Bryce Point Capital LLC Takes Position in Alphabet Inc. (NASDAQ:GOOGL)

Key Points

• Bryce Point Capital LLC purchased 5,513 shares of Alphabet Inc. for about $869,000 in the first quarter, indicating increased institutional interest in the company.
• Several analysts have raised their target prices for Alphabet, with Wedbush setting a target of $225.00 and Guggenheim at $210.00, reflecting positive market sentiment towards the stock.
• Alphabet recently announced a quarterly dividend of $0.21 per share, signaling a continued commitment to returning value to shareholders.

Bryce Point Capital LLC bought a new position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 5,513 shares of the information services provider's stock, valued at approximately $869,000.

Several other hedge funds have also added to or reduced their stakes in the company. Guardian Wealth Management Inc. raised its position in shares of Alphabet by 242.9% in the 1st 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 in the last quarter. von Borstel & Associates Inc. acquired a new position in Alphabet during the 1st quarter worth about $28,000. IMA Advisory Services Inc. bought a new stake in Alphabet in the first quarter valued at approximately $28,000. Financial Gravity Asset Management Inc. bought a new stake in shares of Alphabet in the 1st quarter valued at $39,000. Finally, Elite Financial Inc. acquired a new stake in shares of Alphabet during the first quarter worth $42,000. 40.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GOOGL has been the topic of several recent analyst reports. Wedbush boosted their target price on shares of Alphabet from $200.00 to $225.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Guggenheim boosted their price objective on Alphabet from $190.00 to $210.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Citizens Jmp raised Alphabet from a "market perform" rating to an "outperform" rating and set a $220.00 target price for the company in a research note on Friday, June 27th. Truist Financial reissued a "buy" rating and issued a $200.00 price target on shares of Alphabet in a research note on Wednesday, July 2nd. Finally, KeyCorp increased their price target on Alphabet from $215.00 to $230.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Ten analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $211.39.

Alphabet Stock Down 1.4%

Alphabet stock opened at $189.13 on Monday. The firm has a 50 day moving average price of $178.32 and a 200-day moving average price of $172.82. 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 twelve month low of $140.53 and a twelve month high of $207.05. The company has a market capitalization of $2.29 trillion, a P/E ratio of 20.14, a P/E/G ratio of 1.28 and a beta of 1.01.

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet's dividend payout ratio (DPR) is currently 8.95%.

Insiders Place Their Bets

In related news, Director John L. Hennessy sold 400 shares of Alphabet stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $181.98, for a total value of $72,792.00. Following the completion of the sale, the director owned 6,013 shares of the company's stock, valued at approximately $1,094,245.74. This trade represents a 6.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $184.38, for a total value of $5,992,350.00. Following the completion of the sale, the chief executive officer owned 2,527,392 shares in the company, valued at $466,000,536.96. This represents a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 249,399 shares of company stock valued at $43,525,794 over the last ninety days. 11.55% of the stock is currently owned by insiders.

Alphabet Company 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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