Concorde Asset Management LLC Purchases 1,108 Shares of Alphabet Inc. $GOOGL

Key Points

• Concorde Asset Management LLC increased its holdings in Alphabet Inc. by 45.4% in the first quarter, owning 3,551 shares valued at $564,000.
• CEO Sundar Pichai sold 32,500 shares for approximately $6.5 million, resulting in a 1.30% decrease in his ownership of the company.
• Alphabet reported quarterly earnings of $2.31 per share, exceeding analysts' expectations, and declared a quarterly dividend of $0.21 for shareholders.

Concorde Asset Management LLC lifted its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 45.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,551 shares of the information services provider's stock after purchasing an additional 1,108 shares during the period. Concorde Asset Management LLC's holdings in Alphabet were worth $564,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Copperleaf Capital LLC increased its holdings in shares of Alphabet by 1.6% in the first quarter. Copperleaf Capital LLC now owns 15,376 shares of the information services provider's stock valued at $2,378,000 after purchasing an additional 235 shares during the last quarter. Curi RMB Capital LLC grew its holdings in shares of Alphabet by 4.8% during the 1st quarter. Curi RMB Capital LLC now owns 368,805 shares of the information services provider's stock worth $57,032,000 after purchasing an additional 16,833 shares in the last quarter. Bridgeway Capital Management LLC grew its holdings in shares of Alphabet by 17.9% during the 1st quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider's stock worth $13,637,000 after purchasing an additional 13,371 shares in the last quarter. BW Gestao de Investimentos Ltda. boosted its stake in Alphabet by 82.0% in the first quarter. BW Gestao de Investimentos Ltda. now owns 29,571 shares of the information services provider's stock valued at $4,573,000 after buying an additional 13,326 shares in the last quarter. Finally, Beaird Harris Wealth Management LLC raised its position in Alphabet by 3.1% in the first quarter. Beaird Harris Wealth Management LLC now owns 3,151 shares of the information services provider's stock valued at $487,000 after purchasing an additional 95 shares during the last quarter. Institutional investors own 40.03% of the company's stock.

Wall Street Analyst Weigh In

GOOGL has been the topic of a number of recent analyst reports. Guggenheim lifted their price objective on Alphabet from $190.00 to $210.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Stifel Nicolaus boosted their price target on Alphabet from $200.00 to $218.00 and gave the company a "buy" rating in a research note on Tuesday, July 22nd. DA Davidson upped their target price on Alphabet from $180.00 to $190.00 and gave the stock a "neutral" rating in a research report on Tuesday, September 2nd. Rosenblatt Securities upped their target price on Alphabet from $191.00 to $224.00 and gave the stock a "neutral" rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. upped their price target on Alphabet from $200.00 to $232.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Four research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $222.33.

Alphabet Stock Up 1.2%

NASDAQ:GOOGL traded up $2.70 during mid-day trading on Friday, hitting $235.00. 46,562,292 shares of the company's stock were exchanged, compared to its average volume of 33,713,716. Alphabet Inc. has a one year low of $140.53 and a one year high of $235.76. 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 fifty day moving average price of $195.79 and a 200 day moving average price of $175.41. The company has a market cap of $2.84 trillion, a PE ratio of 25.03, a P/E/G ratio of 1.58 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted 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. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The business had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.60 billion. Equities analysts predict that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Dividend Announcement

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

Insider Buying and Selling

In other news, Director Kavitark Ram Shriram sold 15,000 shares of the stock in a transaction on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $2,786,400.00. Following the sale, the director directly owned 240,400 shares of the company's stock, valued at approximately $44,656,704. This represents a 5.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $229.73, for a total value of $7,466,225.00. Following the completion of the sale, the chief executive officer directly owned 2,429,892 shares in the company, valued at approximately $558,219,089.16. This represents a 1.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 254,710 shares of company stock valued at $49,208,380. Insiders own 11.64% of the company's stock.

Alphabet 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.