Envestnet Asset Management Inc. Has $1.05 Billion Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Envestnet Asset Management Inc. boosted its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 1.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,794,160 shares of the information services provider's stock after purchasing an additional 94,448 shares during the quarter. Envestnet Asset Management Inc. owned about 0.06% of Alphabet worth $1,050,649,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. von Borstel & Associates Inc. acquired a new position in Alphabet in the first quarter valued at about $28,000. Anderson Financial Strategies LLC acquired a new position in Alphabet in the fourth quarter valued at about $49,000. Navigoe LLC acquired a new position in Alphabet in the fourth quarter valued at about $51,000. Elite Financial Inc. acquired a new position in Alphabet in the first quarter valued at about $42,000. Finally, Prudent Man Investment Management Inc. acquired a new position in Alphabet in the fourth quarter valued at about $53,000. Institutional investors own 40.03% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on GOOGL. BNP Paribas Exane reissued a "neutral" rating and issued a $172.00 target price on shares of Alphabet in a research note on Friday, June 27th. Wells Fargo & Company boosted their target price on Alphabet from $175.00 to $177.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Citigroup reissued a "buy" rating and issued a $203.00 target price (up from $200.00) on shares of Alphabet in a research note on Tuesday, June 24th. Piper Sandler upped 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. Finally, Oppenheimer upped their price objective on Alphabet from $185.00 to $200.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. Ten analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $199.61.

Insider Buying and Selling

In related news, Director John L. Hennessy sold 600 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $105,000.00. Following the sale, the director owned 6,813 shares of the company's stock, valued at $1,192,275. This represents a 8.09% 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, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total value of $5,801,900.00. Following the sale, the chief executive officer directly owned 2,559,892 shares in the company, valued at $456,991,919.84. This represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 215,643 shares of company stock valued at $36,330,928 over the last 90 days. 11.64% of the stock is owned by corporate insiders.

Alphabet Stock Performance

NASDAQ:GOOGL traded up $2.57 on Friday, hitting $180.19. The company's stock had a trading volume of 34,243,157 shares, compared to its average volume of 31,915,001. The firm has a market capitalization of $2.19 trillion, a P/E ratio of 20.09, a price-to-earnings-growth ratio of 1.27 and a beta of 1.00. 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 one year low of $140.53 and a one year high of $207.05. The stock has a fifty day moving average of $170.32 and a two-hundred day moving average of $173.31.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, topping analysts' consensus estimates of $2.02 by $0.79. The company had revenue of $76.49 billion for the quarter, compared to analyst estimates of $89.30 billion. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. During the same quarter last year, the company earned $1.89 earnings per share. Research analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 9th were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a yield of 0.47%. This is an increase from Alphabet's previous quarterly dividend of $0.20. Alphabet's dividend payout ratio is currently 9.36%.

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.