Portside Wealth Group LLC Reduces Stock Position in Alphabet Inc. (NASDAQ:GOOG)

Portside Wealth Group LLC cut its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 17.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 51,700 shares of the information services provider’s stock after selling 11,052 shares during the period. Alphabet makes up about 1.5% of Portside Wealth Group LLC’s holdings, making the stock its 10th biggest position. Portside Wealth Group LLC’s holdings in Alphabet were worth $8,644,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of GOOG. Abich Financial Wealth Management LLC raised its position in shares of Alphabet by 9,200.0% during the second quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock worth $34,000 after purchasing an additional 184 shares during the period. 1620 Investment Advisors Inc. acquired a new position in Alphabet during the second quarter valued at $37,000. HWG Holdings LP acquired a new position in Alphabet during the second quarter valued at $40,000. Slocum Gordon & Co LLP acquired a new position in Alphabet during the second quarter valued at $44,000. Finally, Hoese & Co LLP raised its position in Alphabet by 62.5% during the second quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock valued at $45,000 after buying an additional 100 shares during the period. 27.26% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Seaport Res Ptn raised Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 29th. Citigroup upped their price target on Alphabet from $212.00 to $216.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Jefferies Financial Group boosted their target price on Alphabet from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Canaccord Genuity Group boosted their target price on Alphabet from $220.00 to $225.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Wells Fargo & Company boosted their target price on Alphabet from $182.00 to $187.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, Alphabet has an average rating of “Moderate Buy” and a consensus price target of $200.56.

Insider Transactions at Alphabet

In other news, CAO Amie Thuener O’toole sold 2,835 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total value of $429,587.55. Following the completion of the transaction, the chief accounting officer now directly owns 29,182 shares of the company’s stock, valued at approximately $4,421,948.46. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CAO Amie Thuener O’toole sold 2,835 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total value of $429,587.55. Following the completion of the transaction, the chief accounting officer now directly owns 29,182 shares of the company’s stock, valued at approximately $4,421,948.46. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $167.66, for a total value of $3,772,350.00. Following the completion of the transaction, the chief executive officer now directly owns 2,159,885 shares of the company’s stock, valued at approximately $362,126,319.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 242,552 shares of company stock valued at $40,287,253. Corporate insiders own 12.99% of the company’s stock.

Alphabet Price Performance

NASDAQ GOOG opened at $182.28 on Friday. Alphabet Inc. has a twelve month low of $129.40 and a twelve month high of $193.31. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.95 and a current ratio of 1.95. The stock has a market capitalization of $2.24 trillion, a PE ratio of 24.18, a P/E/G ratio of 1.20 and a beta of 1.04. The stock has a 50-day simple moving average of $164.24 and a 200 day simple moving average of $170.89.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data 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 business 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 firm’s revenue was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.55 EPS. Research analysts anticipate that Alphabet Inc. will post 7.97 EPS 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 issued 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 0.44%. Alphabet’s 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.