Alphabet Inc. (NASDAQ:GOOG) Stake Lifted by Assetmark Inc.

Key Points

• Assetmark Inc. increased its stake in Alphabet Inc. by 6.9%, owning 203,162 shares valued at approximately $31.74 million at the end of the first quarter.
• Alphabet's recent quarterly earnings showed a significant 13.8% year-over-year revenue growth to $96.43 billion, with an EPS of $2.31, surpassing analysts' expectations.
• The company declared a quarterly dividend of $0.21 per share, payable on September 15th, representing an annualized yield of 0.43%.

Assetmark Inc. increased its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 6.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 203,162 shares of the information services provider's stock after buying an additional 13,190 shares during the quarter. Assetmark Inc.'s holdings in Alphabet were worth $31,740,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. LSV Asset Management bought a new position in Alphabet during the fourth quarter valued at about $27,000. Principia Wealth Advisory LLC boosted its stake in Alphabet by 111.8% during the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock valued at $26,000 after buying an additional 85 shares in the last quarter. MorganRosel Wealth Management LLC bought a new position in Alphabet during the first quarter valued at about $26,000. WealthTrak Capital Management LLC bought a new position in Alphabet during the fourth quarter valued at about $38,000. Finally, Goodman Advisory Group LLC bought a new position in Alphabet during the first quarter valued at about $32,000. 27.26% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Alphabet

In other Alphabet news, Director John L. Hennessy sold 400 shares of the firm's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $181.98, for a total value of $72,792.00. Following the sale, the director owned 6,013 shares of the company's stock, valued at $1,094,245.74. This trade represents a 6.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $184.38, for a total value of $5,992,350.00. Following the completion of the sale, the chief executive officer directly owned 2,527,392 shares in the company, valued at $466,000,536.96. This trade represents a 1.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 249,409 shares of company stock valued at $43,523,710 in the last 90 days. 12.99% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on GOOG shares. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $171.00 target price on shares of Alphabet in a research note on Friday, April 25th. Roth Capital reaffirmed a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. UBS Group upped their target price on Alphabet from $186.00 to $192.00 and gave the company a "neutral" rating in a report on Wednesday, July 16th. Lake Street Capital reaffirmed a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Finally, Susquehanna reaffirmed a "positive" rating on shares of Alphabet in a report on Friday, May 2nd. Three research analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and five have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $215.19.

Alphabet Stock Performance

Shares of NASDAQ GOOG opened at $194.08 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.77 and a current ratio of 1.90. The firm has a market cap of $2.36 trillion, a price-to-earnings ratio of 20.67, a P/E/G ratio of 1.32 and a beta of 1.01. The business's 50-day simple moving average is $176.86 and its 200-day simple moving average is $174.67. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $208.70.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating analysts' consensus estimates of $2.12 by $0.19. The business had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. The firm's revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.89 EPS. As a group, equities research analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders 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 yield of 0.43%. The ex-dividend date is Monday, September 8th. Alphabet's dividend payout ratio (DPR) is currently 8.95%.

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.

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