Alphabet Inc. (NASDAQ:GOOG) is Accent Capital Management LLC’s 4th Largest Position

17 Nov 2024, 19:06 by Michael Walen · The Markets Daily

Accent Capital Management LLC increased its position in Alphabet Inc. (NASDAQ:GOOG – Free Report) by 210.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 92,754 shares of the information services provider’s stock after purchasing an additional 62,874 shares during the quarter. Alphabet makes up about 8.9% of Accent Capital Management LLC’s investment portfolio, making the stock its 4th largest holding. Accent Capital Management LLC’s holdings in Alphabet were worth $15,410,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently 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 increased 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 valued at $390,000 after buying an additional 107 shares in the last quarter. Metis Global Partners LLC raised its stake in Alphabet by 1.4% during the third quarter. Metis Global Partners LLC now owns 301,980 shares of the information services provider’s stock valued at $50,488,000 after buying an additional 4,292 shares during the last quarter. Verdence Capital Advisors LLC boosted its holdings in Alphabet by 10.2% in the third quarter. Verdence Capital Advisors LLC now owns 63,545 shares of the information services provider’s stock worth $10,624,000 after acquiring an additional 5,892 shares in the last quarter. Finally, Rosenberg Matthew Hamilton grew its stake in shares of Alphabet by 4.6% in 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 last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on GOOG shares. DA Davidson upgraded shares of Alphabet to a “hold” rating in a research note on Tuesday, September 10th. Seaport Res Ptn upgraded shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 29th. Cantor Fitzgerald raised shares of Alphabet to a “hold” rating in a research report on Thursday, September 5th. Phillip Securities upgraded shares of Alphabet to a “strong-buy” rating in a report on Friday, November 1st. Finally, Barclays increased their target price on Alphabet from $200.00 to $220.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $200.56.

Read Our Latest Stock Analysis on Alphabet

Insider Buying and Selling at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $167.66, for a total transaction of $3,772,350.00. Following the completion of the sale, the chief executive officer now owns 2,159,885 shares of the company’s stock, valued at approximately $362,126,319.10. The trade was a 1.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider John Kent Walker sold 21,467 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $160.35, for a total value of $3,442,233.45. Following the sale, the insider now directly owns 39,334 shares of the company’s stock, valued at $6,307,206.90. This represents a 35.31 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 206,795 shares of company stock valued at $34,471,141. Company insiders own 12.99% of the company’s stock.

Alphabet Stock Down 2.0 %

Alphabet stock opened at $173.89 on Friday. The stock has a market cap of $2.13 trillion, a PE ratio of 23.06, a price-to-earnings-growth ratio of 1.22 and a beta of 1.04. 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 one year low of $129.40 and a one year high of $193.31. The stock has a fifty day moving average of $167.01 and a 200 day moving average of $171.70.

Alphabet (NASDAQ:GOOG – Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $86.39 billion. During the same quarter in the prior year, the business earned $1.55 earnings per share. Alphabet’s revenue for the quarter was up 15.1% compared to the same quarter last year. As a group, sell-side analysts predict that Alphabet Inc. will post 7.99 EPS for the current year.

Alphabet Announces Dividend

The business 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 annualized dividend and a yield of 0.46%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s dividend payout ratio is presently 10.61%.

Alphabet Company Profile

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