Renaissance Investment Group LLC Sells 960 Shares of Alphabet Inc. (NASDAQ:GOOG)

Renaissance Investment Group LLC lessened its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 3.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,890 shares of the information services provider’s stock after selling 960 shares during the period. Renaissance Investment Group LLC’s holdings in Alphabet were worth $4,161,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in GOOG. Professional Financial Advisors LLC boosted its stake in shares of Alphabet by 2.6% during the 3rd quarter. Professional Financial Advisors LLC now owns 9,917 shares of the information services provider’s stock worth $1,658,000 after buying an additional 256 shares during the last quarter. CHICAGO TRUST Co NA boosted its stake in shares of Alphabet by 2.6% during the 3rd quarter. CHICAGO TRUST Co NA now owns 39,031 shares of the information services provider’s stock worth $6,526,000 after buying an additional 1,004 shares during the last quarter. Exchange Traded Concepts LLC boosted its stake in shares of Alphabet by 42.8% during the 3rd quarter. Exchange Traded Concepts LLC now owns 6,511 shares of the information services provider’s stock worth $1,089,000 after buying an additional 1,953 shares during the last quarter. Retirement Planning Group LLC boosted its stake in shares of Alphabet by 78.6% during the 3rd quarter. Retirement Planning Group LLC now owns 12,505 shares of the information services provider’s stock worth $2,091,000 after buying an additional 5,502 shares during the last quarter. Finally, City State Bank boosted its stake in shares of Alphabet by 8.0% during the 3rd quarter. City State Bank now owns 14,896 shares of the information services provider’s stock worth $2,490,000 after buying an additional 1,109 shares during the last quarter. Institutional investors own 27.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. TD Cowen increased their price objective on shares of Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Pivotal Research began coverage on shares of Alphabet in a research note on Tuesday, October 1st. They set a “buy” rating and a $215.00 price objective for the company. Rosenblatt Securities downgraded shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 target price for the company. in a research note on Friday, June 28th. UBS Group cut their target price on shares of Alphabet from $204.00 to $187.00 and set a “neutral” rating for the company in a research note on Monday, October 7th. Finally, Scotiabank began coverage on shares of Alphabet in a research note on Friday. They issued a “sector outperform” rating and a $212.00 target price for the company. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $186.90.

Alphabet Trading Up 0.8 %

Shares of GOOG stock opened at $164.52 on Friday. The firm has a 50 day moving average price of $162.81 and a two-hundred day moving average price of $169.25. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $2.03 trillion, a PE ratio of 25.23, a price-to-earnings-growth ratio of 1.21 and a beta of 1.04. Alphabet Inc. has a 12-month low of $121.46 and a 12-month high of $193.31.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.04. The firm had revenue of $84.74 billion during the quarter, compared to the consensus estimate of $84.22 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The business’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same period last year, the business posted $1.44 earnings per share. As a group, analysts predict that Alphabet Inc. will post 7.64 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Monday, September 9th were given a dividend of $0.20 per share. The ex-dividend date was Monday, September 9th. This represents a $0.80 annualized dividend and a yield of 0.49%. Alphabet’s dividend payout ratio (DPR) is presently 12.27%.

Insiders Place Their Bets

In other news, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $168.00, for a total transaction of $114,576.00. Following the transaction, the chief accounting officer now directly owns 31,334 shares of the company’s stock, valued at approximately $5,264,112. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $182.84, for a total transaction of $4,113,900.00. Following the transaction, the chief executive officer now directly owns 2,204,885 shares of the company’s stock, valued at approximately $403,141,173.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $168.00, for a total transaction of $114,576.00. Following the transaction, the chief accounting officer now directly owns 31,334 shares in the company, valued at $5,264,112. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 216,092 shares of company stock worth $35,644,136 over the last three months. Insiders own 12.99% 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.