Assetmark Inc. Grows Stake in Alphabet Inc. (NASDAQ:GOOGL)

Key Points

• Assetmark Inc. increased its stake in Alphabet Inc. by 1.4%, now holding 2,333,434 shares worth approximately $360.8 million.
• Insiders, including Director Kavitark Ram Shriram and CEO Sundar Pichai, recently sold shares, with Shriram reducing his position by 7.09% and Pichai by 1.25%.
• Alphabet has received a consensus rating of "Moderate Buy" from analysts, with target prices ranging from $172.00 to $210.00.

Assetmark Inc. boosted its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 1.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,333,434 shares of the information services provider's stock after buying an additional 33,236 shares during the quarter. Alphabet makes up approximately 1.0% of Assetmark Inc.'s portfolio, making the stock its 23rd largest holding. Assetmark Inc.'s holdings in Alphabet were worth $360,842,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Guardian Wealth Management Inc. grew its position in shares of Alphabet by 242.9% in the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock valued at $26,000 after purchasing an additional 119 shares in the last quarter. von Borstel & Associates Inc. purchased a new position in Alphabet during the first quarter worth approximately $28,000. IMA Advisory Services Inc. acquired a new position in Alphabet during the first quarter worth $28,000. Financial Gravity Asset Management Inc. purchased a new stake in Alphabet in the 1st quarter valued at $39,000. Finally, Elite Financial Inc. purchased a new position in shares of Alphabet during the 1st quarter worth $42,000. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Alphabet

In related news, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction on Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the sale, the director owned 243,400 shares of the company's stock, valued at approximately $45,213,984. This trade represents a 7.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction 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 transaction, the chief executive officer owned 2,559,892 shares in the company, valued at approximately $456,991,919.84. The trade was a 1.25% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 249,399 shares of company stock worth $43,525,794. Corporate insiders own 11.64% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Rosenblatt Securities lifted their target price on shares of Alphabet from $189.00 to $191.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. BNP Paribas Exane restated a "neutral" rating and set a $172.00 target price on shares of Alphabet in a report on Friday, June 27th. Sanford C. Bernstein lifted their target price on Alphabet from $185.00 to $195.00 and gave the company a "market perform" rating in a report on Tuesday, July 22nd. Guggenheim raised their price objective on shares of Alphabet from $190.00 to $210.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Finally, Truist Financial reiterated a "buy" rating and issued a $200.00 price target on shares of Alphabet in a research note on Wednesday, July 2nd. Ten investment analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, Alphabet presently has a consensus rating of "Moderate Buy" and a consensus price target of $211.39.

Alphabet Price Performance

Shares of GOOGL opened at $189.13 on Friday. 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 current ratio of 1.90 and a quick ratio of 1.90. The business has a 50-day moving average of $178.32 and a 200-day moving average of $173.12. The company has a market capitalization of $2.30 trillion, a price-to-earnings ratio of 20.14, a price-to-earnings-growth ratio of 1.30 and a beta of 1.01.

Alphabet Dividend Announcement

The company also recently declared 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. The ex-dividend date is Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.4%. Alphabet's dividend payout ratio is presently 8.95%.

About Alphabet

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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