Evergreen Quality Fund GP Ltd. raised its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 178.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,003,900 shares of the information services provider's stock after purchasing an additional 2,565,400 shares during the quarter. Alphabet accounts for 23.1% of Evergreen Quality Fund GP Ltd.'s holdings, making the stock its largest holding. Evergreen Quality Fund GP Ltd.'s holdings in Alphabet were worth $619,163,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in GOOGL. Nuveen LLC purchased a new stake in Alphabet during the 1st quarter worth approximately $4,317,606,000. GAMMA Investing LLC boosted its position in shares of Alphabet by 16,993.2% during the 1st quarter. GAMMA Investing LLC now owns 16,062,457 shares of the information services provider's stock worth $2,483,898,000 after acquiring an additional 15,968,487 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Alphabet by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock valued at $78,839,544,000 after buying an additional 14,307,345 shares during the last quarter. Assenagon Asset Management S.A. increased its position in Alphabet by 307.6% during the first quarter. Assenagon Asset Management S.A. now owns 10,302,644 shares of the information services provider's stock worth $1,593,201,000 after buying an additional 7,774,811 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Alphabet in the fourth quarter valued at about $1,375,509,000. Hedge funds and other institutional investors own 40.03% of the company's stock.
Wall Street Analysts Forecast Growth
A number of brokerages recently commented on GOOGL. Bank of America raised their price objective on shares of Alphabet from $210.00 to $217.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. JPMorgan Chase & Co. raised their price target on Alphabet from $200.00 to $232.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Guggenheim lifted their target price on shares of Alphabet from $190.00 to $210.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Piper Sandler increased their price objective on shares of Alphabet from $195.00 to $220.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Finally, Citigroup reissued an "outperform" rating on shares of Alphabet in a report on Wednesday. Four investment analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat.com, Alphabet presently has an average rating of "Moderate Buy" and a consensus target price of $219.11.
Get Our Latest Report on Alphabet
Insider Activity at Alphabet
In related news, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $203.79, for a total value of $122,274.00. Following the transaction, the director owned 6,316 shares in the company, valued at $1,287,137.64. This trade represents a 8.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Kent Walker sold 23,820 shares of the stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the sale, the insider owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 222,210 shares of company stock worth $41,742,155. 11.55% of the stock is currently owned by company insiders.
Alphabet Stock Performance
NASDAQ GOOGL traded up $19.31 on Wednesday, reaching $230.66. The stock had a trading volume of 102,404,162 shares, compared to its average volume of 27,560,906. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $231.31. 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 firm has a fifty day moving average of $192.29 and a two-hundred day moving average of $174.41. The company has a market cap of $2.79 trillion, a P/E ratio of 22.67, a price-to-earnings-growth ratio of 1.43 and a beta of 1.01.
Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.16. The company had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. On average, equities research analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current year.
Alphabet Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be given a dividend of $0.21 per share. The ex-dividend date is Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.4%. Alphabet's dividend payout ratio is presently 8.95%.
About Alphabet
(
Free Report)
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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