Algert Global LLC lifted its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 8.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 43,014 shares of the information services provider's stock after purchasing an additional 3,172 shares during the quarter. Algert Global LLC's holdings in Alphabet were worth $6,720,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the company. Cascade Financial Partners LLC grew its holdings in shares of Alphabet by 1.0% in the first quarter. Cascade Financial Partners LLC now owns 16,095 shares of the information services provider's stock valued at $2,515,000 after purchasing an additional 154 shares during the period. Seven Mile Advisory boosted its stake in Alphabet by 2.0% during the first quarter. Seven Mile Advisory now owns 16,043 shares of the information services provider's stock worth $2,506,000 after buying an additional 311 shares during the period. Ethos Financial Group LLC boosted its stake in Alphabet by 53.9% during the first quarter. Ethos Financial Group LLC now owns 11,238 shares of the information services provider's stock worth $1,756,000 after buying an additional 3,938 shares during the period. Tyler Stone Wealth Management boosted its stake in Alphabet by 5.1% during the first quarter. Tyler Stone Wealth Management now owns 58,361 shares of the information services provider's stock worth $9,118,000 after buying an additional 2,848 shares during the period. Finally, Eaton Financial Holdings Company LLC purchased a new position in Alphabet during the first quarter worth about $288,000. Hedge funds and other institutional investors own 27.26% of the company's stock.
Analyst Ratings Changes
Several research analysts have weighed in on the stock. Tigress Financial reaffirmed a "strong-buy" rating on shares of Alphabet in a research note on Friday, May 2nd. JPMorgan Chase & Co. increased their target price on shares of Alphabet from $200.00 to $232.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Oppenheimer reaffirmed an "outperform" rating and set a $235.00 target price (up previously from $220.00) on shares of Alphabet in a research note on Thursday, July 24th. Scotiabank increased their target price on shares of Alphabet from $200.00 to $240.00 and gave the stock a "sector outperform" rating in a research note on Tuesday, July 22nd. Finally, Susquehanna reaffirmed a "positive" rating on shares of Alphabet in a research note on Friday, May 2nd. Five research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $215.19.
Read Our Latest Stock Analysis on Alphabet
Alphabet Stock Down 1.0%
NASDAQ:GOOG traded down $1.9890 during mid-day trading on Wednesday, hitting $200.5010. The stock had a trading volume of 10,805,700 shares, compared to its average volume of 23,778,246. The stock has a 50-day simple moving average of $186.19 and a two-hundred day simple moving average of $174.71. The company has a market capitalization of $2.42 trillion, a PE ratio of 21.38, a PEG ratio of 1.38 and a beta of 1.02. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $208.70. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07.
Alphabet (NASDAQ:GOOG - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.19. The firm 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 was up 13.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.89 earnings per share. On average, equities research analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current year.
Alphabet Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. Alphabet's dividend payout ratio (DPR) is presently 8.95%.
Insider Transactions at Alphabet
In other news, insider John Kent Walker sold 23,820 shares of the firm's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the transaction, the insider directly owned 42,999 shares in the company, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction on Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the completion of the transaction, the director owned 243,400 shares in the company, valued at approximately $45,213,984. This trade represents a 7.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 242,319 shares of company stock worth $44,243,272. Insiders own 12.99% of the company's stock.
Alphabet Company Profile
(
Free Report)
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.
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