5,581 Alphabet Inc. $GOOGL Shares Purchased by Focused Wealth Management Inc

Key Points

• Focused Wealth Management increased its Alphabet stake by 10.8%, buying 5,581 shares in the third quarter to reach 57,239 shares worth about $19.7 million.
• Alphabet’s latest quarter fell short of expectations: earnings were $2.12 per share versus the $3.02 consensus, while revenue of $127.58 billion was slightly below estimates.
• Analysts maintain a consensus “Buy” rating with an average price target of $412.51; Alphabet also announced a quarterly dividend of $0.22 per share.

Focused Wealth Management Inc grew its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 10.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 57,239 shares of the information services provider's stock after acquiring an additional 5,581 shares during the quarter. Alphabet comprises 1.7% of Focused Wealth Management Inc's portfolio, making the stock its 10th biggest position. Focused Wealth Management Inc's holdings in Alphabet were worth $19,695,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Strategic Wealth Advisors LLC grew its holdings in shares of Alphabet by 6.0% during the 1st quarter. Strategic Wealth Advisors LLC now owns 477 shares of the information services provider's stock worth $137,000 after purchasing an additional 27 shares during the period. Rockbridge Investment Management LCC lifted its position in Alphabet by 0.5% during the first quarter. Rockbridge Investment Management LCC now owns 5,460 shares of the information services provider's stock valued at $1,570,000 after buying an additional 27 shares in the last quarter. Ruggaard & Associates LLC lifted its position in Alphabet by 0.9% during the first quarter. Ruggaard & Associates LLC now owns 2,921 shares of the information services provider's stock valued at $840,000 after buying an additional 27 shares in the last quarter. Cadia Private Client LLC grew its stake in Alphabet by 1.1% during the first quarter. Cadia Private Client LLC now owns 2,589 shares of the information services provider's stock worth $744,000 after buying an additional 28 shares during the period. Finally, Evansbrook LLC grew its stake in Alphabet by 0.3% during the first quarter. Evansbrook LLC now owns 9,522 shares of the information services provider's stock worth $2,738,000 after buying an additional 28 shares during the period. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Alphabet

In other news, Director Frances Arnold sold 83 shares of Alphabet stock in a transaction dated Wednesday, September 30th. The stock was sold at an average price of $340.45, for a total transaction of $28,257.35. Following the sale, the director directly owned 19,076 shares of the company's stock, valued at approximately $6,494,424.20. The trade was a 0.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 247 shares of company stock worth $79,238 in the last three months. 11.61% of the stock is owned by company insiders.

Alphabet Trading Up 1.8%

NASDAQ GOOGL opened at $298.70 on Friday. The company's fifty day simple moving average is $329.12 and its 200-day simple moving average is $338.21. Alphabet Inc. has a 52 week low of $270.70 and a 52 week high of $408.61. The company has a current ratio of 2.79, a quick ratio of 2.69 and a debt-to-equity ratio of 0.19. The stock has a market cap of $3.67 trillion, a P/E ratio of 15.59, a PEG ratio of 0.88 and a beta of 1.23.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings results on Wednesday, October 28th. The information services provider reported $2.12 earnings per share for the quarter, missing analysts' consensus estimates of $3.02 by ($0.90). The firm had revenue of $127.58 billion for the quarter, compared to analyst estimates of $127.96 billion. Alphabet had a net margin of 50.03% and a return on equity of 43.33%. Equities research analysts predict that Alphabet Inc. will post 19.81 EPS for the current fiscal year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 14th. Stockholders of record on Monday, December 7th will be paid a dividend of $0.22 per share. The ex-dividend date is Monday, December 7th. This represents a $0.88 annualized dividend and a dividend yield of 0.3%. Alphabet's dividend payout ratio (DPR) is currently 4.59%.

Wall Street Analyst Weigh In

GOOGL has been the subject of several recent research reports. Truist Financial dropped their price objective on shares of Alphabet from $420.00 to $410.00 and set a "buy" rating for the company in a research report on Thursday, October 29th. Wall Street Zen lowered shares of Alphabet from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Susquehanna decreased their price target on shares of Alphabet from $460.00 to $400.00 and set a "positive" rating for the company in a research report on Thursday, October 29th. Moffett Nathanson set a $345.00 price target on Alphabet in a report on Thursday, October 29th. Finally, Wedbush cut their price objective on Alphabet from $445.00 to $387.00 and set an "outperform" rating on the stock in a research report on Thursday, October 29th. Five equities research analysts have rated the stock with a Strong Buy rating, forty-five have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $412.51.

Alphabet News Summary

These are some of the GOOGL news items that stood out recently:

• Positive Sentiment: Nvidia CEO Jensen Huang’s reported departure has put a spotlight on alternatives to Nvidia. Alphabet’s expanding TPU business could help it compete for AI workloads and gain market share, while its Google Cloud infrastructure also uses AMD processors. Why Alphabet Stock Was Moving Higher Today
• Positive Sentiment: An economist cited Alphabet’s search distribution, advertising business and ability to generate cash as reasons it may be well-positioned despite the AI sell-off. The view supports the case that established customer reach can help the company monetize AI. Is It Too Late to Buy the Dip? 3 Corners of the Market Still Offering Real Value
• Neutral Sentiment: Alphabet is reportedly planning its first Hong Kong- and Singapore-dollar bond sale. The deal could diversify its funding, though investors may also watch how borrowing fits with already elevated AI infrastructure spending. Alphabet Eyes Bond Sales

About Alphabet

Alphabet Inc. is a technology holding company whose largest business is Google. Founded in 1998 by Larry Page and Sergey Brin, Google became part of Alphabet when the company reorganized its businesses under the holding-company structure in 2015. Google's products and services include Search, YouTube, Android, Chrome, Google Maps, Google Play and Google Cloud. The company also generates revenue from digital advertising and offers devices, subscriptions and artificial intelligence products and services.

Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOGL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.