Foundation Wealth Management LLC Trims Stock Position in Alphabet Inc. (NASDAQ:GOOG)

Foundation Wealth Management LLC trimmed its position in Alphabet Inc. (NASDAQ:GOOG) by 4.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,703 shares of the information services provider’s stock after selling 167 shares during the quarter. Alphabet comprises 0.5% of Foundation Wealth Management LLC’s investment portfolio, making the stock its 24th biggest position. Foundation Wealth Management LLC’s holdings in Alphabet were worth $619,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. China Universal Asset Management Co. Ltd. raised its stake in shares of Alphabet by 360.1% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 20,249 shares of the information services provider’s stock valued at $3,083,000 after acquiring an additional 15,848 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in Alphabet by 50.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,918,113 shares of the information services provider’s stock worth $596,572,000 after purchasing an additional 1,308,691 shares in the last quarter. Oak Ridge Investments LLC lifted its stake in Alphabet by 4.6% during the first quarter. Oak Ridge Investments LLC now owns 187,229 shares of the information services provider’s stock worth $28,508,000 after purchasing an additional 8,201 shares in the last quarter. TKG Advisors LLC boosted its position in shares of Alphabet by 12.3% during the first quarter. TKG Advisors LLC now owns 32,237 shares of the information services provider’s stock worth $4,908,000 after buying an additional 3,533 shares during the period. Finally, Blue Trust Inc. grew its holdings in shares of Alphabet by 9.9% in the first quarter. Blue Trust Inc. now owns 19,005 shares of the information services provider’s stock valued at $2,894,000 after purchasing an additional 1,712 shares in the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on GOOG. Pivotal Research raised their price target on shares of Alphabet from $215.00 to $225.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Wolfe Research raised Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. JPMorgan Chase & Co. increased their price target on Alphabet from $208.00 to $212.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Citigroup boosted their price objective on Alphabet from $212.00 to $216.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, Jefferies Financial Group upped their price objective on shares of Alphabet from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Five investment 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’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $200.56.

Insider Transactions at Alphabet

In related 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 sale, the chief accounting officer now directly owns 29,182 shares in the company, valued at $4,421,948.46. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CAO Amie Thuener O’toole sold 2,835 shares of the firm’s stock in a transaction dated 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 owns 29,182 shares in the company, valued at $4,421,948.46. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $162.35, for a total transaction of $3,652,875.00. Following the sale, the chief executive officer now directly owns 2,182,385 shares in the company, valued at approximately $354,310,204.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 230,244 shares of company stock valued at $37,776,954. Corporate insiders own 12.99% of the company’s stock.

Alphabet Price Performance

Shares of NASDAQ GOOG opened at $172.65 on Monday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 2.08. The company has a market cap of $2.13 trillion, a PE ratio of 22.90, a P/E/G ratio of 1.24 and a beta of 1.04. The stock has a fifty day moving average price of $163.81 and a 200 day moving average price of $170.63. Alphabet Inc. has a 1-year low of $128.11 and a 1-year high of $193.31.

Alphabet (NASDAQ:GOOG) last released its earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, topping 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 company had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $86.39 billion. During the same quarter last year, the business earned $1.55 EPS. The business’s revenue was up 15.1% on a year-over-year basis. Sell-side analysts forecast that Alphabet Inc. will post 7.89 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.46%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s payout ratio is 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.