Sax Wealth Advisors LLC Acquires 8,007 Shares of Alphabet Inc. $GOOGL

Key Points

• Sax Wealth Advisors LLC has significantly increased its stake in Alphabet Inc. by acquiring an additional 8,007 shares, bringing its total holdings to 18,901 shares, valued at approximately $2.92 million.
• A recent insider transaction saw Director Kavitark Ram Shriram sell 15,000 shares of Alphabet stock for about $2.79 million, reducing his ownership by 5.87%.
• Alphabet announced a quarterly dividend of $0.21 per share, marking a yield of 0.4% and an annualized payout of $0.84 per share.

Sax Wealth Advisors LLC increased its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 73.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,901 shares of the information services provider's stock after purchasing an additional 8,007 shares during the period. Sax Wealth Advisors LLC's holdings in Alphabet were worth $2,923,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Alphabet by 2.9% in the first quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock worth $78,839,544,000 after purchasing an additional 14,307,345 shares in the last quarter. Northern Trust Corp boosted its holdings in Alphabet by 17.0% in the fourth quarter. Northern Trust Corp now owns 69,616,854 shares of the information services provider's stock worth $13,178,470,000 after purchasing an additional 10,135,430 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Alphabet by 15.9% in the fourth quarter. Wellington Management Group LLP now owns 66,050,135 shares of the information services provider's stock worth $12,503,291,000 after purchasing an additional 9,042,271 shares in the last quarter. Invesco Ltd. boosted its holdings in Alphabet by 1.4% in the first quarter. Invesco Ltd. now owns 43,648,514 shares of the information services provider's stock worth $6,749,806,000 after purchasing an additional 593,345 shares in the last quarter. Finally, Deutsche Bank AG boosted its holdings in shares of Alphabet by 1.9% during the 1st quarter. Deutsche Bank AG now owns 39,792,300 shares of the information services provider's stock worth $6,153,481,000 after buying an additional 727,335 shares during the period. 40.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Kavitark Ram Shriram sold 15,000 shares of Alphabet stock in a transaction on Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the completion of the sale, the director directly owned 240,400 shares of the company's stock, valued at $44,656,704. The trade was a 5.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $203.79, for a total value of $122,274.00. Following the sale, the director directly owned 6,316 shares of the company's stock, valued at approximately $1,287,137.64. This trade represents a 8.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 254,719 shares of company stock valued at $47,223,172 in the last three months. 11.55% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Wells Fargo & Company upped their price objective on shares of Alphabet from $184.00 to $187.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 29th. Wedbush upped their price objective on shares of Alphabet from $200.00 to $225.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. BNP Paribas Exane reaffirmed a "neutral" rating and set a $172.00 price objective on shares of Alphabet in a report on Friday, June 27th. Susquehanna upped their price objective on shares of Alphabet from $220.00 to $225.00 and gave the stock a "positive" rating in a report on Thursday, July 24th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $220.00 price objective on shares of Alphabet in a report on Thursday, August 21st. Four investment analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, Alphabet has an average rating of "Moderate Buy" and a consensus price target of $211.53.

Alphabet Trading Up 1.2%

Shares of GOOGL opened at $208.49 on Tuesday. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $210.52. 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 simple moving average of $187.44 and a 200-day simple moving average of $173.28. The stock has a market cap of $2.52 trillion, a PE ratio of 22.20, a PEG ratio of 1.39 and a beta of 1.01.

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 analysts' consensus estimates of $2.15 by $0.16. The business had revenue of $96,428,000 billion during the quarter, compared to analysts' expectations of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. On average, sell-side analysts predict that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Announces Dividend

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 given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Monday, September 8th. Alphabet's dividend payout ratio (DPR) is presently 8.95%.

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.