Parr Mcknight Wealth Management Group LLC Takes $3.35 Million Position in Alphabet Inc. (NASDAQ:GOOGL)

Parr Mcknight Wealth Management Group LLC bought a new position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 17,676 shares of the information services provider's stock, valued at approximately $3,346,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Compass Planning Associates Inc acquired a new stake in shares of Alphabet in the fourth quarter valued at about $30,000. E Fund Management Hong Kong Co. Ltd. boosted its stake in shares of Alphabet by 518.8% in the fourth quarter. E Fund Management Hong Kong Co. Ltd. now owns 198 shares of the information services provider's stock valued at $37,000 after buying an additional 166 shares during the period. Fiduciary Advisors Inc. bought a new stake in shares of Alphabet in the fourth quarter valued at approximately $39,000. PayPay Securities Corp boosted its stake in shares of Alphabet by 36.1% in the fourth quarter. PayPay Securities Corp now owns 245 shares of the information services provider's stock valued at $46,000 after buying an additional 65 shares during the period. Finally, Anderson Financial Strategies LLC bought a new stake in shares of Alphabet in the fourth quarter valued at approximately $49,000. 40.03% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CAO Amie Thuener O'toole sold 1,374 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $173.47, for a total value of $238,347.78. Following the completion of the sale, the chief accounting officer now directly owns 15,024 shares of the company's stock, valued at approximately $2,606,213.28. This trade represents a 8.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $158.56, for a total value of $5,153,200.00. Following the completion of the sale, the chief executive officer now directly owns 2,717,696 shares in the company, valued at approximately $430,917,877.76. The trade was a 1.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 164,654 shares of company stock valued at $26,793,380. 11.64% of the stock is currently owned by insiders.

Alphabet Price Performance

NASDAQ:GOOGL traded up $3.82 during mid-day trading on Tuesday, hitting $172.29. 20,232,406 shares of the stock traded hands, compared to its average volume of 29,714,155. The business's 50-day moving average price is $158.67 and its 200 day moving average price is $174.76. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.03. The company has a market cap of $2.09 trillion, a PE ratio of 21.42, a price-to-earnings-growth ratio of 1.34 and a beta of 1.01. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $207.05.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, topping the consensus estimate of $2.02 by $0.79. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. The firm had revenue of $76.49 billion for the quarter, compared to analysts' expectations of $89.30 billion. During the same quarter in the prior year, the firm posted $1.89 earnings per share. On average, analysts expect that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 9th will be paid a $0.21 dividend. The ex-dividend date is Monday, June 9th. This represents a $0.84 annualized dividend and a yield of 0.49%. This is a positive change from Alphabet's previous quarterly dividend of $0.20. Alphabet's dividend payout ratio is currently 9.36%.

Wall Street Analyst Weigh In

Several research firms have weighed in on GOOGL. Truist Financial cut their target price on Alphabet from $220.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. BMO Capital Markets reiterated an "outperform" rating and issued a $200.00 price target (down from $230.00) on shares of Alphabet in a research note on Thursday, April 17th. Oppenheimer increased their price target on Alphabet from $185.00 to $200.00 and gave the company an "outperform" rating in a research note on Friday, April 25th. Rosenblatt Securities restated a "neutral" rating and issued a $189.00 price objective on shares of Alphabet in a report on Wednesday, May 21st. Finally, Morgan Stanley decreased their price target on Alphabet from $210.00 to $185.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Ten equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $199.75.

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.