Envestnet Portfolio Solutions Inc. Has $61.26 Million Stake in Alphabet Inc. (NASDAQ:GOOGL)

Envestnet Portfolio Solutions Inc. cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 15.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 396,129 shares of the information services provider's stock after selling 72,314 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Alphabet were worth $61,257,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Compass Planning Associates Inc bought a new position in shares of Alphabet in the fourth quarter worth approximately $30,000. PayPay Securities Corp increased its position in shares of Alphabet by 36.1% during the 4th quarter. PayPay Securities Corp now owns 245 shares of the information services provider's stock valued at $46,000 after purchasing an additional 65 shares during the last quarter. Anderson Financial Strategies LLC purchased a new stake in Alphabet during the fourth quarter valued at approximately $49,000. Navigoe LLC purchased a new position in Alphabet during the fourth quarter valued at $51,000. Finally, Prudent Man Investment Management Inc. purchased a new stake in Alphabet in the 4th quarter worth approximately $53,000. 40.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Alphabet

In other Alphabet news, CAO Amie Thuener O'toole sold 673 shares of the business's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $155.33, for a total value of $104,537.09. Following the transaction, the chief accounting officer now owns 15,303 shares of the company's stock, valued at approximately $2,377,014.99. The trade was a 4.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $176.68, for a total transaction of $5,742,100.00. Following the completion of the sale, the chief executive officer now directly owns 2,555,196 shares of the company's stock, valued at approximately $451,452,029.28. This represents a 1.26% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 228,070 shares of company stock worth $37,745,632 in the last ninety days. 11.64% of the stock is currently owned by insiders.

Alphabet Stock Up 2.3%

NASDAQ:GOOGL traded up $3.91 on Wednesday, hitting $170.68. 35,420,806 shares of the company's stock traded hands, compared to its average volume of 30,833,475. The firm has a 50-day moving average price of $165.10 and a 200-day moving average price of $174.61. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.03. The company has a market cap of $2.07 trillion, a PE ratio of 18.59, a price-to-earnings-growth ratio of 1.06 and a beta of 1.01. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $207.05.

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

Alphabet Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 9th were issued a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, June 9th. This is a positive change from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.49%. Alphabet's payout ratio is 9.36%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on GOOGL shares. Mizuho cut their price objective on shares of Alphabet from $230.00 to $205.00 and set an "outperform" rating for the company in a report on Wednesday, April 9th. Bank of America increased their target price on shares of Alphabet from $185.00 to $200.00 and gave the company a "buy" rating in a research note on Friday, April 25th. Needham & Company LLC restated a "buy" rating and set a $178.00 price objective on shares of Alphabet in a report on Friday, April 25th. Morgan Stanley reduced their target price on shares of Alphabet from $210.00 to $185.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Finally, Sanford C. Bernstein upped their price objective on shares of Alphabet from $165.00 to $185.00 and gave the stock a "market perform" rating in a research note on Friday, April 25th. Ten research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Alphabet currently has an average rating of "Moderate Buy" and a consensus target price of $200.17.

About Alphabet

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.