Resurgent Financial Advisors LLC Acquires 1,584 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Key Points

• Resurgent Financial Advisors LLC increased its stake in Alphabet Inc. (NASDAQ: GOOGL) by 9.1%, acquiring an additional 1,584 shares, bringing its total to 19,059 shares valued at approximately $2.95 million.
• Several analysts have upgraded their price targets for Alphabet, with Piper Sandler raising their target from $195 to $220 and Guggenheim increasing it from $190 to $210, reflecting a bullish outlook.
• Alphabet recently announced a quarterly dividend of $0.21 per share, with a record date of September 8th, representing an annual yield of 0.43%.

Resurgent Financial Advisors LLC raised its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 9.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,059 shares of the information services provider's stock after purchasing an additional 1,584 shares during the period. Alphabet makes up approximately 1.8% of Resurgent Financial Advisors LLC's holdings, making the stock its 11th biggest position. Resurgent Financial Advisors LLC's holdings in Alphabet were worth $2,947,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the stock. Mystic Asset Management Inc. raised its stake in Alphabet by 6.7% during the first quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider's stock worth $4,400,000 after acquiring an additional 1,791 shares in the last quarter. Harbour Trust & Investment Management Co increased its position in shares of Alphabet by 0.3% during the 1st quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider's stock worth $4,187,000 after purchasing an additional 80 shares in the last quarter. Rockbridge Capital Management LLC acquired a new stake in shares of Alphabet during the 4th quarter worth about $3,119,000. Cypress Capital LLC increased its position in shares of Alphabet by 4.1% during the 1st quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock worth $2,213,000 after purchasing an additional 563 shares in the last quarter. Finally, Optivise Advisory Services LLC increased its position in shares of Alphabet by 8.0% during the 4th quarter. Optivise Advisory Services LLC now owns 5,464 shares of the information services provider's stock worth $1,035,000 after purchasing an additional 403 shares in the last quarter. Institutional investors own 40.03% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on GOOGL. Piper Sandler raised their price objective on shares of Alphabet from $195.00 to $220.00 and gave the company an "overweight" rating in a research report on Thursday. KeyCorp lifted their target price on Alphabet from $215.00 to $230.00 and gave the company an "overweight" rating in a research note on Thursday. Guggenheim lifted their target price on Alphabet from $190.00 to $210.00 and gave the company a "buy" rating in a research note on Wednesday. Westpark Capital lifted their price objective on Alphabet from $210.00 to $220.00 and gave the stock a "buy" rating in a research report on Thursday. Finally, Wedbush lifted their price target on shares of Alphabet from $200.00 to $225.00 and gave the stock an "outperform" rating in a research report on Thursday. Ten analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Alphabet presently has a consensus rating of "Moderate Buy" and a consensus target price of $211.32.

Alphabet Stock Up 0.5%

NASDAQ GOOGL opened at $193.18 on Friday. The company has a market cap of $2.34 trillion, a price-to-earnings ratio of 20.57, a PEG ratio of 1.33 and a beta of 1.00. The company has a current ratio of 1.90, a quick ratio of 1.77 and a debt-to-equity ratio of 0.07. The company has a 50 day moving average of $175.77 and a 200-day moving average of $172.93. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $207.05.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, beating the consensus estimate of $2.02 by $0.79. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The business had revenue of $76.49 billion during the quarter, compared to the consensus estimate of $89.30 billion. During the same period in the previous year, the business earned $1.89 earnings per share. On average, equities research analysts expect 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. Shareholders of record on Monday, September 8th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.43%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet's payout ratio is 8.95%.

Insider Buying and Selling

In other Alphabet news, Director Kavitark Ram Shriram sold 18,566 shares of the company's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the transaction, the director owned 243,400 shares of the company's stock, valued at $45,213,984. This represents a 7.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer directly owned 2,559,892 shares of the company's stock, valued at $456,991,919.84. This represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 249,409 shares of company stock valued at $43,523,710. 11.64% of the stock is owned by corporate insiders.

Alphabet Company 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.

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