Alphabet Inc. $GOOGL Shares Acquired by Fred Alger Management LLC

Key Points

• Fred Alger Management LLC increased its stake in Alphabet Inc. by 1.5%, acquiring an additional 2,489 shares, bringing its total holdings to 163,720 shares valued at approximately $25.3 million.
• In the 1st quarter, various institutional investors made significant changes to their Alphabet holdings, with Guardian Wealth Management increasing its position by 242.9%.
• Alphabet declared a quarterly dividend of $0.21 per share, set to be paid on September 15th, 2023, with an annualized yield of 0.4%.

Fred Alger Management LLC raised its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 1.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 163,720 shares of the information services provider's stock after acquiring an additional 2,489 shares during the period. Fred Alger Management LLC's holdings in Alphabet were worth $25,318,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Guardian Wealth Management Inc. raised its stake in shares of Alphabet by 242.9% during the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock worth $26,000 after buying an additional 119 shares in the last quarter. von Borstel & Associates Inc. purchased a new position in shares of Alphabet during the 1st quarter worth approximately $28,000. IMA Advisory Services Inc. purchased a new position in shares of Alphabet during the 1st quarter worth approximately $28,000. NBZ Investment Advisors LLC raised its stake in shares of Alphabet by 85.7% during the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock worth $30,000 after buying an additional 90 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. purchased a new position in shares of Alphabet during the 1st quarter worth approximately $39,000. 40.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GOOGL. Rosenblatt Securities increased their target price on Alphabet from $191.00 to $224.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 3rd. DA Davidson increased their target price on Alphabet from $180.00 to $190.00 and gave the stock a "neutral" rating in a research note on Tuesday, September 2nd. Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of Alphabet in a research note on Wednesday, September 3rd. Barclays increased their target price on Alphabet from $235.00 to $250.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 3rd. Finally, BMO Capital Markets raised their price objective on Alphabet from $208.00 to $225.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $221.44.

Alphabet Price Performance

NASDAQ GOOGL traded down $0.96 during mid-day trading on Monday, hitting $234.04. The stock had a trading volume of 32,427,222 shares, compared to its average volume of 34,085,072. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $238.13. The company has a market cap of $2.83 trillion, a price-to-earnings ratio of 24.92, a P/E/G ratio of 1.58 and a beta of 1.01. The company has a 50 day simple moving average of $196.95 and a 200 day simple moving average of $175.73. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating analysts' consensus estimates of $2.15 by $0.16. The firm had revenue of $96.43 billion for the quarter, compared to analysts' expectations of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. Equities analysts forecast that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Monday, September 8th. Alphabet's dividend payout ratio is 8.95%.

Insider Buying and Selling

In other Alphabet news, Director Kavitark Ram Shriram sold 15,000 shares of the stock in a transaction on Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the sale, the director owned 240,400 shares in the company, valued at approximately $44,656,704. This represents a 5.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Kent Walker sold 23,820 shares of the stock in a transaction on Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the sale, the insider owned 42,999 shares in the company, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 254,710 shares of company stock worth $49,208,380 in the last 90 days. Corporate insiders own 11.55% of the company's stock.

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.