NRI Wealth Management LC Makes New $225,000 Investment in Alphabet Inc. $GOOGL

Key Points

• NRI Wealth Management LC has invested $225,000 in Alphabet Inc. by acquiring 1,278 shares, making it the fund's 27th largest position, which represents 0.1% of its investment portfolio.
• Alphabet's recent quarterly earnings surpassed expectations with earnings per share of $2.31, beating the consensus estimate of $2.15, alongside a revenue of $96.43 billion.
• Institutional ownership of Alphabet is notable, with approximately 40.03% of the stock held by institutional investors and hedge funds, indicating strong market confidence.

NRI Wealth Management LC acquired a new stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,278 shares of the information services provider's stock, valued at approximately $225,000. Alphabet makes up 0.1% of NRI Wealth Management LC's investment portfolio, making the stock its 27th largest position.

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Alphabet by 2.9% during the first quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock valued at $78,839,544,000 after purchasing an additional 14,307,345 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Alphabet by 11.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider's stock worth $6,783,364,000 after buying an additional 4,473,901 shares during the last quarter. Invesco Ltd. grew its stake in shares of Alphabet by 1.4% during the first quarter. Invesco Ltd. now owns 43,648,514 shares of the information services provider's stock worth $6,749,806,000 after buying an additional 593,345 shares during the last quarter. Deutsche Bank AG grew its stake in shares of Alphabet by 1.9% in the first quarter. Deutsche Bank AG now owns 39,792,300 shares of the information services provider's stock worth $6,153,481,000 after purchasing an additional 727,335 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Alphabet by 0.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 38,556,577 shares of the information services provider's stock worth $5,962,389,000 after purchasing an additional 104,859 shares during the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Price Performance

GOOGL stock opened at $244.62 on Thursday. The company's fifty day simple moving average is $224.37 and its 200 day simple moving average is $187.53. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $256.00. The firm has a market cap of $2.96 trillion, a price-to-earnings ratio of 26.05, a PEG ratio of 1.66 and a beta of 1.00. 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 quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.60 billion. On average, analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were issued a dividend of $0.21 per share. The ex-dividend date was Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Alphabet's dividend payout ratio is currently 8.95%.

Insider Activity

In other news, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $184.38, for a total transaction of $5,992,350.00. Following the transaction, the chief executive officer 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of the company's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the transaction, the director owned 243,400 shares in the company, valued at $45,213,984. This represents a 7.09% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 276,738 shares of company stock worth $59,135,475. Company insiders own 11.64% of the company's stock.

Wall Street Analysts Forecast Growth

GOOGL has been the topic of several analyst reports. Wall Street Zen cut shares of Alphabet from a "buy" rating to a "hold" rating in a research note on Sunday, September 21st. Bank of America boosted their price objective on shares of Alphabet from $210.00 to $217.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Jefferies Financial Group boosted their price objective on shares of Alphabet from $230.00 to $285.00 and gave the stock a "buy" rating in a research note on Thursday, October 2nd. Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of Alphabet in a research note on Wednesday, September 3rd. Finally, Wolfe Research boosted their price objective on shares of Alphabet from $220.00 to $290.00 in a research note on Tuesday, September 30th. Five analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $242.98.

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.

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