Envestnet Portfolio Solutions Inc. Buys 26,434 Shares of Alphabet Inc. $GOOG

Key Points

• Envestnet Portfolio Solutions Inc. increased its ownership of Alphabet Inc. by 12.6%, acquiring an additional 26,434 shares in the second quarter, bringing their total holdings to 236,111 shares valued at approximately $41.88 million.
• Alphabet experienced several institutional investments, with 27.26% of its stock owned by institutional investors, showcasing growing confidence from investment firms.
• Analysts have set a new consensus target price of $244.68 for Alphabet shares, with a majority rating it as a Moderate Buy, reflecting positive market sentiment.

Envestnet Portfolio Solutions Inc. boosted its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 12.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 236,111 shares of the information services provider's stock after purchasing an additional 26,434 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Alphabet were worth $41,884,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GOOG. Brighton Jones LLC boosted its position in shares of Alphabet by 5.6% in the fourth quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider's stock valued at $22,901,000 after acquiring an additional 6,410 shares during the period. Revisor Wealth Management LLC boosted its position in shares of Alphabet by 107.9% in the first quarter. Revisor Wealth Management LLC now owns 3,659 shares of the information services provider's stock valued at $572,000 after acquiring an additional 1,899 shares during the period. GAMMA Investing LLC boosted its position in shares of Alphabet by 19.5% in the first quarter. GAMMA Investing LLC now owns 91,681 shares of the information services provider's stock valued at $14,323,000 after acquiring an additional 14,931 shares during the period. JBR Co Financial Management Inc boosted its position in shares of Alphabet by 36.0% in the first quarter. JBR Co Financial Management Inc now owns 11,378 shares of the information services provider's stock valued at $1,778,000 after acquiring an additional 3,014 shares during the period. Finally, Dunhill Financial LLC boosted its position in shares of Alphabet by 12.1% in the first quarter. Dunhill Financial LLC now owns 14,191 shares of the information services provider's stock valued at $2,217,000 after acquiring an additional 1,537 shares during the period. 27.26% of the stock is owned by institutional investors.

Insider Transactions at Alphabet

In other news, CAO Amie Thuener O'toole sold 2,778 shares of the company's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the transaction, the chief accounting officer owned 17,293 shares of the company's stock, valued at $4,236,785. This represents a 13.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $249.50, for a total value of $8,108,750.00. Following the completion of the transaction, the chief executive officer directly owned 2,397,392 shares of the company's stock, valued at $598,149,304. This represents a 1.34% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 210,872 shares of company stock worth $46,980,865. 12.99% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

GOOG has been the subject of a number of recent research reports. TD Cowen boosted their target price on shares of Alphabet from $270.00 to $280.00 and gave the company a "buy" rating in a research report on Wednesday, October 8th. Roth Capital reaffirmed a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Wells Fargo & Company reaffirmed an "equal weight" rating on shares of Alphabet in a research note on Wednesday, July 9th. Cowen reaffirmed a "buy" rating on shares of Alphabet in a research note on Wednesday, October 8th. Finally, Lake Street Capital reaffirmed a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Six equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $244.68.

Alphabet Stock Performance

Alphabet stock opened at $251.88 on Friday. The business has a 50 day moving average of $231.15 and a 200-day moving average of $192.08. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $257.58. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The company has a market capitalization of $3.05 trillion, a P/E ratio of 26.82, a P/E/G ratio of 1.70 and a beta of 1.00.

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

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were paid a $0.21 dividend. The ex-dividend date of this dividend was Monday, September 8th. This represents a $0.84 annualized dividend and a dividend 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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