Bridges Investment Management Inc. Sells 31,620 Shares of Alphabet Inc. (NASDAQ:GOOG)

Bridges Investment Management Inc. trimmed its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 7.2% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 406,746 shares of the information services provider’s stock after selling 31,620 shares during the quarter. Bridges Investment Management Inc.’s holdings in Alphabet were worth $68,004,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Abich Financial Wealth Management LLC boosted its position in shares of Alphabet by 9,200.0% in the second 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. purchased a new position in shares of Alphabet during the 2nd quarter valued at $37,000. HWG Holdings LP bought a new position in Alphabet in the 2nd quarter worth $40,000. Slocum Gordon & Co LLP purchased a new stake in Alphabet in the 2nd quarter worth $44,000. Finally, Hoese & Co LLP raised its holdings in Alphabet by 62.5% during the second quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock valued at $45,000 after acquiring an additional 100 shares during the period. 27.26% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on GOOG shares. Cantor Fitzgerald upgraded Alphabet to a “hold” rating in a research report on Thursday, September 5th. Wells Fargo & Company lifted their price objective on shares of Alphabet from $182.00 to $187.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Jefferies Financial Group upped their target price on shares of Alphabet from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Canaccord Genuity Group lifted 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. Finally, DA Davidson raised shares of Alphabet to a “hold” rating in a report on Tuesday, September 10th. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $200.56.

Alphabet Stock Performance

NASDAQ:GOOG opened at $179.86 on Friday. The firm has a market capitalization of $2.20 trillion, a PE ratio of 23.85, a PEG ratio of 1.25 and a beta of 1.04. The stock’s fifty day moving average is $164.92 and its 200 day moving average is $171.12. Alphabet Inc. has a fifty-two week low of $129.40 and a fifty-two week high of $193.31. 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 (NASDAQ:GOOG) last released its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.29. The firm had revenue of $88.27 billion during the quarter, compared to analyst estimates of $86.39 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The business’s revenue was up 15.1% on a year-over-year basis. During the same quarter last year, the business earned $1.55 EPS. On average, sell-side analysts anticipate that Alphabet Inc. will post 7.99 earnings per share for the current year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders 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 annualized dividend and a dividend yield of 0.44%. Alphabet’s payout ratio is 10.61%.

Insider Buying and Selling

In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $160.44, for a total value of $109,420.08. Following the transaction, the chief accounting officer now owns 32,017 shares of the company’s stock, valued at $5,136,807.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $160.44, for a total value of $109,420.08. Following the transaction, the chief accounting officer now directly owns 32,017 shares in the company, valued at $5,136,807.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $167.66, for a total transaction of $3,772,350.00. Following the transaction, the chief executive officer now directly owns 2,159,885 shares in the company, valued at approximately $362,126,319.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 242,552 shares of company stock valued at $40,287,253. Insiders own 12.99% of the company’s stock.

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.