Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 47.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 332,007 shares of the information services provider's stock after buying an additional 106,202 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Alphabet were worth $51,342,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of GOOGL. Guardian Wealth Management Inc. increased its stake 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 buying an additional 119 shares during the period. von Borstel & Associates Inc. acquired a new stake in shares of Alphabet in the first quarter valued at about $28,000. IMA Advisory Services Inc. acquired a new stake in shares of Alphabet in the first quarter valued at about $28,000. NBZ Investment Advisors LLC increased its stake in shares of Alphabet by 85.7% in the first quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock valued at $30,000 after buying an additional 90 shares during the period. Finally, Financial Gravity Asset Management Inc. acquired a new stake in shares of Alphabet in the first quarter valued at about $39,000. 40.03% of the stock is currently owned by institutional investors.
Alphabet Stock Performance
Shares of Alphabet stock opened at $203.90 on Friday. The business's fifty day simple moving average is $184.25 and its 200 day simple moving average is $173.35. The firm has a market capitalization of $2.47 trillion, a P/E ratio of 21.71, a price-to-earnings-growth ratio of 1.37 and a beta of 1.01. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $207.05. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07.
Alphabet (NASDAQ:GOOGL - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping 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 business had revenue of $96,428,000 billion during the quarter, compared to the consensus estimate of $93.60 billion. As a group, analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current year.
Alphabet Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be paid a dividend of $0.21 per share. The ex-dividend date is Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.4%. Alphabet's dividend payout ratio is presently 8.95%.
Analysts Set New Price Targets
Several brokerages have recently weighed in on GOOGL. Roth Capital increased their price target on Alphabet from $205.00 to $210.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Citigroup increased their price target on Alphabet from $203.00 to $225.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Cantor Fitzgerald increased their price target on Alphabet from $196.00 to $201.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. KeyCorp increased their price target on Alphabet from $215.00 to $230.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Finally, BNP Paribas Exane reaffirmed a "neutral" rating and set a $172.00 target price on shares of Alphabet in a research note on Friday, June 27th. Ten research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $211.53.
Read Our Latest Stock Analysis on Alphabet
Insider Transactions at Alphabet
In other news, CEO Sundar Pichai sold 32,500 shares of the 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 completion of the transaction, the chief executive officer owned 2,559,892 shares in the company, valued at approximately $456,991,919.84. This represents a 1.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Kent Walker sold 23,820 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the transaction, the insider owned 42,999 shares of the company's stock, valued at $8,371,905.30. The trade was a 35.65% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 274,819 shares of company stock worth $49,796,547. 11.64% of the stock is owned by company insiders.
About Alphabet
(
Free Report)
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.
See Also
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