Hobbs Group Advisors LLC Acquires 162 Shares of Alphabet Inc. (NASDAQ:GOOG)

Hobbs Group Advisors LLC boosted its holdings in Alphabet Inc. (NASDAQ:GOOG) by 4.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,544 shares of the information services provider’s stock after acquiring an additional 162 shares during the period. Hobbs Group Advisors LLC’s holdings in Alphabet were worth $593,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Key Client Fiduciary Advisors LLC lifted its holdings in shares of Alphabet by 16.3% during the second quarter. Key Client Fiduciary Advisors LLC now owns 3,795 shares of the information services provider’s stock worth $696,000 after buying an additional 531 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its stake in Alphabet by 4.8% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 262,152 shares of the information services provider’s stock worth $48,084,000 after purchasing an additional 11,958 shares in the last quarter. Cottonwood Capital Advisors LLC boosted its holdings in Alphabet by 10.4% in the 2nd quarter. Cottonwood Capital Advisors LLC now owns 2,593 shares of the information services provider’s stock valued at $494,000 after purchasing an additional 245 shares during the period. Capital Advisors Wealth Management LLC grew its position in shares of Alphabet by 1.9% during the 2nd quarter. Capital Advisors Wealth Management LLC now owns 5,940 shares of the information services provider’s stock worth $1,089,000 after purchasing an additional 109 shares in the last quarter. Finally, Oak Ridge Investments LLC increased its holdings in shares of Alphabet by 4.9% during the second quarter. Oak Ridge Investments LLC now owns 196,365 shares of the information services provider’s stock worth $36,017,000 after purchasing an additional 9,136 shares during the period. Institutional investors and hedge funds own 27.26% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on GOOG. Citigroup boosted their price target on Alphabet from $212.00 to $216.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Wells Fargo & Company upped their target price on Alphabet from $182.00 to $187.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Phillip Securities upgraded Alphabet to a “strong-buy” rating in a research report on Friday, November 1st. Pivotal Research boosted their price target on Alphabet from $215.00 to $225.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Barclays increased their price objective on shares of Alphabet from $200.00 to $220.00 and gave the stock an “overweight” 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $200.56.

Alphabet Stock Performance

NASDAQ GOOG opened at $186.53 on Wednesday. The company has a market capitalization of $2.28 trillion, a price-to-earnings ratio of 24.74, a PEG ratio of 1.23 and a beta of 1.02. Alphabet Inc. has a twelve month low of $131.06 and a twelve month high of $193.31. The stock has a fifty day simple moving average of $171.26 and a 200 day simple moving average of $171.73. 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 (NASDAQ:GOOG) last issued its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.29. The company 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 quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.55 earnings per share. Sell-side analysts expect that Alphabet Inc. will post 8.02 EPS for the current year.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date is Monday, December 9th. Alphabet’s dividend payout ratio is currently 10.61%.

Insider Transactions at Alphabet

In other Alphabet news, Director Frances Arnold sold 441 shares of the firm’s stock in a transaction on 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 sale, the director now directly owns 16,490 shares in the company, valued at approximately $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 SEC, which can be accessed through this hyperlink. Also, Director Kavitark Ram Shriram sold 37,134 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $185.02, for a total transaction of $6,870,532.68. Following the transaction, the director now owns 282,832 shares in the company, valued at $52,329,576.64. This represents a 11.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 197,923 shares of company stock worth $34,244,676 over the last three months. 12.99% of the stock is owned by company insiders.

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.