Grimes & Company Inc. Has $29.37 Million Position in Alphabet Inc. $GOOGL

Grimes & Company Inc. reduced its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 2.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 166,674 shares of the information services provider’s stock after selling 4,400 shares during the period. Alphabet makes up approximately 0.8% of Grimes & Company Inc.’s investment portfolio, making the stock its 23rd biggest position. Grimes & Company Inc.’s holdings in Alphabet were worth $29,373,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Nuveen LLC acquired a new position in Alphabet during the first quarter worth about $4,317,606,000. Vanguard Group Inc. increased its position in Alphabet by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider’s stock worth $78,839,544,000 after purchasing an additional 14,307,345 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Alphabet by 11.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider’s stock worth $6,783,364,000 after purchasing an additional 4,473,901 shares in the last quarter. Amundi increased its holdings in shares of Alphabet by 11.8% during the first quarter. Amundi now owns 33,403,871 shares of the information services provider’s stock worth $5,034,992,000 after buying an additional 3,537,173 shares in the last quarter. Finally, Evergreen Quality Fund GP Ltd. increased its holdings in shares of Alphabet by 178.3% during the first quarter. Evergreen Quality Fund GP Ltd. now owns 4,003,900 shares of the information services provider’s stock worth $619,163,000 after buying an additional 2,565,400 shares in the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $243.41, for a total value of $7,910,825.00. Following the completion of the sale, the chief executive officer directly owned 2,402,119 shares in the company, valued at $584,699,785.79. This trade represents a 1.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Frances Arnold sold 103 shares of the firm’s stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $243.13, for a total value of $25,042.39. Following the completion of the sale, the director owned 17,284 shares of the company’s stock, valued at approximately $4,202,258.92. This represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 276,338 shares of company stock worth $59,062,683 over the last 90 days. 11.55% of the stock is owned by company insiders.

Alphabet Trading Up 3.2%

NASDAQ GOOGL opened at $244.15 on Tuesday. The stock has a market capitalization of $2.95 trillion, a P/E ratio of 26.00, a P/E/G ratio of 1.60 and a beta of 1.00. Alphabet Inc. has a one year low of $140.53 and a one year high of $256.00. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The business has a 50 day simple moving average of $227.30 and a 200 day simple moving average of $189.47.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping the consensus estimate of $2.15 by $0.16. The company had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Research analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were paid a $0.21 dividend. The ex-dividend date was Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Alphabet’s dividend payout ratio (DPR) is currently 8.95%.

Analyst Upgrades and Downgrades

GOOGL has been the subject of several research analyst reports. JPMorgan Chase & Co. upped their price target on shares of Alphabet from $200.00 to $232.00 and gave the stock an “overweight” rating in a report on Thursday, July 24th. Canaccord Genuity Group upped their price objective on Alphabet from $230.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, September 4th. Truist Financial upped their price objective on Alphabet from $225.00 to $285.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Phillip Securities cut shares of Alphabet from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, September 8th. Finally, Rosenblatt Securities upped their price target on shares of Alphabet from $191.00 to $224.00 and gave the company a “neutral” rating in a research report on Wednesday, September 3rd. Four analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $247.40.

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.