Alphabet Inc. (NASDAQ:GOOG) Shares Sold by Linscomb Wealth Inc.

15 Nov 2024, 15:24 by Jessica Moore · The Cerbat Gem

Linscomb Wealth Inc. cut its holdings in Alphabet Inc. (NASDAQ:GOOG – Free Report) by 5.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 55,638 shares of the information services provider’s stock after selling 3,348 shares during the quarter. Linscomb Wealth Inc.’s holdings in Alphabet were worth $9,302,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. M&G PLC purchased a new position in shares of Alphabet in the 3rd quarter valued at approximately $2,240,000. Colonial River Wealth Management LLC raised its position in Alphabet by 5.3% during the 2nd quarter. Colonial River Wealth Management LLC now owns 2,126 shares of the information services provider’s stock worth $390,000 after buying an additional 107 shares during the last quarter. Metis Global Partners LLC lifted its stake in shares of Alphabet by 1.4% in the 3rd quarter. Metis Global Partners LLC now owns 301,980 shares of the information services provider’s stock worth $50,488,000 after acquiring an additional 4,292 shares during the period. Verdence Capital Advisors LLC boosted its holdings in shares of Alphabet by 10.2% in the third quarter. Verdence Capital Advisors LLC now owns 63,545 shares of the information services provider’s stock valued at $10,624,000 after acquiring an additional 5,892 shares in the last quarter. Finally, Rosenberg Matthew Hamilton increased its stake in shares of Alphabet by 4.6% during the second quarter. Rosenberg Matthew Hamilton now owns 11,366 shares of the information services provider’s stock worth $2,097,000 after acquiring an additional 498 shares during the period. 27.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on GOOG shares. Citigroup lifted their price objective on Alphabet from $212.00 to $216.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Barclays upped their price objective on Alphabet from $200.00 to $220.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Jefferies Financial Group raised their target price on Alphabet from $220.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Phillip Securities upgraded shares of Alphabet to a “strong-buy” rating in a research note on Friday, November 1st. Finally, Cantor Fitzgerald upgraded shares of Alphabet to a “hold” rating in a research report on Thursday, September 5th. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $200.56.

Check Out Our Latest Analysis on Alphabet

Insider Activity at Alphabet

In other Alphabet news, insider John Kent Walker sold 21,467 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $160.35, for a total value of $3,442,233.45. Following the transaction, the insider now directly owns 39,334 shares of the company’s stock, valued at $6,307,206.90. This trade represents a 35.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Amie Thuener O’toole sold 2,835 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total value of $429,587.55. Following the completion of the sale, the chief accounting officer now directly owns 29,182 shares of the company’s stock, valued at $4,421,948.46. The trade was a 8.85 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 206,795 shares of company stock worth $34,471,141. 12.99% of the stock is owned by insiders.

Alphabet Trading Down 1.6 %

NASDAQ GOOG traded down $2.92 during trading hours on Friday, hitting $174.43. 4,436,319 shares of the company’s stock were exchanged, compared to its average volume of 19,505,277. The business’s 50 day moving average is $166.58 and its 200-day moving average is $171.61. 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 Inc. has a 12-month low of $129.40 and a 12-month high of $193.31. The firm has a market capitalization of $2.14 trillion, a P/E ratio of 23.25, a price-to-earnings-growth ratio of 1.27 and a beta of 1.04.

Alphabet (NASDAQ:GOOG – Get Free Report) last released its earnings results 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. The firm had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $86.39 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. Alphabet’s revenue was up 15.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.55 earnings per share. As a group, analysts anticipate that Alphabet Inc. will post 7.99 EPS for the current fiscal year.

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.46%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s dividend payout ratio (DPR) is currently 10.61%.

Alphabet Profile

(Free Report)