Westside Investment Management Inc. Decreases Stake in Alphabet Inc. (NASDAQ:GOOGL)

Westside Investment Management Inc. reduced its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 0.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 42,560 shares of the information services provider’s stock after selling 212 shares during the quarter. Alphabet accounts for 1.5% of Westside Investment Management Inc.’s portfolio, making the stock its 13th biggest holding. Westside Investment Management Inc.’s holdings in Alphabet were worth $7,081,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Schear Investment Advisers LLC raised its stake in Alphabet by 17.0% during the 3rd quarter. Schear Investment Advisers LLC now owns 33,751 shares of the information services provider’s stock valued at $5,598,000 after buying an additional 4,905 shares during the last quarter. Trinity Financial Advisors LLC grew its holdings in shares of Alphabet by 4.5% in the third quarter. Trinity Financial Advisors LLC now owns 4,423 shares of the information services provider’s stock worth $771,000 after acquiring an additional 190 shares during the period. Landscape Capital Management L.L.C. increased its position in Alphabet by 27.9% during the third quarter. Landscape Capital Management L.L.C. now owns 25,275 shares of the information services provider’s stock valued at $4,192,000 after acquiring an additional 5,516 shares during the last quarter. abrdn plc lifted its holdings in Alphabet by 10.7% in the third quarter. abrdn plc now owns 6,305,717 shares of the information services provider’s stock valued at $1,037,196,000 after acquiring an additional 611,233 shares during the period. Finally, StoneCrest Wealth Management Inc. boosted its position in Alphabet by 0.7% in the third quarter. StoneCrest Wealth Management Inc. now owns 21,509 shares of the information services provider’s stock worth $3,567,000 after purchasing an additional 140 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Alphabet Stock Down 3.6 %

Alphabet stock opened at $188.40 on Thursday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.95 and a current ratio of 1.95. Alphabet Inc. has a fifty-two week low of $130.66 and a fifty-two week high of $201.42. The company has a market cap of $2.31 trillion, a PE ratio of 24.99, a PEG ratio of 1.39 and a beta of 1.01. The business’s 50-day simple moving average is $173.46 and its two-hundred day simple moving average is $171.09.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, beating the consensus estimate of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The business had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $72.85 billion. During the same period in the previous year, the business posted $1.55 EPS. Equities analysts anticipate that Alphabet Inc. will post 8.01 EPS for the current year.

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 9th were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.42%. Alphabet’s payout ratio is 10.61%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on GOOGL. BMO Capital Markets reiterated an “outperform” rating and issued a $217.00 price objective (up previously from $215.00) on shares of Alphabet in a research note on Wednesday, October 30th. Morgan Stanley increased their price target on shares of Alphabet from $190.00 to $205.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Piper Sandler reissued an “overweight” rating and set a $210.00 price objective (up previously from $200.00) on shares of Alphabet in a research report on Wednesday, October 30th. Loop Capital raised their target price on Alphabet from $170.00 to $185.00 and gave the stock a “hold” rating in a report on Wednesday, November 6th. Finally, JMP Securities boosted their price target on Alphabet from $200.00 to $220.00 and gave the company a “market outperform” rating in a report on Wednesday, October 30th. Seven equities research analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $206.69.

Insider Buying and Selling

In related news, Director John L. Hennessy sold 1,500 shares of Alphabet stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $164.95, for a total value of $247,425.00. Following the completion of the transaction, the director now owns 26,324 shares in the company, valued at $4,342,143.80. The trade was a 5.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 2,834 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $197.55, for a total value of $559,856.70. Following the transaction, the chief accounting officer now owns 20,681 shares in the company, valued at $4,085,531.55. This represents a 12.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 178,957 shares of company stock valued at $31,358,687 over the last ninety days. Company insiders own 11.55% of the company’s stock.

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.