Paragon Private Wealth Management LLC Has $4.69 Million Position in Alphabet Inc. $GOOGL

Key Points

• Paragon Private Wealth Management LLC increased its stake in Alphabet Inc. by 8.3%, owning 30,338 shares valued at approximately $4.69 million as of the end of the last reporting period.
• Alphabet's recent earnings report showed earnings per share of $2.31, exceeding estimates, along with a quarterly revenue of $96.43 billion.
• The company announced a quarterly dividend of $0.21 per share, with an annualized dividend yield of 0.4%, reflecting a dividend payout ratio of 8.95%.

Paragon Private Wealth Management LLC raised its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 8.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,338 shares of the information services provider's stock after buying an additional 2,333 shares during the quarter. Alphabet comprises about 2.2% of Paragon Private Wealth Management LLC's holdings, making the stock its 7th largest position. Paragon Private Wealth Management LLC's holdings in Alphabet were worth $4,691,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Nuveen LLC purchased a new stake in Alphabet during the first quarter valued at about $4,317,606,000. GAMMA Investing LLC grew its stake in Alphabet by 16,993.2% in the 1st quarter. GAMMA Investing LLC now owns 16,062,457 shares of the information services provider's stock valued at $2,483,898,000 after buying an additional 15,968,487 shares in the last quarter. Vanguard Group Inc. grew its stake in Alphabet by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock valued at $78,839,544,000 after buying an additional 14,307,345 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in Alphabet by 307.6% during the 1st quarter. Assenagon Asset Management S.A. now owns 10,302,644 shares of the information services provider's stock valued at $1,593,201,000 after acquiring an additional 7,774,811 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Alphabet during the fourth quarter worth $1,375,509,000. Hedge funds and other institutional investors own 40.03% of the company's stock.

Alphabet Price Performance

GOOGL opened at $212.91 on Tuesday. The stock has a market capitalization of $2.57 trillion, a P/E ratio of 22.67, a PEG ratio of 1.43 and a beta of 1.01. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $214.65. The stock has a 50-day moving average price of $191.39 and a 200-day moving average price of $174.16.

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

Alphabet Announces Dividend

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

Insider Buying and Selling at Alphabet

In related news, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction on Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $3,448,820.16. Following the transaction, the director owned 243,400 shares in the company, valued at $45,213,984. This trade represents a 7.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the sale, the chief executive officer owned 2,559,892 shares of the company's stock, valued at approximately $456,991,919.84. The trade was a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 254,710 shares of company stock worth $47,225,230 in the last 90 days. 11.55% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms recently issued reports on GOOGL. Piper Sandler boosted their price objective on Alphabet from $195.00 to $220.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Needham & Company LLC reissued a "buy" rating and issued a $220.00 price target on shares of Alphabet in a report on Thursday, August 21st. Roth Capital boosted their price target on shares of Alphabet from $205.00 to $210.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Sanford C. Bernstein increased their price objective on Alphabet from $185.00 to $195.00 and gave the stock a "market perform" rating in a research report on Tuesday, July 22nd. Finally, BNP Paribas lowered Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 26th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, Alphabet currently has an average rating of "Moderate Buy" and a consensus price target of $211.53.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.