Platform Technology Partners Trims Position in Alphabet Inc. (NASDAQ:GOOG)

Platform Technology Partners reduced its holdings in Alphabet Inc. (NASDAQ:GOOG) by 4.3% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 22,749 shares of the information services provider’s stock after selling 1,032 shares during the quarter. Alphabet comprises approximately 1.2% of Platform Technology Partners’ investment portfolio, making the stock its 14th biggest holding. Platform Technology Partners’ holdings in Alphabet were worth $3,803,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Abich Financial Wealth Management LLC raised its position in shares of Alphabet by 9,200.0% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock worth $34,000 after buying an additional 184 shares during the period. 1620 Investment Advisors Inc. purchased a new position in shares of Alphabet in the 2nd quarter worth about $37,000. HWG Holdings LP purchased a new stake in shares of Alphabet during the 2nd quarter worth about $40,000. Slocum Gordon & Co LLP acquired a new stake in Alphabet during the 2nd quarter worth approximately $44,000. Finally, Sanctuary Wealth Management L.L.C. raised its holdings in 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 valued at $42,000 after buying an additional 117 shares during the period. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

GOOG has been the subject of several recent research reports. DA Davidson raised shares of Alphabet to a “hold” rating in a research report on Tuesday, September 10th. Barclays increased their price target on Alphabet from $200.00 to $220.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Oppenheimer boosted 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. Phillip Securities upgraded Alphabet to a “strong-buy” rating in a research note on Friday, November 1st. Finally, Seaport Res Ptn upgraded Alphabet from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 29th. Five equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $200.56.

Alphabet Stock Performance

Shares of GOOG stock opened at $183.32 on Wednesday. The stock has a market capitalization of $2.24 trillion, a price-to-earnings ratio of 24.31, a PEG ratio of 1.28 and a beta of 1.04. Alphabet Inc. has a one year low of $129.40 and a one year high of $193.31. The company’s 50-day simple moving average is $165.25 and its 200-day simple moving average is $171.44. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.95 and a current ratio of 1.95.

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

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be paid a dividend of $0.20 per share. The ex-dividend date is Monday, December 9th. This represents a $0.80 annualized dividend and a yield of 0.44%. Alphabet’s payout ratio is 10.61%.

Insiders Place Their Bets

In related news, SVP Prabhakar Raghavan sold 34,257 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the completion of the sale, the senior vice president now owns 312,210 shares of the company’s stock, valued at $50,765,346. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Alphabet news, SVP Prabhakar Raghavan sold 34,257 shares of Alphabet stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $162.60, for a total value of $5,570,188.20. Following the completion of the transaction, the senior vice president now directly owns 312,210 shares in the company, valued at $50,765,346. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 transaction, the chief executive officer now directly owns 2,159,885 shares of the company’s stock, valued at $362,126,319.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 241,752 shares of company stock valued at $40,156,829. Company 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.