Peapack Gladstone Financial Corp Sells 6,724 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Peapack Gladstone Financial Corp cut its stake in Alphabet Inc. (NASDAQ:GOOGL) by 0.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 833,248 shares of the information services provider’s stock after selling 6,724 shares during the quarter. Alphabet makes up approximately 2.0% of Peapack Gladstone Financial Corp’s investment portfolio, making the stock its 4th largest position. Peapack Gladstone Financial Corp’s holdings in Alphabet were worth $138,195,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Christopher J. Hasenberg Inc grew its position in shares of Alphabet by 75.0% during the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after acquiring an additional 60 shares during the period. LMR Partners LLP purchased a new position in Alphabet during the third quarter worth approximately $32,000. Kings Path Partners LLC acquired a new stake in Alphabet in the second quarter valued at approximately $36,000. Denver PWM LLC purchased a new stake in shares of Alphabet in the second quarter valued at approximately $41,000. Finally, Quarry LP acquired a new position in shares of Alphabet during the 2nd quarter worth approximately $53,000. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Insider Activity

In other Alphabet news, Director John L. Hennessy sold 700 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $165.00, for a total value of $115,500.00. Following the sale, the director now owns 27,824 shares of the company’s stock, valued at $4,590,960. This trade represents a 2.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John Kent Walker sold 16,802 shares of the business’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $165.47, for a total value of $2,780,226.94. Following the transaction, the insider now directly owns 43,999 shares of the company’s stock, valued at approximately $7,280,514.53. This represents a 27.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 178,957 shares of company stock valued at $31,358,687. 11.55% of the stock is currently owned by company insiders.

Alphabet Stock Up 0.1 %

Alphabet stock opened at $188.51 on Friday. The company has a market capitalization of $2.31 trillion, a PE ratio of 25.00, a price-to-earnings-growth ratio of 1.39 and a beta of 1.01. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.95 and a current ratio of 1.95. Alphabet Inc. has a fifty-two week low of $130.66 and a fifty-two week high of $201.42. The firm has a 50 day moving average price of $173.99 and a 200 day moving average price of $171.21.

Alphabet (NASDAQ:GOOGL) last issued 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 business had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $72.85 billion. During the same period in the previous year, the firm posted $1.55 earnings per share. Research analysts expect that Alphabet Inc. will post 8.01 earnings per share for the current year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 9th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, December 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.42%. Alphabet’s dividend payout ratio is presently 10.61%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on GOOGL shares. The Goldman Sachs Group reissued a “buy” rating and issued a $210.00 price target on shares of Alphabet in a research note on Thursday, December 12th. Piper Sandler reiterated an “overweight” rating and issued a $210.00 target price (up previously from $200.00) on shares of Alphabet in a research report on Wednesday, October 30th. Robert W. Baird restated an “outperform” rating and set a $205.00 price target on shares of Alphabet in a research report on Tuesday, December 10th. Wells Fargo & Company lifted their price objective on Alphabet from $182.00 to $187.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $217.00 target price (up previously from $215.00) on shares of Alphabet in a report on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating, thirty-one have given a buy rating and five have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $206.69.

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.