NewEdge Advisors LLC Purchases 12,791 Shares of Alphabet Inc. $GOOGL

Key Points

• NewEdge Advisors LLC increased its holdings in Alphabet Inc. by 2.7%, owning 494,891 shares valued at approximately $76.5 million as of the latest SEC filing.
• Alphabet reported $2.31 earnings per share for the last quarter, surpassing estimates, with a revenue of $96.43 billion compared to the expected $93.60 billion.
• The company declared a quarterly dividend of $0.21, set to be paid on September 15th, with an annualized yield of 0.4%.

NewEdge Advisors LLC grew its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 2.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 494,891 shares of the information services provider's stock after purchasing an additional 12,791 shares during the period. NewEdge Advisors LLC's holdings in Alphabet were worth $76,530,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in the stock. Guardian Wealth Management Inc. lifted its position in Alphabet by 242.9% during the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock valued at $26,000 after purchasing an additional 119 shares during the last quarter. von Borstel & Associates Inc. bought a new stake in shares of Alphabet in the 1st quarter worth approximately $28,000. IMA Advisory Services Inc. bought a new stake in shares of Alphabet in the 1st quarter worth approximately $28,000. NBZ Investment Advisors LLC lifted its holdings in shares of Alphabet by 85.7% in the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock worth $30,000 after acquiring an additional 90 shares during the last quarter. Finally, Financial Gravity Asset Management Inc. bought a new stake in shares of Alphabet in the 1st quarter worth approximately $39,000. Institutional investors own 40.03% of the company's stock.

Insider Buying and Selling at Alphabet

In other news, Director Kavitark Ram Shriram sold 15,000 shares of the firm's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the sale, the director directly owned 240,400 shares in the company, valued at $44,656,704. This trade represents a 5.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $229.73, for a total transaction of $7,466,225.00. Following the sale, the chief executive officer directly owned 2,429,892 shares of the company's stock, valued at approximately $558,219,089.16. This trade represents a 1.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 254,710 shares of company stock worth $49,208,380 over the last 90 days. 11.55% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on GOOGL shares. BNP Paribas lowered shares of Alphabet from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 26th. Wells Fargo & Company boosted their price objective on shares of Alphabet from $184.00 to $187.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 29th. Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of Alphabet in a report on Wednesday, September 3rd. DA Davidson lifted their target price on shares of Alphabet from $180.00 to $190.00 and gave the stock a "neutral" rating in a research note on Tuesday, September 2nd. Finally, KeyCorp lifted their target price on shares of Alphabet from $230.00 to $265.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 3rd. Four analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $221.44.

Alphabet Stock Down 0.4%

Shares of NASDAQ:GOOGL traded down $0.96 during midday trading on Monday, reaching $234.04. The company's stock had a trading volume of 32,419,699 shares, compared to its average volume of 36,789,051. The firm has a 50 day moving average of $195.79 and a 200-day moving average of $175.35. The firm has a market capitalization of $2.83 trillion, a P/E ratio of 24.92, a PEG ratio of 1.58 and a beta of 1.01. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $238.13.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.15 by $0.16. The company had revenue of $96.43 billion for the quarter, compared to analysts' expectations of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. On average, research analysts anticipate that Alphabet Inc. will post 8.9 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 dividend of $0.21 per share. 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 dividend payout ratio is presently 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.