Wallace Capital Management Inc. Buys 237 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Wallace Capital Management Inc. grew its position in Alphabet Inc. (NASDAQ:GOOGL) by 7.8% in the third quarter, according to its most recent filing with the SEC. The fund owned 3,277 shares of the information services provider’s stock after acquiring an additional 237 shares during the period. Wallace Capital Management Inc.’s holdings in Alphabet were worth $543,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Christopher J. Hasenberg Inc boosted its stake in shares of Alphabet by 75.0% during 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 stake in Alphabet during the 3rd quarter worth approximately $32,000. Kings Path Partners LLC bought a new stake in Alphabet during the 2nd quarter worth approximately $36,000. Denver PWM LLC acquired a new position in Alphabet in the 2nd quarter valued at approximately $41,000. Finally, Quarry LP bought a new position in shares of Alphabet during the second quarter valued at $53,000. Institutional investors and hedge funds own 40.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on GOOGL shares. Robert W. Baird reissued an “outperform” rating and issued a $205.00 price objective on shares of Alphabet in a research note on Tuesday, December 10th. KeyCorp upped their price target on Alphabet from $200.00 to $215.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Royal Bank of Canada raised their price objective on Alphabet from $204.00 to $210.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Tigress Financial upped their target price on Alphabet from $210.00 to $220.00 and gave the company a “strong-buy” rating in a report on Thursday, September 26th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $190.00 price target on shares of Alphabet in a report on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $206.08.

Insider Transactions at Alphabet

In other news, Director Frances Arnold sold 441 shares of Alphabet stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $171.06, for a total value of $75,437.46. Following the completion of the transaction, the director now owns 16,490 shares in the company, valued at $2,820,779.40. This trade represents a 2.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 1,367 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The shares were 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 directly owns 29,183 shares in the company, valued at approximately $4,927,257.72. This trade represents a 4.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 198,623 shares of company stock worth $34,413,006 in the last quarter. Insiders own 11.55% of the company’s stock.

Alphabet Stock Performance

Shares of GOOGL opened at $189.82 on Friday. The stock has a 50 day moving average of $171.63 and a 200 day moving average of $170.67. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04. Alphabet Inc. has a 12 month low of $129.68 and a 12 month high of $195.61. The company has a market capitalization of $2.32 trillion, a price-to-earnings ratio of 25.18, a PEG ratio of 1.39 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.29. The company had revenue of $88.27 billion for the quarter, compared to analysts’ expectations 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 posted $1.55 EPS. As a group, sell-side analysts forecast that Alphabet Inc. will post 8.01 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently announced 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. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date is Monday, December 9th. Alphabet’s dividend payout ratio is currently 10.61%.

Alphabet Company 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.