Pinnacle Bancorp Inc. Grows Stake in Alphabet Inc. (NASDAQ:GOOG)

Pinnacle Bancorp Inc. grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 24.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,520 shares of the information services provider’s stock after purchasing an additional 3,582 shares during the period. Alphabet makes up about 0.8% of Pinnacle Bancorp Inc.’s portfolio, making the stock its 21st biggest holding. Pinnacle Bancorp Inc.’s holdings in Alphabet were worth $3,096,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in GOOG. JPMorgan Chase & Co. grew its position in Alphabet by 19.7% during the 1st quarter. JPMorgan Chase & Co. now owns 84,171,721 shares of the information services provider’s stock worth $12,815,986,000 after purchasing an additional 13,876,534 shares during the last quarter. Swedbank AB purchased a new position in shares of Alphabet in the first quarter worth about $1,378,708,000. Capital International Investors lifted its holdings in shares of Alphabet by 9.3% during the first quarter. Capital International Investors now owns 87,716,562 shares of the information services provider’s stock worth $13,355,724,000 after purchasing an additional 7,470,042 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Alphabet by 51.8% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,416,150 shares of the information services provider’s stock worth $976,923,000 after buying an additional 2,190,795 shares during the period. Finally, Vima LLC raised its position in Alphabet by 178,253.1% during the 1st quarter. Vima LLC now owns 2,001,122 shares of the information services provider’s stock worth $304,691,000 after buying an additional 2,000,000 shares during the last quarter. Institutional investors and hedge funds own 27.26% of the company’s stock.

Insider Transactions at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $168.00, for a total transaction of $114,576.00. Following the transaction, the chief accounting officer now directly owns 31,334 shares in the company, valued at $5,264,112. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $168.00, for a total value of $114,576.00. Following the completion of the transaction, the chief accounting officer now owns 31,334 shares of the company’s stock, valued at $5,264,112. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $182.84, for a total value of $4,113,900.00. Following the sale, the chief executive officer now directly owns 2,204,885 shares in the company, valued at $403,141,173.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 216,092 shares of company stock worth $35,644,136. 12.99% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on GOOG shares. UBS Group cut their price objective on shares of Alphabet from $204.00 to $187.00 and set a “neutral” rating on the stock in a research note on Monday. Rosenblatt Securities downgraded Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price target on the stock. in a research report on Friday, June 28th. Cantor Fitzgerald raised Alphabet to a “hold” rating in a report on Thursday, September 5th. Oppenheimer reduced their price target on Alphabet from $210.00 to $185.00 and set an “outperform” rating for the company in a research report on Wednesday, September 25th. Finally, DA Davidson upgraded Alphabet to a “hold” rating in a research report on Tuesday, September 10th. Four research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $184.11.

Alphabet Price Performance

Shares of GOOG stock opened at $163.18 on Friday. The company has a market capitalization of $2.01 trillion, a PE ratio of 23.41, a price-to-earnings-growth ratio of 1.21 and a beta of 1.04. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08. The firm’s 50-day moving average is $163.07 and its two-hundred day moving average is $169.07. Alphabet Inc. has a 12 month low of $121.46 and a 12 month high of $193.31.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. The business had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $84.22 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The company’s revenue was up 13.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.44 EPS. Analysts predict that Alphabet Inc. will post 7.64 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, September 9th were issued a $0.20 dividend. The ex-dividend date was Monday, September 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.49%. Alphabet’s dividend payout ratio is currently 11.48%.

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.