Passive Capital Management LLC. Makes New $295,000 Investment in Alphabet Inc. (NASDAQ:GOOGL)

Passive Capital Management LLC. purchased a new position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 1,910 shares of the information services provider's stock, valued at approximately $295,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Guardian Wealth Management Inc. raised its position in shares of Alphabet by 242.9% during the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock worth $26,000 after purchasing an additional 119 shares during the period. von Borstel & Associates Inc. acquired a new position in shares of Alphabet during the first quarter worth approximately $28,000. IMA Advisory Services Inc. acquired a new position in shares of Alphabet during the first quarter worth approximately $28,000. Financial Gravity Asset Management Inc. acquired a new position in shares of Alphabet during the first quarter worth approximately $39,000. Finally, Elite Financial Inc. acquired a new position in shares of Alphabet during the first quarter worth approximately $42,000. 40.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on GOOGL. Bank of America upped their target price on Alphabet from $210.00 to $217.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Truist Financial reissued a "buy" rating and issued a $200.00 price target on shares of Alphabet in a research report on Wednesday, July 2nd. Stifel Nicolaus increased their price target on Alphabet from $200.00 to $218.00 and gave the company a "buy" rating in a research report on Tuesday, July 22nd. KeyCorp raised their target price on Alphabet from $215.00 to $230.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Finally, BMO Capital Markets raised their target price on Alphabet from $208.00 to $225.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Ten analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $211.39.

Alphabet Stock Performance

Shares of GOOGL opened at $195.04 on Tuesday. The company has a market cap of $2.36 trillion, a PE ratio of 20.77, a price-to-earnings-growth ratio of 1.28 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. The stock has a 50-day moving average price of $178.85 and a 200-day moving average price of $172.81. 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 issued its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.15 by $0.16. The firm had revenue of $96,428,000 billion during 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%. As a group, equities analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The company also recently disclosed 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. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet's dividend payout ratio (DPR) is currently 8.95%.

Insider Transactions at Alphabet

In related news, Director Kavitark Ram Shriram sold 18,566 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the transaction, the director directly owned 243,400 shares of the company's stock, valued at approximately $45,213,984. This trade represents a 7.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total value of $5,801,900.00. Following the transaction, the chief executive officer directly owned 2,559,892 shares in the company, valued at approximately $456,991,919.84. This represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 249,399 shares of company stock worth $43,525,794. 11.55% of the stock is currently owned by insiders.

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.

Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOGL - Free Report).

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.