SouthState Corp raised its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 14.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,755 shares of the information services provider's stock after purchasing an additional 9,646 shares during the quarter. SouthState Corp's holdings in Alphabet were worth $11,715,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Guardian Wealth Management Inc. grew 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 buying an additional 119 shares during the period. von Borstel & Associates Inc. acquired a new stake in Alphabet during the first quarter valued at $28,000. IMA Advisory Services Inc. acquired a new stake in Alphabet during the first quarter valued at $28,000. NBZ Investment Advisors LLC grew its position in Alphabet by 85.7% during the first quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock valued at $30,000 after buying an additional 90 shares during the period. Finally, Financial Gravity Asset Management Inc. acquired a new stake in Alphabet during the first quarter valued at $39,000. Institutional investors and hedge funds own 40.03% of the company's stock.
Alphabet Price Performance
Alphabet stock opened at $203.90 on Friday. The company's 50 day simple moving average is $184.25 and its 200-day simple moving average is $173.20. The company has a market capitalization of $2.47 trillion, a price-to-earnings ratio of 21.71, a price-to-earnings-growth ratio of 1.37 and a beta of 1.01. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $207.05. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90.
Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.15 by $0.16. The business had revenue of $96,428,000 billion for the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. As a group, equities research analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current year.
Alphabet Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet's payout ratio is 8.95%.
Analyst Ratings Changes
GOOGL has been the topic of several analyst reports. Westpark Capital raised their price target on shares of Alphabet from $210.00 to $220.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Truist Financial restated a "buy" rating and set a $200.00 price target on shares of Alphabet in a research report on Wednesday, July 2nd. UBS Group increased their price objective on shares of Alphabet from $192.00 to $202.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. BNP Paribas Exane reaffirmed a "neutral" rating and set a $172.00 price objective on shares of Alphabet in a report on Friday, June 27th. Finally, KeyCorp increased their price objective on shares of Alphabet from $215.00 to $230.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Ten investment analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $211.53.
View Our Latest Report on GOOGL
Insider Activity at Alphabet
In related news, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the transaction, the insider owned 42,999 shares in the company, valued at approximately $8,371,905.30. The trade was a 35.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $203.79, for a total transaction of $122,274.00. Following the completion of the transaction, the director owned 6,316 shares of the company's stock, valued at $1,287,137.64. This trade represents a 8.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 274,819 shares of company stock valued at $49,796,547 over the last 90 days. Insiders own 11.64% of the company's stock.
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.
Further Reading
Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOGL - Free Report).
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