Thrive Wealth Management LLC Lowers Stock Position in Alphabet Inc. $GOOG

Thrive Wealth Management LLC reduced its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 19.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,527 shares of the information services provider’s stock after selling 6,634 shares during the quarter. Alphabet accounts for approximately 1.0% of Thrive Wealth Management LLC’s investment portfolio, making the stock its 16th biggest holding. Thrive Wealth Management LLC’s holdings in Alphabet were worth $6,704,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Alphabet by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 416,753,033 shares of the information services provider’s stock worth $73,927,821,000 after purchasing an additional 5,182,111 shares during the last quarter. State Street Corp increased its stake in Alphabet by 1.3% during the 2nd quarter. State Street Corp now owns 188,914,125 shares of the information services provider’s stock worth $33,511,477,000 after buying an additional 2,428,266 shares in the last quarter. Kingstone Capital Partners Texas LLC raised its holdings in shares of Alphabet by 580,897.4% during the second quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider’s stock valued at $23,963,208,000 after acquiring an additional 135,064,454 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Alphabet by 0.4% in the second quarter. Geode Capital Management LLC now owns 107,760,033 shares of the information services provider’s stock valued at $19,022,926,000 after acquiring an additional 441,177 shares in the last quarter. Finally, Sanders Capital LLC grew its holdings in shares of Alphabet by 6.4% during the second quarter. Sanders Capital LLC now owns 35,357,943 shares of the information services provider’s stock worth $6,272,146,000 after buying an additional 2,117,990 shares in the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Alphabet Price Performance

Shares of GOOG opened at $298.06 on Thursday. The firm has a 50-day simple moving average of $287.17 and a two-hundred day simple moving average of $233.11. The stock has a market cap of $3.60 trillion, a PE ratio of 29.39, a P/E/G ratio of 1.78 and a beta of 1.07. 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.

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

Alphabet Dividend Announcement

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

Insider Buying and Selling at Alphabet

In other news, CAO Amie Thuener O’toole sold 2,778 shares of the firm’s stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $250.05, for a total value of $694,638.90. Following the completion of the transaction, the chief accounting officer owned 14,516 shares of the company’s stock, valued at approximately $3,629,725.80. This trade represents a 16.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider John Kent Walker sold 17,816 shares of the company’s stock in a transaction that occurred on 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 sale, the insider directly owned 42,985 shares in the company, valued at approximately $10,635,348.70. The trade was a 29.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 228,906 shares of company stock valued at $63,984,117 in the last three months. 12.99% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

GOOG has been the topic of a number of recent research reports. Oppenheimer boosted their price objective on Alphabet from $300.00 to $345.00 and gave the stock an “outperform” rating in a research note on Thursday, October 30th. Canaccord Genuity Group reissued a “buy” rating and set a $330.00 price target on shares of Alphabet in a research report on Thursday, October 30th. Cowen reissued a “buy” rating on shares of Alphabet in a report on Friday, December 12th. Bank of America lifted their target price on shares of Alphabet from $280.00 to $335.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Finally, Citigroup reissued a “market outperform” rating on shares of Alphabet in a research note on Wednesday. Seven analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Alphabet currently has a consensus rating of “Buy” and a consensus price target of $313.04.

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.