Broadway Wealth Solutions Inc. Grows Position in Alphabet Inc. $GOOGL

Key Points

• Broadway Wealth Solutions Inc. increased its position in Alphabet Inc. by 52.9% in the second quarter, owning 3,435 shares valued at approximately $605,000.
• Several hedge funds also adjusted their stakes in Alphabet, with notable increases such as Guardian Wealth Management Inc., which boosted its position by 242.9%.
• Analysts have raised their price targets for Alphabet, with Truist Financial increasing their objective from $225 to $285, reflecting a growing positive outlook on the stock.

Broadway Wealth Solutions Inc. increased its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 52.9% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,435 shares of the information services provider's stock after buying an additional 1,189 shares during the quarter. Alphabet comprises 0.4% of Broadway Wealth Solutions Inc.'s investment portfolio, making the stock its 25th biggest holding. Broadway Wealth Solutions Inc.'s holdings in Alphabet were worth $605,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Guardian Wealth Management Inc. lifted its position in Alphabet by 242.9% during the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock worth $26,000 after acquiring an additional 119 shares during the period. IMA Advisory Services Inc. acquired a new stake in Alphabet during the 1st quarter worth approximately $28,000. von Borstel & Associates Inc. acquired a new stake in Alphabet during the 1st quarter worth approximately $28,000. NBZ Investment Advisors LLC lifted its position in Alphabet by 85.7% during the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock worth $30,000 after acquiring an additional 90 shares during the period. Finally, Financial Gravity Asset Management Inc. acquired a new stake in Alphabet during the 1st quarter worth approximately $39,000. Hedge funds and other institutional investors own 40.03% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on GOOGL shares. Truist Financial increased their price objective on Alphabet from $225.00 to $285.00 and gave the stock a "buy" rating in a research report on Monday, September 22nd. Tigress Financial increased their price objective on Alphabet from $240.00 to $280.00 and gave the stock a "strong-buy" rating in a research report on Friday, September 5th. Mizuho set a $295.00 price objective on Alphabet and gave the stock an "outperform" rating in a research report on Monday, September 29th. UBS Group increased their price objective on Alphabet from $192.00 to $202.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and set a $201.00 price objective on shares of Alphabet in a research report on Wednesday, September 24th. Four investment analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, Alphabet currently has a consensus rating of "Moderate Buy" and an average target price of $240.76.

Insider Buying and Selling

In related news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $184.38, for a total transaction of $5,992,350.00. Following the completion of the transaction, the chief executive officer directly owned 2,527,392 shares of the company's stock, valued at approximately $466,000,536.96. The trade was a 1.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the transaction, the director directly owned 243,400 shares of the company's stock, valued at approximately $45,213,984. This represents a 7.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 276,738 shares of company stock valued at $59,135,475. 11.64% of the stock is owned by insiders.

Alphabet Stock Up 2.1%

GOOGL opened at $250.43 on Tuesday. 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 simple moving average of $222.41 and a 200-day simple moving average of $186.72. The stock has a market capitalization of $3.03 trillion, a P/E ratio of 26.67, a P/E/G ratio of 1.66 and a beta of 1.00. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $256.00.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating the consensus estimate of $2.15 by $0.16. The business had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. On average, equities analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were issued a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.3%. Alphabet's payout ratio 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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