NewEdge Wealth LLC lifted its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 2.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 747,386 shares of the information services provider's stock after purchasing an additional 15,326 shares during the period. Alphabet accounts for about 2.1% of NewEdge Wealth LLC's investment portfolio, making the stock its 5th biggest position. NewEdge Wealth LLC's holdings in Alphabet were worth $115,576,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of the company. FMR LLC boosted its holdings in shares of Alphabet by 9.8% in the fourth quarter. FMR LLC now owns 248,416,916 shares of the information services provider's stock valued at $47,025,322,000 after purchasing an additional 22,100,902 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Alphabet by 8.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 98,638,127 shares of the information services provider's stock worth $18,672,198,000 after buying an additional 7,574,417 shares in the last quarter. Capital Research Global Investors raised its stake in Alphabet by 16.2% in the fourth quarter. Capital Research Global Investors now owns 72,033,086 shares of the information services provider's stock worth $13,635,878,000 after buying an additional 10,037,685 shares in the last quarter. Northern Trust Corp raised its stake in Alphabet by 17.0% in the fourth quarter. Northern Trust Corp now owns 69,616,854 shares of the information services provider's stock worth $13,178,470,000 after buying an additional 10,135,430 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in Alphabet by 15.9% in the fourth quarter. Wellington Management Group LLP now owns 66,050,135 shares of the information services provider's stock worth $12,503,291,000 after buying an additional 9,042,271 shares in the last quarter. Hedge funds and other institutional investors own 40.03% of the company's stock.
Analyst Ratings Changes
A number of equities analysts recently commented on the stock. Westpark Capital boosted their price objective on shares of Alphabet from $210.00 to $220.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Susquehanna boosted their price objective on shares of Alphabet from $220.00 to $225.00 and gave the stock a "positive" rating in a research note on Thursday, July 24th. Truist Financial reissued a "buy" rating and issued a $200.00 price objective on shares of Alphabet in a research note on Wednesday, July 2nd. Wedbush upped their price target on Alphabet from $200.00 to $225.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Finally, BNP Paribas downgraded Alphabet from a "strong-buy" rating to a "hold" rating in a research report on Thursday, June 26th. Ten analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have issued a strong buy rating to the company. According to MarketBeat, Alphabet presently has a consensus rating of "Moderate Buy" and a consensus target price of $211.53.
View Our Latest Stock Analysis on GOOGL
Insider Activity at Alphabet
In related news, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total value of $5,801,900.00. Following the transaction, the chief executive officer directly owned 2,559,892 shares of the company's stock, valued at approximately $456,991,919.84. This trade represents a 1.25% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Kavitark Ram Shriram sold 18,566 shares of the firm's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the completion of the transaction, the director directly owned 243,400 shares in the company, valued at $45,213,984. This represents a 7.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 273,219 shares of company stock valued at $49,474,273. 11.55% of the stock is owned by corporate insiders.
Alphabet Trading Up 2.5%
GOOGL stock opened at $201.42 on Monday. The company's 50-day simple moving average is $180.89 and its 200-day simple moving average is $172.80. 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 52-week low of $140.53 and a 52-week high of $207.05. The firm has a market cap of $2.44 trillion, a P/E ratio of 21.45, a PEG ratio of 1.36 and a beta of 1.01.
Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The business had revenue of $96,428,000 billion for the quarter, compared to analyst estimates of $93.60 billion. As a group, equities analysts forecast that Alphabet Inc. will post 8.9 EPS for the current fiscal year.
Alphabet Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. Alphabet's dividend payout ratio (DPR) is currently 8.95%.
Alphabet Company Profile
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Free Report)
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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