Prudent Investors Network Inc. Raises Stake in Alphabet Inc. (NASDAQ:GOOG)

Prudent Investors Network Inc. raised its stake in Alphabet Inc. (NASDAQ:GOOG) by 71.9% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 2,488 shares of the information services provider’s stock after buying an additional 1,041 shares during the period. Prudent Investors Network Inc.’s holdings in Alphabet were worth $416,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in GOOG. Abich Financial Wealth Management LLC grew its holdings in shares of 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 worth $34,000 after purchasing an additional 184 shares during the period. 1620 Investment Advisors Inc. acquired a new position in Alphabet during the 2nd quarter worth about $37,000. HWG Holdings LP acquired a new position in Alphabet during the 2nd quarter worth about $40,000. Slocum Gordon & Co LLP acquired a new position in Alphabet during the 2nd quarter worth about $44,000. Finally, Hoese & Co LLP lifted its stake in Alphabet by 62.5% during the 2nd quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock worth $45,000 after acquiring an additional 100 shares in the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 2,835 shares of Alphabet stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total value of $429,587.55. Following the transaction, the chief accounting officer now directly owns 29,182 shares in the company, valued at approximately $4,421,948.46. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Frances Arnold sold 441 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $171.06, for a total value of $75,437.46. Following the completion of the sale, the director now directly owns 16,490 shares of the company’s stock, valued at $2,820,779.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Amie Thuener O’toole sold 2,835 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total value of $429,587.55. Following the completion of the sale, the chief accounting officer now directly owns 29,182 shares of the company’s stock, valued at $4,421,948.46. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 232,052 shares of company stock worth $38,424,448. 12.99% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on GOOG shares. Canaccord Genuity Group increased their target price on Alphabet from $220.00 to $225.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Wells Fargo & Company increased their target price on Alphabet from $182.00 to $187.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Scotiabank initiated coverage on Alphabet in a research note on Friday, October 11th. They set a “sector outperform” rating and a $212.00 target price on the stock. Seaport Res Ptn raised Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 29th. Finally, Cantor Fitzgerald raised Alphabet to a “hold” rating in a research report on Thursday, September 5th. Five research 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. According to MarketBeat.com, Alphabet currently has a consensus rating of “Moderate Buy” and a consensus target price of $200.56.

Alphabet Trading Up 4.0 %

NASDAQ:GOOG opened at $178.33 on Thursday. The stock’s 50 day moving average price is $164.24 and its 200 day moving average price is $170.89. The company has a market capitalization of $2.20 trillion, a PE ratio of 23.65, a P/E/G ratio of 1.20 and a beta of 1.04. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.04. Alphabet Inc. has a 52-week low of $129.40 and a 52-week high of $193.31.

Alphabet (NASDAQ:GOOG) last released 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. The firm had revenue of $88.27 billion for the quarter, compared to the consensus estimate of $86.39 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The firm’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.55 EPS. On average, research analysts anticipate that Alphabet Inc. will post 7.97 EPS for the current year.

Alphabet Announces Dividend

The business also recently announced 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 of this dividend is Monday, December 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.45%. Alphabet’s dividend payout ratio (DPR) is currently 10.61%.

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.