Dock Street Asset Management Inc. Purchases 9,587 Shares of Alphabet Inc. (NASDAQ:GOOG)

Dock Street Asset Management Inc. grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 4.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 232,336 shares of the information services provider's stock after buying an additional 9,587 shares during the period. Alphabet accounts for about 4.3% of Dock Street Asset Management Inc.'s investment portfolio, making the stock its 8th biggest holding. Dock Street Asset Management Inc.'s holdings in Alphabet were worth $36,298,000 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. Principia Wealth Advisory LLC increased its position in shares of Alphabet by 111.8% during the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock valued at $26,000 after purchasing an additional 85 shares during the period. MorganRosel Wealth Management LLC acquired a new stake in Alphabet in the 1st quarter valued at about $26,000. LSV Asset Management bought a new position in shares of Alphabet during the 4th quarter valued at about $27,000. Goodman Advisory Group LLC acquired a new position in shares of Alphabet in the 1st quarter worth approximately $32,000. Finally, WealthTrak Capital Management LLC acquired a new position in shares of Alphabet in the 4th quarter worth approximately $38,000. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of the 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 completion of the sale, the chief executive officer owned 2,559,892 shares in the company, valued at $456,991,919.84. This represents a 1.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kavitark Ram Shriram sold 9,000 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $1,575,000.00. Following the completion of the sale, the director directly owned 255,400 shares in the company, valued at $44,695,000. This trade represents a 3.40% decrease in their position. 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 owned by corporate insiders.

Alphabet Stock Up 1.5%

Shares of NASDAQ GOOG traded up $2.61 during mid-day trading on Friday, reaching $181.31. The company had a trading volume of 23,949,486 shares, compared to its average volume of 21,450,262. The stock's 50 day moving average is $171.50 and its 200-day moving average is $174.92. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.77 and a current ratio of 1.77. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $208.70. The stock has a market capitalization of $2.20 trillion, a PE ratio of 20.21, a price-to-earnings-growth ratio of 1.27 and a beta of 1.01.

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

Alphabet Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 9th were given a $0.21 dividend. The ex-dividend date of this dividend was Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.46%. This is a boost from Alphabet's previous quarterly dividend of $0.20. Alphabet's payout ratio is currently 9.36%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on GOOG shares. BNP Paribas cut shares of Alphabet from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 26th. Citizens Jmp upgraded Alphabet from a "hold" rating to a "strong-buy" rating in a research report on Thursday, June 26th. Oppenheimer reissued an "outperform" rating and set a $220.00 price objective (up from $200.00) on shares of Alphabet in a research note on Wednesday. Scotiabank cut their target price on Alphabet from $232.00 to $200.00 and set a "sector outperform" rating on the stock in a research report on Monday, April 21st. Finally, Piper Sandler reiterated a "neutral" rating on shares of Alphabet in a research report on Wednesday. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have assigned a buy rating and six have issued a strong buy rating to the company. According to MarketBeat, Alphabet presently has a consensus rating of "Moderate Buy" and an average target price of $207.13.

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.