Wrapmanager Inc. Cuts Stock Position in Alphabet Inc. (NASDAQ:GOOG)

Wrapmanager Inc. lowered its position in Alphabet Inc. (NASDAQ:GOOG) by 9.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 25,080 shares of the information services provider’s stock after selling 2,508 shares during the period. Alphabet makes up about 1.1% of Wrapmanager Inc.’s portfolio, making the stock its 22nd largest position. Wrapmanager Inc.’s holdings in Alphabet were worth $4,193,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the company. Abich Financial Wealth Management LLC increased its holdings 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 valued at $34,000 after acquiring an additional 184 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new stake in Alphabet during the 2nd quarter worth approximately $37,000. HWG Holdings LP acquired a new position in Alphabet during the 2nd quarter valued at approximately $40,000. Sanctuary Wealth Management L.L.C. raised its holdings in shares of Alphabet by 87.3% in the third quarter. Sanctuary Wealth Management L.L.C. now owns 251 shares of the information services provider’s stock worth $42,000 after buying an additional 117 shares during the last quarter. Finally, Slocum Gordon & Co LLP acquired a new stake in shares of Alphabet during the second quarter worth $44,000. Institutional investors own 27.26% of the company’s stock.

Alphabet Price Performance

Shares of NASDAQ GOOG opened at $176.80 on Tuesday. The stock’s 50-day moving average is $167.56 and its two-hundred day moving average is $171.80. 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 1-year low of $129.40 and a 1-year high of $193.31. The company has a market cap of $2.16 trillion, a price-to-earnings ratio of 23.45, a price-to-earnings-growth ratio of 1.22 and a beta of 1.04.

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

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders 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 yield of 0.45%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s dividend payout ratio (DPR) is 10.61%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Barclays upped their target price on Alphabet from $200.00 to $220.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Seaport Res Ptn upgraded Alphabet from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 29th. Cantor Fitzgerald upgraded Alphabet to a “hold” rating in a research note on Thursday, September 5th. Jefferies Financial Group raised their price objective on Alphabet from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Oppenheimer raised their price objective on Alphabet from $185.00 to $215.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $200.56.

Insiders Place Their Bets

In other news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $160.44, for a total value of $109,420.08. Following the completion of the sale, the chief accounting officer now directly owns 32,017 shares of the company’s stock, valued at approximately $5,136,807.48. The trade was a 2.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kavitark Ram Shriram sold 10,500 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $177.41, for a total value of $1,862,805.00. Following the transaction, the director now owns 319,966 shares in the company, valued at $56,765,168.06. This represents a 3.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 206,795 shares of company stock valued at $34,471,141 in the last ninety days. Insiders own 12.99% of the company’s stock.

About Alphabet

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.