EdgeRock Capital LLC Has $1.90 Million Stock Holdings in Alphabet Inc. $GOOGL

Key Points

• EdgeRock Capital LLC increased its stake in Alphabet Inc. by 35.0%, holding 10,780 shares worth approximately $1.90 million as of the latest filing with the SEC.
• Wall Street analysts have raised their price targets for Alphabet, with JMP Securities setting a new target of $290.00 and Royal Bank of Canada at $260.00, reflecting positive growth sentiment.
• Alphabet declared a quarterly dividend of $0.21 per share, resulting in an annualized yield of 0.3%, indicating a sustainable payout ratio of 8.95%.

EdgeRock Capital LLC grew its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 35.0% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,780 shares of the information services provider's stock after purchasing an additional 2,797 shares during the quarter. Alphabet comprises about 0.6% of EdgeRock Capital LLC's portfolio, making the stock its 26th biggest holding. EdgeRock Capital LLC's holdings in Alphabet were worth $1,902,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in GOOGL. Nuveen LLC bought a new stake in Alphabet during the first quarter worth $4,317,606,000. Vanguard Group Inc. increased its stake in shares of Alphabet by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock worth $78,839,544,000 after purchasing an additional 14,307,345 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of Alphabet by 307.6% in the 1st quarter. Assenagon Asset Management S.A. now owns 10,302,644 shares of the information services provider's stock valued at $1,593,201,000 after purchasing an additional 7,774,811 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Alphabet by 11.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider's stock valued at $6,783,364,000 after purchasing an additional 4,473,901 shares during the last quarter. Finally, Amundi grew its holdings in Alphabet by 11.8% during the first quarter. Amundi now owns 33,403,871 shares of the information services provider's stock worth $5,034,992,000 after purchasing an additional 3,537,173 shares during the period. Institutional investors own 40.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on GOOGL shares. JMP Securities upped their price objective on Alphabet from $250.00 to $290.00 and gave the company a "market outperform" rating in a research note on Friday, September 19th. Royal Bank Of Canada boosted their target price on Alphabet from $220.00 to $260.00 and gave the stock an "outperform" rating in a report on Wednesday, September 3rd. Phillip Securities downgraded Alphabet from a "strong-buy" rating to a "moderate buy" rating in a report on Monday, September 8th. Wells Fargo & Company lifted their price objective on shares of Alphabet from $184.00 to $187.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 29th. Finally, Bank of America upped their price objective on shares of Alphabet from $210.00 to $217.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, Alphabet currently has an average rating of "Moderate Buy" and an average price target of $235.63.

Alphabet Stock Down 0.4%

GOOGL opened at $243.10 on Wednesday. The stock has a fifty day moving average of $218.05 and a 200-day moving average of $184.24. The company has a market capitalization of $2.94 trillion, a P/E ratio of 25.89, a P/E/G ratio of 1.65 and a beta of 1.01. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $256.00. 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 released its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping analysts' consensus estimates of $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The business had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.60 billion. On average, equities analysts expect that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Monday, September 8th. Alphabet's payout ratio is presently 8.95%.

Insiders Place Their Bets

In related news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total transaction of $8,108,750.00. Following the sale, the chief executive officer owned 2,397,392 shares of the company's stock, valued at $598,149,304. This represents a 1.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction on Monday, September 15th. The shares were sold at an average price of $249.44, for a total value of $149,664.00. Following the completion of the transaction, the director directly owned 5,716 shares of the company's stock, valued at $1,425,799.04. This represents a 9.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 225,469 shares of company stock valued at $46,586,752 in the last quarter. Company insiders own 11.55% 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.

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