Peapack Gladstone Financial Corp Sells 6,520 Shares of Alphabet Inc. $GOOG

Peapack Gladstone Financial Corp lowered its stake in Alphabet Inc. (NASDAQ:GOOG) by 1.3% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 496,683 shares of the information services provider’s stock after selling 6,520 shares during the period. Alphabet accounts for about 1.2% of Peapack Gladstone Financial Corp’s holdings, making the stock its 13th largest holding. Peapack Gladstone Financial Corp’s holdings in Alphabet were worth $88,107,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Dimension Capital Management LLC increased its holdings in shares of Alphabet by 0.4% during the second quarter. Dimension Capital Management LLC now owns 13,968 shares of the information services provider’s stock valued at $2,478,000 after acquiring an additional 50 shares in the last quarter. REDW Wealth LLC grew its position in Alphabet by 2.3% during the 2nd quarter. REDW Wealth LLC now owns 2,410 shares of the information services provider’s stock valued at $428,000 after purchasing an additional 54 shares during the last quarter. GDS Wealth Management increased its stake in Alphabet by 2.4% during the 2nd quarter. GDS Wealth Management now owns 2,325 shares of the information services provider’s stock valued at $412,000 after purchasing an additional 54 shares in the last quarter. ACT Advisors LLC. raised its holdings in Alphabet by 3.5% in the second quarter. ACT Advisors LLC. now owns 1,625 shares of the information services provider’s stock worth $288,000 after buying an additional 55 shares during the last quarter. Finally, Moser Wealth Advisors LLC raised its holdings in Alphabet by 2.2% in the second quarter. Moser Wealth Advisors LLC now owns 2,545 shares of the information services provider’s stock worth $451,000 after buying an additional 55 shares during the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Alphabet Trading Down 2.3%

Shares of NASDAQ GOOG opened at $313.70 on Friday. Alphabet Inc. has a 1-year low of $142.66 and a 1-year high of $328.67. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.75 and a quick ratio of 1.75. The business’s 50 day moving average is $282.47 and its two-hundred day moving average is $228.96. The stock has a market capitalization of $3.79 trillion, a P/E ratio of 30.94, a PEG ratio of 1.86 and a beta of 1.07.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Thursday, October 30th. The information services provider reported $2.87 EPS for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. The firm had revenue of $102.35 billion during the quarter, compared to analysts’ expectations of $99.90 billion. Alphabet had a return on equity of 35.00% and a net margin of 32.23%.The company’s quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.12 EPS. As a group, research analysts expect that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 8th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Monday, December 8th. Alphabet’s payout ratio is presently 8.28%.

Insider Buying and Selling at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $250.15, for a total transaction of $8,129,875.00. Following the transaction, the chief executive officer directly owned 2,369,619 shares in the company, valued at approximately $592,760,192.85. This represents a 1.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John Kent Walker sold 17,816 shares of the firm’s stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the completion of the sale, the insider directly owned 42,985 shares of the company’s stock, valued at approximately $10,635,348.70. The trade was a 29.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 228,906 shares of company stock worth $62,127,158 over the last quarter. Insiders own 12.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on GOOG shares. JPMorgan Chase & Co. upped their price target on Alphabet from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, October 27th. Rosenblatt Securities set a $279.00 price target on shares of Alphabet in a research note on Thursday, October 30th. HSBC reiterated a “buy” rating and set a $335.00 price objective on shares of Alphabet in a research note on Thursday, October 30th. KeyCorp reiterated an “overweight” rating and issued a $330.00 price target on shares of Alphabet in a research note on Thursday, October 30th. Finally, Oppenheimer lifted their price objective on shares of Alphabet from $300.00 to $345.00 and gave the company an “outperform” rating in a research report on Thursday, October 30th. Seven equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $310.54.

Alphabet Company Profile

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.