Capital Asset Advisory Services LLC Purchases 3,938 Shares of Alphabet Inc. $GOOGL

Key Points

• Capital Asset Advisory Services LLC increased its stake in Alphabet Inc. by 7.3%, acquiring an additional 3,938 shares, bringing its total holdings to 57,855 shares worth $10,173,000.
• Several analysts recently raised their price targets for Alphabet, with Tigress Financial boosting theirs from $240 to $280, indicating strong market confidence in the company.
• Alphabet has announced a quarterly dividend of $0.21 per share, with the dividend expected to yield 0.3%, reflecting a conservative payout ratio of 8.95%.

Capital Asset Advisory Services LLC increased its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 7.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,855 shares of the information services provider's stock after acquiring an additional 3,938 shares during the quarter. Capital Asset Advisory Services LLC's holdings in Alphabet were worth $10,173,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the business. Wesbanco Bank Inc. increased its stake in shares of Alphabet by 10.4% during the second quarter. Wesbanco Bank Inc. now owns 409,745 shares of the information services provider's stock valued at $72,209,000 after buying an additional 38,608 shares during the period. Verde Capital Management purchased a new position in Alphabet during the second quarter valued at $263,000. Somerset Trust Co raised its stake in shares of Alphabet by 6.2% in the second quarter. Somerset Trust Co now owns 8,465 shares of the information services provider's stock worth $1,492,000 after purchasing an additional 493 shares during the last quarter. Pacific Capital Partners Ltd raised its stake in shares of Alphabet by 62.1% in the second quarter. Pacific Capital Partners Ltd now owns 13,908 shares of the information services provider's stock worth $2,451,000 after purchasing an additional 5,326 shares during the last quarter. Finally, Insight Wealth Strategies LLC raised its stake in shares of Alphabet by 1.3% in the second quarter. Insight Wealth Strategies LLC now owns 30,776 shares of the information services provider's stock worth $5,412,000 after purchasing an additional 401 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on GOOGL shares. Tigress Financial lifted their price objective on Alphabet from $240.00 to $280.00 and gave the stock a "strong-buy" rating in a report on Friday, September 5th. KeyCorp boosted their price target on Alphabet from $230.00 to $265.00 and gave the company an "overweight" rating in a report on Wednesday, September 3rd. Susquehanna boosted their price target on Alphabet from $220.00 to $225.00 and gave the company a "positive" rating in a report on Thursday, July 24th. Sanford C. Bernstein boosted their price target on Alphabet from $185.00 to $195.00 and gave the company a "market perform" rating in a report on Tuesday, July 22nd. Finally, Westpark Capital boosted their price target on Alphabet from $210.00 to $220.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $221.44.

Insiders Place Their Bets

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $199.92, for a total transaction of $6,497,400.00. Following the transaction, the chief executive officer directly owned 2,462,392 shares in the company, valued at $492,281,408.64. This represents a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John L. Hennessy sold 1,000 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $200.00, for a total value of $200,000.00. Following the transaction, the director owned 6,916 shares in the company, valued at $1,383,200. This trade represents a 12.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 254,710 shares of company stock valued at $49,208,380. Insiders own 11.55% of the company's stock.

Alphabet Stock Performance

NASDAQ GOOGL opened at $240.80 on Monday. The stock has a 50-day simple moving average of $201.89 and a two-hundred day simple moving average of $177.58. The firm has a market capitalization of $2.91 trillion, a P/E ratio of 25.64, a PEG ratio of 1.62 and a beta of 1.01. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $242.25. 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 posted its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating analysts' consensus estimates of $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The firm had revenue of $96.43 billion for the quarter, compared to analysts' expectations of $93.60 billion. On average, equities analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors 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 dividend on an annualized basis and a yield of 0.3%. Alphabet's dividend 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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