Envestnet Portfolio Solutions Inc. Has $123.50 Million Holdings in Alphabet Inc. $GOOGL

Key Points

• Envestnet Portfolio Solutions increased its Alphabet stake by 7.1% in the fourth quarter, bringing its holdings to 394,579 shares worth about $123.5 million.
• Wall Street remains broadly bullish on Alphabet: several analysts recently raised price targets, and the stock carries a Moderate Buy consensus with a target price of $413.13.
• Alphabet reported strong quarterly results, beating EPS and revenue estimates, and it also raised its quarterly dividend to $0.22 per share while insiders continued to sell stock in recent months.

Envestnet Portfolio Solutions Inc. grew its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 7.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 394,579 shares of the information services provider's stock after purchasing an additional 26,079 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Alphabet were worth $123,499,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. PMV Capital Advisers LLC acquired a new stake in shares of Alphabet during the fourth quarter valued at about $38,000. Kentucky Trust Co boosted its stake in shares of Alphabet by 142.9% during the fourth quarter. Kentucky Trust Co now owns 170 shares of the information services provider's stock valued at $53,000 after purchasing an additional 100 shares in the last quarter. iSAM Funds UK Ltd acquired a new stake in shares of Alphabet during the third quarter valued at about $53,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Alphabet during the third quarter valued at about $53,000. Finally, Nvest Wealth Strategies Inc. acquired a new stake in shares of Alphabet during the fourth quarter valued at about $69,000. 40.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on GOOGL shares. Robert W. Baird raised their price objective on Alphabet from $380.00 to $400.00 and gave the stock an "outperform" rating in a research report on Thursday, April 30th. Cantor Fitzgerald raised their price objective on Alphabet from $395.00 to $465.00 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Piper Sandler restated an "overweight" rating and set a $445.00 price objective (up from $425.00) on shares of Alphabet in a research report on Monday. New Street Research raised their price objective on Alphabet from $450.00 to $455.00 and gave the stock a "buy" rating in a research report on Friday. Finally, Loop Capital raised their price objective on Alphabet from $355.00 to $490.00 and gave the stock a "buy" rating in a research report on Friday, May 15th. Two research analysts have rated the stock with a Strong Buy rating, forty-seven have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $413.13.

Alphabet Trading Down 1.0%

Shares of Alphabet stock opened at $368.53 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.92 and a current ratio of 1.92. Alphabet Inc. has a 52 week low of $162.00 and a 52 week high of $408.61. The stock has a 50 day moving average price of $352.70 and a two-hundred day moving average price of $327.81. The stock has a market capitalization of $4.47 trillion, a PE ratio of 28.11, a price-to-earnings-growth ratio of 1.59 and a beta of 1.23.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The information services provider reported $5.11 EPS for the quarter, beating analysts' consensus estimates of $2.64 by $2.47. Alphabet had a return on equity of 38.99% and a net margin of 37.92%.The firm had revenue of $109.90 billion during the quarter, compared to analysts' expectations of $106.98 billion. As a group, equities analysts anticipate that Alphabet Inc. will post 14.29 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 8th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 0.2%. This is a boost from Alphabet's previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Monday, June 8th. Alphabet's payout ratio is 6.41%.

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $307.89, for a total transaction of $10,006,425.00. Following the transaction, the chief executive officer owned 1,642,060 shares of the company's stock, valued at $505,573,853.40. The trade was a 1.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John L. Hennessy sold 1,050 shares of Alphabet stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $393.26, for a total value of $412,923.00. Following the transaction, the director directly owned 2,531 shares in the company, valued at approximately $995,341.06. The trade was a 29.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 193,016 shares of company stock valued at $17,282,549 over the last 90 days. Corporate insiders own 11.61% of the company's stock.

Key Alphabet News

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet secured a major cloud deal with SpaceX, adding a high-profile customer and boosting the investment case for its AI infrastructure business. SpaceX signs cloud deal with Google
• Positive Sentiment: New Street Research raised its price target on Alphabet to $455 and reiterated a buy rating, signaling continued Wall Street confidence. MarketScreener
• Neutral Sentiment: Reports said Google’s AI search and chatbot products faced criticism after an audit found many chatbot responses on elections were flawed, which may keep pressure on Alphabet’s AI credibility. Over 90% of AI chatbot answers about midterm elections are flawed, stunning analysis shows
• Negative Sentiment: Alphabet’s large equity raise and higher AI capex guidance are still weighing on sentiment because investors are questioning how quickly those investments will pay off. Alphabet is seeking fresh capital as stock's 4-week losing streak tests investor appetite
• Negative Sentiment: Google also faces regulatory pressure in the UK over publisher-content rules in AI search, adding another policy risk for the business. Google search facing UK 'conduct requirement'

Alphabet Company Profile

Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google's core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.

Beyond Google's consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.

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