NorthRock Partners LLC Reduces Stake in Alphabet Inc. (NASDAQ:GOOG)

NorthRock Partners LLC has reduced its investment in Alphabet Inc. (NASDAQ:GOOG) by 44.9% during the third quarter. This information was disclosed in its latest filing with the Securities and Exchange Commission (SEC). After the sale of 11,377 shares during the quarter, the fund now holds 13,966 shares, valued at approximately $2.34 million.

Other Institutional Investors Adjust Their Holdings

Recently, several other institutional investors have also made changes to their positions in Alphabet. For instance, Colonial River Wealth Management LLC boosted its holdings in Alphabet by 5.3% during the second quarter, now owning 2,126 shares worth around $390,000 after acquiring an additional 107 shares. Additionally, Rosenberg Matthew Hamilton increased its stake by 4.6%, owning 11,366 shares valued at $2.1 million after purchasing 498 more shares. Further, Handelsbanken Fonder AB also raised its stake in Alphabet by 4.6% during the third quarter, amassing a total of 2,628,176 shares worth approximately $439.4 million after an additional purchase of 115,716 shares. TSA Wealth Management LLC bought a new stake valued at about $206,000 during the second quarter, while RAM Investment Partners LLC increased its position by 6.0%. Institutional investors and hedge funds collectively hold about 27.26% of Alphabet's stock.

Analysts' Predictions for Alphabet

Wall Street analysts have forecasted growth for Alphabet. Cantor Fitzgerald moved its rating to a "hold" on September 5, while Jefferies Financial Group increased its price target from $220.00 to $235.00 and maintained a "buy" rating. On the same note, JPMorgan Chase & Co. lifted their target from $208.00 to $212.00 with an "overweight" rating. Scotiabank initiated coverage on Alphabet with a "sector outperform" rating and a target of $212.00. UBS Group also raised its target from $187.00 to $192.00, giving Alphabet a "neutral" rating. Overall, the stock has received five hold ratings, thirteen buy ratings, and three strong buy ratings from analysts, resulting in an average target price of $200.56 and a consensus rating of "Moderate Buy" according to MarketBeat.com.

Alphabet's Stock Performance

As of Wednesday, Alphabet's shares were priced at $171.41. The company has a 50-day moving average of $163.97 and a 200-day moving average of $170.83. Alphabet's stock has seen a 12-month low of $129.40 and a high of $193.31. With a market capitalization valued at $2.11 trillion, the company has a P/E ratio of 22.73 and a P/E/G ratio of 1.22.

Recent Earnings Report

Alphabet released its quarterly earnings on October 29, reporting $2.12 earnings per share, surpassing analysts' expectations of $1.83 by $0.29. With a total revenue of $88.27 billion, this exceeded analyst estimates of $86.39 billion, showcasing a 15.1% increase compared to the same quarter last year. Analysts project that Alphabet will post $7.97 earnings per share for the current fiscal year.

Dividend Announcement

The company recently announced a quarterly dividend of $0.20 per share, set to be paid on December 16, with the ex-dividend date being December 9. This dividend represents an annualized payout of $0.80, yielding 0.47%. Currently, Alphabet's dividend payout ratio stands at 10.61%.

Insider Transactions

In insider news, Director Frances Arnold sold 441 shares of Alphabet on November 4, fetching an average price of $171.06, amounting to $75,437.46. Following this sale, Arnold holds 16,490 shares now valued at approximately $2.82 million. Additionally, Director John L. Hennessy sold 800 shares on August 12 for around $130,424. Over the last ninety days, insiders have sold a total of 209,552 shares for a value exceeding $34 million, with insiders currently owning 12.99% of the total stock.

About Alphabet Inc.

Alphabet Inc. operates through diverse segments, including Google Services, Google Cloud, and Other Bets. It provides a variety of products and services such as advertising, Android, Chrome, Gmail, Google Maps, YouTube, and more, catering to audiences across the globe.

Investment, Shares, Earnings