Primoris Wealth Advisors LLC Reduces Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Primoris Wealth Advisors LLC lessened its position in Alphabet Inc. (NASDAQ:GOOGL) by 56.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,885 shares of the information services provider’s stock after selling 3,700 shares during the period. Primoris Wealth Advisors LLC’s holdings in Alphabet were worth $478,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Tompkins Financial Corp grew its position in shares of Alphabet by 3.1% in the 3rd quarter. Tompkins Financial Corp now owns 76,656 shares of the information services provider’s stock worth $12,713,000 after buying an additional 2,281 shares during the last quarter. Cowa LLC boosted its holdings in Alphabet by 71.1% in the third quarter. Cowa LLC now owns 5,059 shares of the information services provider’s stock valued at $839,000 after acquiring an additional 2,102 shares in the last quarter. Rather & Kittrell Inc. purchased a new position in Alphabet during the 3rd quarter valued at $389,000. 5th Street Advisors LLC bought a new position in Alphabet in the 3rd quarter worth $697,000. Finally, Klingman & Associates LLC lifted its position in shares of Alphabet by 14.3% in the 3rd quarter. Klingman & Associates LLC now owns 17,797 shares of the information services provider’s stock worth $2,952,000 after purchasing an additional 2,220 shares during the period. 40.03% of the stock is owned by institutional investors.

Insider Transactions at Alphabet

In other Alphabet news, insider John Kent Walker sold 21,467 shares of Alphabet stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $160.35, for a total value of $3,442,233.45. Following the sale, the insider now directly owns 39,334 shares in the company, valued at approximately $6,307,206.90. The trade was a 35.31 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $158.68, for a total transaction of $3,570,300.00. Following the transaction, the chief executive officer now directly owns 2,137,385 shares of the company’s stock, valued at $339,160,251.80. This trade represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 206,795 shares of company stock valued at $34,673,866 over the last 90 days. Company insiders own 11.55% of the company’s stock.

Alphabet Trading Down 1.7 %

Shares of GOOGL stock opened at $164.76 on Friday. Alphabet Inc. has a 1 year low of $127.90 and a 1 year high of $191.75. The firm has a fifty day moving average price of $167.64 and a 200-day moving average price of $170.35. The company has a market cap of $2.02 trillion, a price-to-earnings ratio of 21.85, a PEG ratio of 1.19 and a beta of 1.03. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The firm had revenue of $88.27 billion for the quarter, compared to analysts’ expectations of $72.85 billion. During the same period in the previous year, the firm earned $1.55 EPS. As a group, equities analysts predict that Alphabet Inc. will post 8.01 earnings per share for the current year.

Alphabet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be given a $0.20 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.49%. Alphabet’s payout ratio is 10.61%.

Wall Street Analysts Forecast Growth

GOOGL has been the subject of several research reports. Scotiabank raised Alphabet to a “strong-buy” rating in a research report on Friday, October 11th. Royal Bank of Canada raised their price objective on Alphabet from $204.00 to $210.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. JMP Securities upped their target price on shares of Alphabet from $200.00 to $220.00 and gave the stock a “market outperform” rating in a research report on Wednesday, October 30th. Loop Capital lifted their price target on shares of Alphabet from $170.00 to $185.00 and gave the company a “hold” rating in a research report on Wednesday, November 6th. Finally, Piper Sandler reissued an “overweight” rating and set a $210.00 price objective (up previously from $200.00) on shares of Alphabet in a research note on Wednesday, October 30th. Seven equities research analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and five have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $205.90.

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.