Pasadena Private Wealth LLC Boosts Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Key Points

• Pasadena Private Wealth LLC increased its holdings in Alphabet Inc. by 26.1% during the 1st quarter, now owning over 10,000 shares valued at approximately $1.56 million.
• Analysts have set new price targets for Alphabet, with JPMorgan Chase & Co. raising its target from $200 to $232 and maintaining an "overweight" rating.
• Alphabet reported an earnings per share (EPS) of $2.31 for the last quarter, surpassing analyst expectations, and announced a quarterly dividend of $0.21 per share, with a yield of 0.4%.

Pasadena Private Wealth LLC raised its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 26.1% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 10,116 shares of the information services provider's stock after buying an additional 2,094 shares during the quarter. Pasadena Private Wealth LLC's holdings in Alphabet were worth $1,564,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of GOOGL. Perritt Capital Management Inc raised its stake in shares of Alphabet by 10.4% during the 4th quarter. Perritt Capital Management Inc now owns 618 shares of the information services provider's stock worth $117,000 after buying an additional 58 shares in the last quarter. Nia Impact Advisors LLC grew its holdings in Alphabet by 0.3% during the fourth quarter. Nia Impact Advisors LLC now owns 17,161 shares of the information services provider's stock worth $3,249,000 after acquiring an additional 59 shares during the period. Hanlon Investment Management Inc. raised its position in Alphabet by 1.7% in the fourth quarter. Hanlon Investment Management Inc. now owns 3,553 shares of the information services provider's stock worth $673,000 after acquiring an additional 60 shares in the last quarter. Enzi Wealth lifted its holdings in Alphabet by 2.5% in the first quarter. Enzi Wealth now owns 2,561 shares of the information services provider's stock valued at $408,000 after acquiring an additional 62 shares during the period. Finally, Whipplewood Advisors LLC boosted its position in shares of Alphabet by 1.2% during the 1st quarter. Whipplewood Advisors LLC now owns 5,438 shares of the information services provider's stock worth $817,000 after purchasing an additional 67 shares in the last quarter. Hedge funds and other institutional investors own 40.03% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GOOGL. Rosenblatt Securities increased their price target on shares of Alphabet from $189.00 to $191.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. JMP Securities increased their target price on shares of Alphabet from $220.00 to $225.00 and gave the company a "market outperform" rating in a report on Thursday, July 24th. DA Davidson boosted their price target on Alphabet from $160.00 to $180.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. JPMorgan Chase & Co. raised their price objective on Alphabet from $200.00 to $232.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Finally, BMO Capital Markets boosted their target price on Alphabet from $208.00 to $225.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Ten equities research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $211.53.

Alphabet Stock Up 0.2%

Shares of NASDAQ GOOGL opened at $196.52 on Friday. The stock has a fifty day moving average price of $180.26 and a 200 day moving average price of $173.13. 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 $207.05. The company has a market cap of $2.38 trillion, a P/E ratio of 20.93, a P/E/G ratio of 1.33 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating the consensus estimate of $2.15 by $0.16. The business had revenue of $96,428,000 billion for the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. Research analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

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 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 yield of 0.4%. Alphabet's payout ratio is 8.95%.

Insider Activity

In related news, insider John Kent Walker sold 23,820 shares of the business's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the transaction, the insider owned 42,999 shares in the company, valued at approximately $8,371,905.30. The trade was a 35.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction that occurred on 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 sale, the chief executive officer owned 2,494,892 shares of the company's stock, valued at approximately $489,572,657.16. This trade represents a 1.29% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 273,219 shares of company stock worth $49,474,273. Corporate insiders own 11.64% of the company's stock.

Alphabet 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.

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.