MONECO Advisors LLC Buys 2,681 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Key Points

• MONECO Advisors LLC increased its holdings in Alphabet Inc. by 6.0%, acquiring an additional 2,681 shares and bringing its total to 47,475 shares, valued at approximately $7.34 million.
• Alphabet's CEO, Sundar Pichai, sold 32,500 shares valued at about $6.38 million, resulting in a 1.29% decrease in his ownership of the stock.
• Several analysts have raised their price targets for Alphabet, with Bank of America setting their target from $210 to $217, reflecting an overall positive sentiment towards the company's stock.

MONECO Advisors LLC lifted its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 6.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 47,475 shares of the information services provider's stock after purchasing an additional 2,681 shares during the quarter. Alphabet accounts for approximately 0.8% of MONECO Advisors LLC's holdings, making the stock its 29th biggest holding. MONECO Advisors LLC's holdings in Alphabet were worth $7,341,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Eagle Capital Management LLC raised its holdings in shares of Alphabet by 0.7% in the fourth quarter. Eagle Capital Management LLC now owns 50,132 shares of the information services provider's stock valued at $9,490,000 after buying an additional 371 shares during the last quarter. Brighton Jones LLC grew its holdings in Alphabet by 3.9% during the 4th quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider's stock worth $20,886,000 after acquiring an additional 4,110 shares during the last quarter. Revolve Wealth Partners LLC increased its position in Alphabet by 3.5% in the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider's stock valued at $2,826,000 after acquiring an additional 506 shares in the last quarter. Highview Capital Management LLC DE increased its position in Alphabet by 3.6% in the 4th quarter. Highview Capital Management LLC DE now owns 29,100 shares of the information services provider's stock valued at $5,509,000 after acquiring an additional 1,003 shares in the last quarter. Finally, Hudson Value Partners LLC raised its stake in shares of Alphabet by 22.7% in the fourth quarter. Hudson Value Partners LLC now owns 73,282 shares of the information services provider's stock worth $13,873,000 after acquiring an additional 13,564 shares during the last quarter. Institutional investors and hedge funds own 40.03% of the company's stock.

Insider Transactions at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $196.23, for a total value of $6,377,475.00. Following the transaction, the chief executive officer directly owned 2,494,892 shares in the company, valued at approximately $489,572,657.16. This represents a 1.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kavitark Ram Shriram sold 15,000 shares of the firm's stock in a transaction dated 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 transaction, the director directly owned 240,400 shares in the company, valued at approximately $44,656,704. This represents a 5.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 273,219 shares of company stock valued at $49,474,273. Company insiders own 11.64% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on GOOGL shares. Loop Capital reissued a "hold" rating and set a $190.00 price target (up from $165.00) on shares of Alphabet in a research note on Tuesday. Piper Sandler upped their price objective on Alphabet from $195.00 to $220.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Bank of America lifted their target price on Alphabet from $210.00 to $217.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Barclays boosted their target price on Alphabet from $220.00 to $235.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Finally, Wells Fargo & Company raised their price target on Alphabet from $184.00 to $187.00 and gave the company an "equal weight" rating in a report on Tuesday, July 29th. Ten analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $211.53.

Alphabet Trading Up 2.5%

Alphabet stock opened at $201.42 on Friday. The stock has a 50-day simple moving average of $180.89 and a 200 day simple moving average of $173.15. The stock has a market capitalization of $2.44 trillion, a P/E ratio of 21.45, a PEG ratio of 1.33 and a beta of 1.01. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $207.05.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.15 by $0.16. The company had revenue of $96,428,000 billion during 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%. Analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be paid a $0.21 dividend. The ex-dividend date is Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.4%. Alphabet's payout ratio is 8.95%.

Alphabet Company 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.

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