BIP Wealth LLC Sells 199 Shares of Alphabet Inc. (NASDAQ:GOOG)

BIP Wealth LLC lessened its position in Alphabet Inc. (NASDAQ:GOOG) by 2.7% during the third quarter, Holdings Channel.com reports. The fund owned 7,305 shares of the information services provider’s stock after selling 199 shares during the period. BIP Wealth LLC’s holdings in Alphabet were worth $1,221,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Abich Financial Wealth Management LLC increased its holdings in Alphabet by 9,200.0% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock valued at $34,000 after purchasing an additional 184 shares during the period. 1620 Investment Advisors Inc. bought a new stake in shares of Alphabet in the 2nd quarter worth approximately $37,000. HWG Holdings LP purchased a new position in shares of Alphabet during the second quarter valued at approximately $40,000. Sanctuary Wealth Management L.L.C. raised its holdings in Alphabet by 87.3% in the 3rd quarter. Sanctuary Wealth Management L.L.C. now owns 251 shares of the information services provider’s stock worth $42,000 after purchasing an additional 117 shares in the last quarter. Finally, Slocum Gordon & Co LLP purchased a new stake in Alphabet in the second quarter worth about $44,000. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Insider Activity at Alphabet

In other Alphabet news, insider John Kent Walker sold 21,467 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $160.35, for a total transaction 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. The trade was a 35.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction 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 sale, the chief executive officer now owns 2,159,885 shares in the company, valued at $362,126,319.10. The trade was a 1.03 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 206,795 shares of company stock valued at $34,471,141. 12.99% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently commented on GOOG shares. Wells Fargo & Company boosted their target price on shares of Alphabet from $182.00 to $187.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Canaccord Genuity Group lifted their price objective on Alphabet from $220.00 to $225.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Cantor Fitzgerald raised Alphabet to a “hold” rating in a research note on Thursday, September 5th. Oppenheimer increased their price objective on shares of Alphabet from $185.00 to $215.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Finally, Jefferies Financial Group lifted their target price on shares of Alphabet from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Alphabet has an average rating of “Moderate Buy” and a consensus price target of $200.56.

Alphabet Stock Up 1.7 %

GOOG opened at $176.80 on Tuesday. The firm’s 50 day simple moving average is $167.56 and its two-hundred day simple moving average is $171.80. The company has a market capitalization of $2.16 trillion, a PE ratio of 23.45, a PEG ratio of 1.22 and a beta of 1.04. Alphabet Inc. has a 1-year low of $129.40 and a 1-year high of $193.31. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOG) last announced 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. The company had revenue of $88.27 billion for 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%. Alphabet’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period last year, the firm earned $1.55 EPS. As a group, equities analysts forecast that Alphabet Inc. will post 7.99 EPS for the current year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be paid a $0.20 dividend. The ex-dividend date is Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a yield of 0.45%. Alphabet’s payout ratio is presently 10.61%.

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.