Alphabet Inc. (NASDAQ:GOOGL) Shares Bought by Canvas Wealth Advisors LLC

Canvas Wealth Advisors LLC boosted its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 22.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 109,037 shares of the information services provider's stock after purchasing an additional 19,872 shares during the period. Alphabet makes up about 4.2% of Canvas Wealth Advisors LLC's investment portfolio, making the stock its 5th biggest holding. Canvas Wealth Advisors LLC's holdings in Alphabet were worth $16,516,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the stock. Rockbridge Capital Management LLC purchased a new stake in shares of Alphabet in the fourth quarter worth approximately $3,119,000. Optivise Advisory Services LLC increased its stake in Alphabet by 8.0% during the fourth quarter. Optivise Advisory Services LLC now owns 5,464 shares of the information services provider's stock valued at $1,035,000 after acquiring an additional 403 shares during the period. Community Bank N.A. lifted its position in shares of Alphabet by 6.4% in the 4th quarter. Community Bank N.A. now owns 46,173 shares of the information services provider's stock worth $8,741,000 after acquiring an additional 2,790 shares during the period. Falcon Wealth Planning grew its holdings in shares of Alphabet by 15.7% during the 1st quarter. Falcon Wealth Planning now owns 9,898 shares of the information services provider's stock worth $1,531,000 after purchasing an additional 1,340 shares in the last quarter. Finally, Premier Fund Managers Ltd boosted its stake in Alphabet by 30.0% during the fourth quarter. Premier Fund Managers Ltd now owns 61,792 shares of the information services provider's stock worth $11,816,000 after buying an additional 14,262 shares in the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on GOOGL shares. Wells Fargo & Company lifted their target price on shares of Alphabet from $167.00 to $175.00 and gave the company an "equal weight" rating in a research note on Friday, April 25th. Truist Financial reiterated a "buy" rating and set a $200.00 price target on shares of Alphabet in a research report on Wednesday. UBS Group set a $195.00 price target on shares of Alphabet in a report on Friday, April 25th. Cantor Fitzgerald restated a "neutral" rating and set a $171.00 target price on shares of Alphabet in a research report on Wednesday, June 25th. Finally, KeyCorp lifted their price objective on Alphabet from $185.00 to $195.00 and gave the stock an "overweight" rating in a research report on Friday, April 25th. Ten equities research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $199.95.

Alphabet Price Performance

GOOGL traded up $0.44 during midday trading on Friday, hitting $179.08. 21,689,729 shares of the company traded hands, compared to its average volume of 31,547,766. The company has a market capitalization of $2.17 trillion, a price-to-earnings ratio of 19.96, a PEG ratio of 1.26 and a beta of 1.00. The business has a 50 day simple moving average of $168.70 and a two-hundred day simple moving average of $173.97. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.03. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $207.05.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, beating analysts' consensus estimates of $2.02 by $0.79. The company had revenue of $76.49 billion during the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. During the same quarter in the prior year, the firm earned $1.89 EPS. On average, equities analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 9th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.47%. The ex-dividend date of this dividend was Monday, June 9th. This is a positive change from Alphabet's previous quarterly dividend of $0.20. Alphabet's dividend payout ratio (DPR) is 9.36%.

Insider Activity

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total transaction 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 document filed with the SEC, which is available at the SEC website. Also, Director Kavitark Ram Shriram sold 9,000 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $1,575,000.00. Following the completion of the transaction, the director directly owned 255,400 shares in the company, valued at approximately $44,695,000. The trade was a 3.40% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 215,643 shares of company stock valued at $36,330,928. Company insiders own 11.64% of the company's stock.

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.