Martingale Asset Management L P Takes Position in Alphabet Inc. (NASDAQ:GOOG)

Martingale Asset Management L P acquired a new position in shares of Alphabet Inc. (NASDAQ:GOOG) in the 3rd quarter, HoldingsChannel reports. The fund acquired 3,019 shares of the information services provider’s stock, valued at approximately $505,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. FMR LLC boosted its holdings in Alphabet by 5.2% during the third quarter. FMR LLC now owns 114,802,133 shares of the information services provider’s stock valued at $19,193,768,000 after acquiring an additional 5,655,022 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Alphabet by 10.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,334,082 shares of the information services provider’s stock valued at $5,573,125,000 after buying an additional 3,113,395 shares during the last quarter. Assenagon Asset Management S.A. increased its position in Alphabet by 65.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 6,294,332 shares of the information services provider’s stock worth $1,052,349,000 after buying an additional 2,500,621 shares during the period. Granite Bay Wealth Management LLC boosted its position in shares of Alphabet by 6,610.0% in the second quarter. Granite Bay Wealth Management LLC now owns 1,769,160 shares of the information services provider’s stock valued at $301,312,000 after acquiring an additional 1,742,794 shares during the period. Finally, Canada Pension Plan Investment Board grew its stake in shares of Alphabet by 27.8% in the second quarter. Canada Pension Plan Investment Board now owns 7,499,245 shares of the information services provider’s stock worth $1,375,512,000 after acquiring an additional 1,632,691 shares during the last quarter. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Frances Arnold sold 441 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $171.06, for a total transaction of $75,437.46. Following the completion of the sale, the director now directly owns 16,490 shares of the company’s stock, valued at $2,820,779.40. The trade was a 2.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Amie Thuener O’toole sold 2,835 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total transaction of $429,587.55. Following the completion of the transaction, the chief accounting officer now directly owns 29,182 shares in the company, valued at approximately $4,421,948.46. The trade was a 8.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 163,624 shares of company stock valued at $27,803,730. 12.99% of the stock is currently owned by insiders.

Alphabet Trading Up 0.0 %

Shares of NASDAQ GOOG opened at $173.02 on Wednesday. Alphabet Inc. has a 1-year low of $129.40 and a 1-year high of $193.31. The company has a 50-day moving average of $170.37 and a two-hundred day moving average of $171.78. The company has a market cap of $2.12 trillion, a PE ratio of 22.95, a P/E/G ratio of 1.21 and a beta of 1.02. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.29. The firm had revenue of $88.27 billion for the quarter, compared to the consensus estimate of $86.39 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The business’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.55 EPS. As a group, equities analysts expect that Alphabet Inc. will post 8.02 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be given a $0.20 dividend. The ex-dividend date is Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a yield of 0.46%. Alphabet’s payout ratio is 10.61%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Pivotal Research increased their price target on shares of Alphabet from $215.00 to $225.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. DA Davidson upgraded shares of Alphabet to a “hold” rating in a research note on Tuesday, September 10th. Phillip Securities upgraded Alphabet to a “strong-buy” rating in a research note on Friday, November 1st. Scotiabank assumed coverage on Alphabet in a research report on Friday, October 11th. They issued a “sector outperform” rating and a $212.00 price objective for the company. Finally, Canaccord Genuity Group boosted their price objective on Alphabet from $220.00 to $225.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat, Alphabet presently has an average rating of “Moderate Buy” and an average target price of $200.56.

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.