Envestnet Asset Management Inc. Increases Position in Alphabet Inc. (NASDAQ:GOOG)

Envestnet Asset Management Inc. grew its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 0.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,439,153 shares of the information services provider's stock after buying an additional 52,891 shares during the quarter. Envestnet Asset Management Inc. owned 0.05% of Alphabet worth $1,005,989,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Chilton Capital Management LLC lifted its position in Alphabet by 1.5% in the first quarter. Chilton Capital Management LLC now owns 395,970 shares of the information services provider's stock valued at $61,862,000 after acquiring an additional 6,008 shares during the last quarter. Traveka Wealth LLC raised its stake in Alphabet by 37.6% during the 1st quarter. Traveka Wealth LLC now owns 11,160 shares of the information services provider's stock valued at $1,744,000 after acquiring an additional 3,049 shares during the last quarter. Tradewinds LLC. raised its stake in shares of Alphabet by 1.9% during the 1st quarter. Tradewinds LLC. now owns 44,838 shares of the information services provider's stock worth $7,005,000 after buying an additional 825 shares in the last quarter. Cloud Capital Management LLC purchased a new position in shares of Alphabet during the 1st quarter worth approximately $3,430,000. Finally, Forte Asset Management LLC purchased a new position in shares of Alphabet during the 1st quarter worth approximately $645,000. 27.26% of the stock is owned by institutional investors and hedge funds.

Alphabet Trading Down 1.4%

Shares of Alphabet stock traded down $2.40 during trading hours on Tuesday, reaching $175.16. 24,067,986 shares of the company's stock were exchanged, compared to its average volume of 21,257,318. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $208.70. The firm has a market capitalization of $2.13 trillion, a price-to-earnings ratio of 19.53, a price-to-earnings-growth ratio of 1.27 and a beta of 1.01. The company has a fifty day moving average of $170.28 and a 200-day moving average of $175.29. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.03.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.02 by $0.79. The firm had revenue of $90.23 billion during the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. Alphabet's revenue was up 12.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.89 earnings per share. Sell-side analysts forecast that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 9th were paid a $0.21 dividend. This is a positive change from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a dividend yield of 0.48%. The ex-dividend date was Monday, June 9th. Alphabet's payout ratio is currently 9.36%.

Insider Transactions at Alphabet

In other Alphabet news, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $105,000.00. Following the transaction, the director directly owned 6,813 shares of the company's stock, valued at $1,192,275. The trade was a 8.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the sale, the chief executive officer owned 2,559,892 shares of the company's stock, valued at approximately $456,991,919.84. This represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 215,643 shares of company stock worth $36,330,928. 12.99% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on GOOG shares. UBS Group cut their target price on Alphabet from $209.00 to $173.00 and set a "neutral" rating for the company in a research note on Friday, April 11th. Rosenblatt Securities raised Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 25th. Needham & Company LLC cut Alphabet from a "buy" rating to a "cautious" rating in a report on Friday, May 2nd. Oppenheimer upped their price target on Alphabet from $185.00 to $200.00 and gave the stock an "outperform" rating in a report on Friday, April 25th. Finally, Westpark Capital restated a "buy" rating and issued a $210.00 price target on shares of Alphabet in a report on Friday, April 25th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and six have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $206.38.

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.