Maytree Asset Management Ltd Takes $588,000 Position in Alphabet Inc. (NASDAQ:GOOGL)

Maytree Asset Management Ltd purchased a new position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 3,800 shares of the information services provider's stock, valued at approximately $588,000. Alphabet accounts for about 1.1% of Maytree Asset Management Ltd's investment portfolio, making the stock its 7th largest position.

A number of other large investors have also bought and sold shares of the stock. von Borstel & Associates Inc. bought a new stake in shares of Alphabet in the 1st quarter worth approximately $28,000. Financial Gravity Asset Management Inc. bought a new stake in shares of Alphabet in the 1st quarter worth approximately $39,000. Anderson Financial Strategies LLC bought a new stake in shares of Alphabet in the 4th quarter worth approximately $49,000. Navigoe LLC bought a new stake in shares of Alphabet in the 4th quarter worth approximately $51,000. Finally, Elite Financial Inc. bought a new stake in shares of Alphabet in the 1st quarter worth approximately $42,000. 40.03% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Alphabet

In other news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $184.38, for a total value of $5,992,350.00. Following the sale, the chief executive officer directly owned 2,527,392 shares in the company, valued at approximately $466,000,536.96. This represents a 1.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John L. Hennessy sold 400 shares of the stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $181.98, for a total value of $72,792.00. Following the completion of the sale, the director owned 6,013 shares in the company, valued at approximately $1,094,245.74. The trade was a 6.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 249,399 shares of company stock worth $43,525,794. 11.64% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GOOGL. Citizens Jmp upgraded Alphabet from a "market perform" rating to an "outperform" rating and set a $220.00 price target on the stock in a research report on Friday, June 27th. JMP Securities lifted their price objective on Alphabet from $220.00 to $225.00 and gave the company a "market outperform" rating in a research note on Thursday, July 24th. Piper Sandler boosted their price target on Alphabet from $195.00 to $220.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Stifel Nicolaus boosted their price target on Alphabet from $200.00 to $218.00 and gave the stock a "buy" rating in a research note on Tuesday, July 22nd. Finally, Bank of America upped their price objective on Alphabet from $210.00 to $217.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Ten analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $211.39.

Alphabet Trading Down 1.6%

Shares of NASDAQ GOOGL traded down $3.09 during midday trading on Friday, hitting $188.81. The company's stock had a trading volume of 17,717,821 shares, compared to its average volume of 37,048,895. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The business's 50 day moving average is $177.91 and its two-hundred day moving average is $173.12. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $207.05. The firm has a market cap of $2.29 trillion, a P/E ratio of 20.12, a price-to-earnings-growth ratio of 1.33 and a beta of 1.00.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Monday, September 8th. Alphabet's dividend payout ratio is presently 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.