Drive Wealth Management LLC Buys 2,003 Shares of Alphabet Inc. (NASDAQ:GOOG)

Key Points

• Drive Wealth Management LLC raised its stake in Alphabet Inc. by 11.1%, acquiring a total of 20,001 shares valued at approximately $3.13 million, making Alphabet its 26th largest holding.
• A number of institutional investors increased their stakes in Alphabet during the fourth quarter, with FMR LLC owning over 117 million shares valued at $22.47 billion.
• Alphabet's latest earnings report showed an EPS of $2.31, beating estimates, and a revenue of $96.43 billion, reflecting a 13.8% increase year-over-year.

Drive Wealth Management LLC grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 11.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,001 shares of the information services provider's stock after purchasing an additional 2,003 shares during the quarter. Alphabet comprises approximately 0.7% of Drive Wealth Management LLC's portfolio, making the stock its 26th biggest holding. Drive Wealth Management LLC's holdings in Alphabet were worth $3,125,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of GOOG. Private Management Group Inc. grew its position in shares of Alphabet by 4.4% in the 1st quarter. Private Management Group Inc. now owns 7,431 shares of the information services provider's stock worth $1,161,000 after buying an additional 310 shares during the last quarter. Longbow Finance SA increased its holdings in Alphabet by 20.5% in the 1st quarter. Longbow Finance SA now owns 293,932 shares of the information services provider's stock worth $45,921,000 after acquiring an additional 49,922 shares in the last quarter. Prospect Financial Group LLC grew its holdings in Alphabet by 53.3% during the 1st quarter. Prospect Financial Group LLC now owns 2,819 shares of the information services provider's stock valued at $440,000 after buying an additional 980 shares in the last quarter. Caliber Wealth Management LLC KS purchased a new position in shares of Alphabet in the 1st quarter worth approximately $5,544,000. Finally, Assetmark Inc. lifted its position in shares of Alphabet by 6.9% during the first quarter. Assetmark Inc. now owns 203,162 shares of the information services provider's stock worth $31,740,000 after purchasing an additional 13,190 shares during the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Trading Down 0.6%

NASDAQ:GOOG traded down $1.18 on Monday, reaching $192.90. The company's stock had a trading volume of 15,549,912 shares, compared to its average volume of 24,222,178. The stock has a 50 day moving average price of $176.86 and a 200 day moving average price of $174.38. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $208.70. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The firm has a market cap of $2.34 trillion, a price-to-earnings ratio of 20.55, a price-to-earnings-growth ratio of 1.31 and a beta of 1.01.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating analysts' consensus estimates of $2.12 by $0.19. The business had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. The business's revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.89 EPS. On average, equities analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date is Monday, September 8th. Alphabet's payout ratio is currently 8.95%.

Analyst Ratings Changes

Several equities research analysts have weighed in on GOOG shares. Piper Sandler reiterated a "neutral" rating on shares of Alphabet in a report on Wednesday, July 9th. Wells Fargo & Company restated an "equal weight" rating on shares of Alphabet in a report on Wednesday, July 9th. Citigroup restated a "sell" rating on shares of Alphabet in a report on Wednesday, April 23rd. UBS Group raised their price target on shares of Alphabet from $186.00 to $192.00 and gave the company a "neutral" rating in a report on Wednesday, July 16th. Finally, Westpark Capital reaffirmed a "buy" rating and set a $210.00 target price on shares of Alphabet in a research report on Friday, April 25th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have given a buy rating and five have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $215.19.

Insider Buying and Selling

In other news, Director Kavitark Ram Shriram sold 18,566 shares of the company's stock in a transaction on Friday, July 18th. The shares were 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total value of $5,801,900.00. Following the completion of the sale, the chief executive officer directly owned 2,559,892 shares in the company, valued at approximately $456,991,919.84. This represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 249,409 shares of company stock valued at $43,523,710 over the last three months. Corporate insiders own 12.99% of the company's stock.

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.