Prestige Wealth Management Group LLC Has $6.22 Million Stake in Alphabet Inc. (NASDAQ:GOOGL)

Prestige Wealth Management Group LLC reduced its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 11.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 37,521 shares of the information services provider’s stock after selling 5,004 shares during the period. Alphabet makes up about 1.3% of Prestige Wealth Management Group LLC’s investment portfolio, making the stock its 18th biggest position. Prestige Wealth Management Group LLC’s holdings in Alphabet were worth $6,223,000 at the end of the most recent quarter.

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

Alphabet Stock Down 0.6 %

GOOGL opened at $195.42 on Wednesday. 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 fifty day moving average of $172.93 and a 200-day moving average of $170.97. Alphabet Inc. has a fifty-two week low of $130.66 and a fifty-two week high of $201.42. The company has a market capitalization of $2.39 trillion, a P/E ratio of 25.92, a P/E/G ratio of 1.39 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings data 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. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The firm had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $72.85 billion. During the same quarter in the previous year, the firm posted $1.55 EPS. On average, equities analysts expect that Alphabet Inc. will post 8.01 EPS for the current year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 9th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date of this dividend was Monday, December 9th. Alphabet’s dividend payout ratio is currently 10.61%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Roth Mkm lifted their price target on Alphabet from $206.00 to $212.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Needham & Company LLC reissued a “buy” rating and issued a $210.00 target price on shares of Alphabet in a research report on Wednesday, October 30th. Wedbush reaffirmed an “outperform” rating and set a $205.00 price target on shares of Alphabet in a research report on Thursday, October 24th. Truist Financial lifted their price objective on shares of Alphabet from $220.00 to $225.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, Loop Capital increased their target price on shares of Alphabet from $170.00 to $185.00 and gave the stock a “hold” rating in a report on Wednesday, November 6th. Seven analysts have rated the stock with a hold rating, thirty-one have given a buy rating and five have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $206.08.

Insiders Place Their Bets

In other news, 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 transaction 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Amie Thuener O’toole sold 2,834 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $197.55, for a total value of $559,856.70. Following the completion of the transaction, the chief accounting officer now directly owns 20,681 shares of the company’s stock, valued at approximately $4,085,531.55. This trade represents a 12.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 178,957 shares of company stock worth $31,358,687 in the last 90 days. Company insiders own 11.55% of the company’s stock.

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.