Spinnaker Investment Group LLC Reduces Stock Position in Alphabet Inc. (NASDAQ:GOOG)

Spinnaker Investment Group LLC decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 4.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,280 shares of the information services provider’s stock after selling 100 shares during the quarter. Spinnaker Investment Group LLC’s holdings in Alphabet were worth $381,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Accredited Investors Inc. increased its holdings in Alphabet by 1.0% during the 3rd quarter. Accredited Investors Inc. now owns 29,246 shares of the information services provider’s stock worth $4,890,000 after acquiring an additional 302 shares during the period. Schneider Downs Wealth Management Advisors LP grew its position in shares of Alphabet by 41.8% during the 3rd quarter. Schneider Downs Wealth Management Advisors LP now owns 4,941 shares of the information services provider’s stock valued at $826,000 after purchasing an additional 1,457 shares in the last quarter. South Street Advisors LLC increased its holdings in shares of Alphabet by 12.3% in the third quarter. South Street Advisors LLC now owns 5,465 shares of the information services provider’s stock worth $914,000 after purchasing an additional 600 shares during the period. Heritage Investment Group Inc. raised its position in shares of Alphabet by 166.0% in the third quarter. Heritage Investment Group Inc. now owns 4,812 shares of the information services provider’s stock worth $805,000 after buying an additional 3,003 shares in the last quarter. Finally, RIA Advisory Group LLC purchased a new stake in shares of Alphabet in the third quarter worth $323,000. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Alphabet Trading Down 2.0 %

NASDAQ:GOOG opened at $173.89 on Friday. The firm has a market capitalization of $2.13 trillion, a P/E ratio of 23.06, a P/E/G ratio of 1.22 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. The company has a fifty day moving average of $167.01 and a 200 day moving average of $171.70. Alphabet Inc. has a 52 week low of $129.40 and a 52 week high of $193.31.

Alphabet (NASDAQ:GOOG) last issued 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. The firm had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $86.39 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The company’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.55 earnings per share. On average, research analysts predict that Alphabet Inc. will post 7.99 earnings per share for the current year.

Alphabet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be issued a $0.20 dividend. 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 dividend payout ratio (DPR) is currently 10.61%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Pivotal Research upped their target price on Alphabet from $215.00 to $225.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Oppenheimer boosted their price objective on Alphabet from $185.00 to $215.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. DA Davidson raised shares of Alphabet to a “hold” rating in a research note on Tuesday, September 10th. Canaccord Genuity Group boosted their price target on shares of Alphabet from $220.00 to $225.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Scotiabank initiated coverage on shares of Alphabet in a report on Friday, October 11th. They issued a “sector outperform” rating and a $212.00 price target on the stock. Five analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Alphabet currently has an average rating of “Moderate Buy” and a consensus target price of $200.56.

Insider Activity

In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $160.44, for a total transaction of $109,420.08. Following the sale, the chief accounting officer now directly owns 32,017 shares of the company’s stock, valued at approximately $5,136,807.48. The trade was a 2.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kavitark Ram Shriram sold 10,500 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $180.78, for a total value of $1,898,190.00. Following the completion of the transaction, the director now directly owns 330,466 shares of the company’s stock, valued at $59,741,643.48. This represents a 3.08 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 206,795 shares of company stock valued at $34,471,141. Company 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.