Alphabet Inc. $GOOGL is Promethium Advisors LLC's 7th Largest Position

Key Points

• Promethium Advisors LLC has increased its stake in Alphabet Inc. by 30.4%, making it the firm's 7th largest position, with holdings worth approximately $3.84 million.
• Insider sales were reported with CEO Sundar Pichai selling 32,500 shares, representing a 1.3% decrease in his ownership, while insider John Kent Walker sold 23,820 shares, decreasing his ownership by 35.65%.
• Alphabet had a strong earnings report with an EPS of $2.31, surpassing estimates, and plans to issue a quarterly dividend of $0.21 on September 15th.

Promethium Advisors LLC increased its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 30.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 24,812 shares of the information services provider's stock after acquiring an additional 5,780 shares during the quarter. Alphabet makes up approximately 2.5% of Promethium Advisors LLC's holdings, making the stock its 7th biggest holding. Promethium Advisors LLC's holdings in Alphabet were worth $3,837,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Eagle Capital Management LLC boosted its holdings in shares of Alphabet by 0.7% in the 4th quarter. Eagle Capital Management LLC now owns 50,132 shares of the information services provider's stock valued at $9,490,000 after purchasing an additional 371 shares during the last quarter. Brighton Jones LLC raised its position in shares of Alphabet by 3.9% in the 4th quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider's stock worth $20,886,000 after buying an additional 4,110 shares during the period. Revolve Wealth Partners LLC boosted its holdings in Alphabet by 3.5% in the fourth quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider's stock valued at $2,826,000 after acquiring an additional 506 shares during the last quarter. Highview Capital Management LLC DE grew its position in Alphabet by 3.6% during the fourth quarter. Highview Capital Management LLC DE now owns 29,100 shares of the information services provider's stock valued at $5,509,000 after acquiring an additional 1,003 shares during the period. Finally, Legacy Investment Solutions LLC increased its stake in Alphabet by 13.7% during the fourth quarter. Legacy Investment Solutions LLC now owns 980 shares of the information services provider's stock worth $182,000 after acquiring an additional 118 shares during the last quarter. Hedge funds and other institutional investors own 40.03% of the company's stock.

Insider Activity

In other Alphabet 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 value of $4,637,754.00. Following the sale, the insider 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the chief executive officer owned 2,462,392 shares in the company, valued at approximately $492,281,408.64. This represents a 1.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 254,710 shares of company stock valued at $47,225,230. 11.55% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on GOOGL. Susquehanna lifted their price objective on Alphabet from $220.00 to $225.00 and gave the company a "positive" rating in a research note on Thursday, July 24th. Truist Financial reissued a "buy" rating and set a $200.00 price target on shares of Alphabet in a research report on Wednesday, July 2nd. DA Davidson increased their price objective on shares of Alphabet from $160.00 to $180.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Westpark Capital upped their target price on shares of Alphabet from $210.00 to $220.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Finally, Roth Capital raised their price target on shares of Alphabet from $205.00 to $210.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat, Alphabet presently has an average rating of "Moderate Buy" and an average target price of $211.53.

Alphabet Trading Up 0.6%

GOOGL opened at $212.91 on Tuesday. The firm's fifty day moving average price is $191.39 and its 200 day moving average price is $174.16. The stock has a market capitalization of $2.57 trillion, a PE ratio of 22.67, a P/E/G ratio of 1.43 and a beta of 1.01. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $214.65. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping analysts' consensus estimates of $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The company had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.60 billion. As a group, research analysts expect that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be issued 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 (DPR) is 8.95%.

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.

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