New Wave Wealth Advisors LLC grew its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 28.2% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 11,586 shares of the information services provider's stock after purchasing an additional 2,549 shares during the period. New Wave Wealth Advisors LLC's holdings in Alphabet were worth $1,810,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently modified their holdings of the company. ARQ Wealth Advisors LLC grew its position in Alphabet by 39.3% in the 4th quarter. ARQ Wealth Advisors LLC now owns 4,964 shares of the information services provider's stock worth $945,000 after purchasing an additional 1,400 shares in the last quarter. Independence Bank of Kentucky lifted its position in shares of Alphabet by 10.2% during the 1st quarter. Independence Bank of Kentucky now owns 14,907 shares of the information services provider's stock worth $2,329,000 after buying an additional 1,376 shares in the last quarter. Harvest Investment Services LLC boosted its stake in shares of Alphabet by 3.3% in the 4th quarter. Harvest Investment Services LLC now owns 4,329 shares of the information services provider's stock worth $824,000 after buying an additional 138 shares during the last quarter. North Forty Two & Co. bought a new position in shares of Alphabet in the fourth quarter valued at approximately $281,000. Finally, Fermata Advisors LLC grew its holdings in shares of Alphabet by 2.7% in the first quarter. Fermata Advisors LLC now owns 9,771 shares of the information services provider's stock valued at $1,527,000 after acquiring an additional 259 shares in the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of analysts recently commented on GOOG shares. Rosenblatt Securities upgraded Alphabet from a "hold" rating to a "strong-buy" rating in a report on Friday, April 25th. Westpark Capital reaffirmed a "buy" rating and set a $210.00 target price on shares of Alphabet in a research report on Friday, April 25th. JPMorgan Chase & Co. lifted their target price on Alphabet from $180.00 to $195.00 and gave the stock an "overweight" rating in a research note on Friday, April 25th. Susquehanna restated a "positive" rating on shares of Alphabet in a research report on Friday, May 2nd. Finally, BNP Paribas lowered shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research report on Thursday, June 26th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, fourteen have issued a buy rating and six have assigned a strong buy rating to the company. According to data from MarketBeat.com, Alphabet presently has an average rating of "Moderate Buy" and a consensus price target of $206.38.
Check Out Our Latest Analysis on GOOG
Insider Activity
In other news, Director Kavitark Ram Shriram sold 10,500 shares of the business's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $1,837,500.00. Following the completion of the transaction, the director directly owned 261,966 shares in the company, valued at $45,844,050. The trade was a 3.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John L. Hennessy sold 600 shares of the company's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $105,000.00. Following the completion of the transaction, the director directly owned 6,813 shares in the company, valued at approximately $1,192,275. The trade was a 8.09% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 215,643 shares of company stock worth $35,682,228. 12.99% of the stock is owned by company insiders.
Alphabet Price Performance
Alphabet stock opened at $177.39 on Tuesday. The firm has a market capitalization of $2.15 trillion, a P/E ratio of 19.78, a PEG ratio of 1.26 and a beta of 1.01. Alphabet Inc. has a one year low of $142.66 and a one year high of $208.70. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.77 and a quick ratio of 1.77. The business has a fifty day moving average price of $168.37 and a 200-day moving average price of $175.80.
Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.02 by $0.79. The business had revenue of $90.23 billion for the quarter, compared to analysts' expectations of $89.30 billion. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. The firm's quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.89 EPS. As a group, equities research analysts forecast that Alphabet Inc. will post 8.89 EPS for the current year.
Alphabet Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 9th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.47%. This is an increase from Alphabet's previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Monday, June 9th. Alphabet's dividend payout ratio is presently 9.36%.
Alphabet Company Profile
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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.
See Also
Want to see what other hedge funds are holding GOOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOG - Free Report).
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