Monday, December 9th. Alphabet’s dividend payout ratio 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.