NewEdge Advisors LLC Purchases 35,502 Shares of Alphabet Inc. $GOOG

Key Points

• NewEdge Advisors LLC increased its holdings in Alphabet Inc. by 6.3%, owning 603,261 shares valued at approximately $94.2 million as of the latest SEC filing.
• Alphabet reported $2.31 EPS for the quarter, exceeding analyst expectations of $2.12, along with a revenue of $96.43 billion, marking a 13.8% year-over-year increase.
• Alphabet recently announced a quarterly dividend of $0.21 per share, set to be paid on September 15th, which results in an annualized yield of 0.4%.

NewEdge Advisors LLC grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 6.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 603,261 shares of the information services provider's stock after purchasing an additional 35,502 shares during the period. Alphabet makes up approximately 0.6% of NewEdge Advisors LLC's investment portfolio, making the stock its 28th largest holding. NewEdge Advisors LLC's holdings in Alphabet were worth $94,247,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of GOOG. Brighton Jones LLC boosted its position in shares of Alphabet by 5.6% in the 4th quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider's stock valued at $22,901,000 after purchasing an additional 6,410 shares during the period. Bank Pictet & Cie Europe AG boosted its position in shares of Alphabet by 4.3% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 506,535 shares of the information services provider's stock valued at $96,465,000 after purchasing an additional 20,855 shares during the period. Clark Capital Management Group Inc. boosted its position in Alphabet by 7.5% during the 4th quarter. Clark Capital Management Group Inc. now owns 12,839 shares of the information services provider's stock worth $2,445,000 after acquiring an additional 894 shares during the period. FWL Investment Management LLC raised its stake in shares of Alphabet by 3.1% during the 4th quarter. FWL Investment Management LLC now owns 75,402 shares of the information services provider's stock worth $14,360,000 after purchasing an additional 2,258 shares in the last quarter. Finally, Family Management Corp raised its stake in shares of Alphabet by 1.3% in the 4th quarter. Family Management Corp now owns 7,319 shares of the information services provider's stock valued at $1,394,000 after acquiring an additional 94 shares in the last quarter. 27.26% of the stock is owned by institutional investors and hedge funds.

Alphabet Stock Down 0.4%

NASDAQ:GOOG traded down $1.01 during trading hours on Monday, reaching $234.16. The company had a trading volume of 23,086,278 shares, compared to its average volume of 24,040,084. The business's 50-day simple moving average is $196.65 and its two-hundred day simple moving average is $176.75. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $238.40. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The firm has a market cap of $2.83 trillion, a price-to-earnings ratio of 24.94, a P/E/G ratio of 1.58 and a beta of 1.01.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.19. The business had revenue of $96.43 billion for the quarter, compared to analysts' expectations of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.89 earnings per share. On average, equities analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be given a $0.21 dividend. The ex-dividend date of this dividend is Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.4%. Alphabet's payout ratio is 8.95%.

Insider Buying and Selling

In related news, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the sale, the insider owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $199.92, for a total value of $6,497,400.00. Following the sale, the chief executive officer directly owned 2,462,392 shares of the company's stock, valued at $492,281,408.64. This represents a 1.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 254,710 shares of company stock valued at $49,208,380 in the last ninety days. 12.99% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on GOOG. Scotiabank lifted their price target on Alphabet from $200.00 to $240.00 and gave the stock a "sector outperform" rating in a research report on Tuesday, July 22nd. Lake Street Capital restated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Citizens Jmp upgraded Alphabet from a "hold" rating to a "strong-buy" rating in a report on Thursday, June 26th. Roth Capital restated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Finally, Piper Sandler reaffirmed a "neutral" rating on shares of Alphabet in a research report on Wednesday, July 9th. Five investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, six have given a Hold rating and three have assigned a Sell 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 $227.56.

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.