Prossimo Advisors LLC Boosts Stake in Alphabet Inc. (NASDAQ:GOOG)

Prossimo Advisors LLC boosted its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 2.9% in the third quarter, Holdings Channel reports. The fund owned 5,621 shares of the information services provider’s stock after purchasing an additional 161 shares during the quarter. Prossimo Advisors LLC’s holdings in Alphabet were worth $940,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently bought and sold shares of the company. Campbell Capital Management Inc. increased its position in Alphabet by 0.8% during the third quarter. Campbell Capital Management Inc. now owns 182,474 shares of the information services provider’s stock valued at $30,508,000 after acquiring an additional 1,461 shares during the last quarter. Pure Financial Advisors LLC increased its position in Alphabet by 3.9% during the third quarter. Pure Financial Advisors LLC now owns 18,772 shares of the information services provider’s stock valued at $3,138,000 after acquiring an additional 700 shares during the last quarter. Arcadia Investment Management Corp MI increased its position in Alphabet by 7.3% during the third quarter. Arcadia Investment Management Corp MI now owns 49,361 shares of the information services provider’s stock valued at $8,253,000 after acquiring an additional 3,376 shares during the last quarter. New Covenant Trust Company N.A. increased its position in Alphabet by 49.7% during the third quarter. New Covenant Trust Company N.A. now owns 5,220 shares of the information services provider’s stock valued at $863,000 after acquiring an additional 1,732 shares during the last quarter. Finally, Janney Capital Management LLC increased its position in Alphabet by 18.2% during the third quarter. Janney Capital Management LLC now owns 13,456 shares of the information services provider’s stock valued at $2,250,000 after acquiring an additional 2,069 shares during the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Alphabet Price Performance

Shares of Alphabet stock opened at $172.65 on Friday. The stock has a 50 day moving average of $163.81 and a 200 day moving average of $170.53. Alphabet Inc. has a 12 month low of $128.11 and a 12 month high of $193.31. The firm has a market cap of $2.13 trillion, a PE ratio of 22.90, a PEG ratio of 1.24 and a beta of 1.04. The company has a current ratio of 1.95, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results 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 analyst estimates of $86.39 billion. During the same period in the prior year, the company earned $1.55 earnings per share. The firm’s revenue was up 15.1% on a year-over-year basis. On average, research analysts expect that Alphabet Inc. will post 7.89 EPS for the current fiscal year.

Alphabet Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s payout ratio is presently 10.61%.

Insider Activity

In other news, SVP Prabhakar Raghavan sold 34,257 shares of the firm’s 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 sale, the senior vice president now directly owns 312,210 shares of the company’s stock, valued at $50,765,346. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, SVP Prabhakar Raghavan sold 34,257 shares of the firm’s 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 sale, the senior vice president now directly owns 312,210 shares of the company’s stock, valued at $50,765,346. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $160.44, for a total value of $109,420.08. Following the completion of the sale, the chief accounting officer now owns 32,017 shares in the company, valued at approximately $5,136,807.48. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 230,244 shares of company stock valued at $37,776,954 in the last ninety days. Insiders own 12.99% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on GOOG. Jefferies Financial Group upped their price objective on Alphabet from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday. Seaport Res Ptn upgraded Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 29th. Scotiabank assumed coverage on Alphabet in a research report on Friday, October 11th. They issued a “sector outperform” rating and a $212.00 price target for the company. JPMorgan Chase & Co. upped their price target on Alphabet from $208.00 to $212.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Wells Fargo & Company upped their price target on Alphabet from $182.00 to $187.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Alphabet currently has a consensus rating of “Moderate Buy” and an average target price of $200.56.

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.