RiverPark Advisors LLC Trims Stake in Alphabet Inc. (NASDAQ:GOOG)

RiverPark Advisors LLC lowered its holdings in Alphabet Inc. (NASDAQ:GOOG) by 9.8% during the third quarter, Holdings Channel.com reports. The firm owned 12,646 shares of the information services provider’s stock after selling 1,371 shares during the period. Alphabet makes up 1.7% of RiverPark Advisors LLC’s holdings, making the stock its 19th biggest holding. RiverPark Advisors LLC’s holdings in Alphabet were worth $2,114,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Concord Asset Management LLC VA raised its holdings in shares of Alphabet by 1.2% in the 3rd quarter. Concord Asset Management LLC VA now owns 9,605 shares of the information services provider’s stock valued at $1,606,000 after buying an additional 118 shares during the period. Accent Capital Management LLC raised its holdings in shares of Alphabet by 210.4% in the 3rd quarter. Accent Capital Management LLC now owns 92,754 shares of the information services provider’s stock valued at $15,410,000 after buying an additional 62,874 shares during the period. Atlanta Consulting Group Advisors LLC raised its holdings in shares of Alphabet by 35.3% in the 3rd quarter. Atlanta Consulting Group Advisors LLC now owns 16,197 shares of the information services provider’s stock valued at $2,708,000 after buying an additional 4,223 shares during the period. Frazier Financial Advisors LLC raised its holdings in shares of Alphabet by 8.4% in the 3rd quarter. Frazier Financial Advisors LLC now owns 1,376 shares of the information services provider’s stock valued at $230,000 after buying an additional 107 shares during the period. Finally, GoalVest Advisory LLC raised its holdings in shares of Alphabet by 22.5% in the 3rd quarter. GoalVest Advisory LLC now owns 1,411 shares of the information services provider’s stock valued at $236,000 after buying an additional 259 shares during the period. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on GOOG. Citigroup boosted their price objective on Alphabet from $212.00 to $216.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Seaport Res Ptn raised Alphabet from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 29th. JPMorgan Chase & Co. boosted their target price on Alphabet from $208.00 to $212.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Barclays boosted their target price on Alphabet from $200.00 to $220.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Finally, Pivotal Research boosted their target price on Alphabet from $215.00 to $225.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $200.56.

Insider Activity at Alphabet

In other Alphabet news, Director Kavitark Ram Shriram sold 10,500 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $180.78, for a total transaction of $1,898,190.00. Following the completion of the sale, the director now directly owns 330,466 shares of the company’s stock, valued at $59,741,643.48. This represents a 3.08 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $167.66, for a total value of $3,772,350.00. Following the sale, the chief executive officer now directly owns 2,159,885 shares of the company’s stock, valued at approximately $362,126,319.10. This represents a 1.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 206,795 shares of company stock valued at $34,471,141 in the last three months. 12.99% of the stock is currently owned by company insiders.

Alphabet Stock Down 2.0 %

Shares of NASDAQ GOOG opened at $173.89 on Friday. The stock has a market cap of $2.13 trillion, a PE ratio of 23.06, a price-to-earnings-growth ratio of 1.22 and a beta of 1.04. 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 Inc. has a 52-week low of $129.40 and a 52-week high of $193.31. The business has a 50-day moving average price of $167.01 and a 200 day moving average price of $171.70.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. The firm had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $86.39 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The business’s revenue was up 15.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.55 EPS. Equities research analysts forecast that Alphabet Inc. will post 7.99 earnings per share for the current year.

Alphabet Dividend Announcement

The company also recently announced 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 is Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.46%. Alphabet’s dividend payout ratio (DPR) 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.