Alphabet Inc. (NASDAQ:GOOG) is Fred Alger Management LLC’s 10th Largest Position

Fred Alger Management LLC reduced its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 19.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,248,986 shares of the information services provider’s stock after selling 557,859 shares during the period. Alphabet accounts for about 1.8% of Fred Alger Management LLC’s investment portfolio, making the stock its 10th largest holding. Fred Alger Management LLC’s holdings in Alphabet were worth $376,008,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in GOOG. FMR LLC lifted its stake in shares of Alphabet by 5.2% in the third quarter. FMR LLC now owns 114,802,133 shares of the information services provider’s stock worth $19,193,768,000 after buying an additional 5,655,022 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Alphabet by 10.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,334,082 shares of the information services provider’s stock worth $5,573,125,000 after acquiring an additional 3,113,395 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in Alphabet by 65.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 6,294,332 shares of the information services provider’s stock valued at $1,052,349,000 after acquiring an additional 2,500,621 shares in the last quarter. Granite Bay Wealth Management LLC boosted its stake in Alphabet by 6,610.0% during the 2nd quarter. Granite Bay Wealth Management LLC now owns 1,769,160 shares of the information services provider’s stock valued at $301,312,000 after purchasing an additional 1,742,794 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its holdings in shares of Alphabet by 27.8% in the 2nd quarter. Canada Pension Plan Investment Board now owns 7,499,245 shares of the information services provider’s stock worth $1,375,512,000 after purchasing an additional 1,632,691 shares in the last quarter. Institutional investors own 27.26% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $176.67, for a total value of $3,975,075.00. Following the transaction, the chief executive officer now owns 2,061,806 shares of the company’s stock, valued at approximately $364,259,266.02. The trade was a 1.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing 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 on Tuesday, September 3rd. The shares were sold at an average price of $160.44, for a total transaction of $109,420.08. Following the transaction, the chief accounting officer now directly owns 32,017 shares of the company’s stock, valued at $5,136,807.48. The trade was a 2.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 206,795 shares of company stock worth $34,673,866 in the last three months. 12.99% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on GOOG shares. DA Davidson raised Alphabet to a “hold” rating in a report on Tuesday, September 10th. Canaccord Genuity Group raised their price target on shares of Alphabet from $220.00 to $225.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Citigroup boosted their price objective on shares of Alphabet from $212.00 to $216.00 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 report on Friday, November 1st. Finally, Seaport Res Ptn raised shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 29th. Five investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and a consensus target price of $200.56.

Alphabet Stock Performance

GOOG opened at $170.82 on Friday. The company has a 50 day simple moving average of $169.86 and a two-hundred day simple moving average of $171.84. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95. The firm has a market cap of $2.09 trillion, a P/E ratio of 22.66, a PEG ratio of 1.19 and a beta of 1.04. Alphabet Inc. has a 1-year low of $129.40 and a 1-year high of $193.31.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping 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 business had revenue of $88.27 billion during the quarter, compared to analyst estimates of $86.39 billion. During the same quarter in the prior year, the business posted $1.55 EPS. Alphabet’s revenue for the quarter was up 15.1% compared to the same quarter last year. Equities analysts forecast that Alphabet Inc. will post 8.02 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be issued 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 0.47%. Alphabet’s dividend payout ratio is presently 10.61%.

Alphabet 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.