Wealthspire Advisors LLC raised its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 70.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 161,575 shares of the information services provider's stock after buying an additional 66,755 shares during the period. Wealthspire Advisors LLC's holdings in Alphabet were worth $50,573,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of GOOGL. Brighton Jones LLC raised its stake in shares of Alphabet by 3.9% during the 4th quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider's stock valued at $20,886,000 after buying an additional 4,110 shares during the last quarter. Revolve Wealth Partners LLC raised its stake in shares of Alphabet by 3.5% during the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider's stock valued at $2,826,000 after buying an additional 506 shares during the last quarter. Matrix Asset Advisors Inc. NY raised its stake in shares of Alphabet by 17.6% during the 2nd quarter. Matrix Asset Advisors Inc. NY now owns 3,888 shares of the information services provider's stock valued at $685,000 after buying an additional 581 shares during the last quarter. Sequoia Financial Advisors LLC raised its stake in shares of Alphabet by 11.2% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 485,486 shares of the information services provider's stock valued at $85,557,000 after buying an additional 48,805 shares during the last quarter. Finally, United Bank raised its stake in shares of Alphabet by 6.9% during the 2nd quarter. United Bank now owns 48,204 shares of the information services provider's stock valued at $8,495,000 after buying an additional 3,120 shares during the last quarter. Hedge funds and other institutional investors own 40.03% of the company's stock.
Alphabet Trading Up 0.5%
GOOGL stock opened at $359.68 on Friday. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.16. Alphabet Inc. has a 12-month low of $162.00 and a 12-month high of $408.61. The stock has a market cap of $4.36 trillion, a price-to-earnings ratio of 27.44, a PEG ratio of 1.53 and a beta of 1.23. The business's 50-day moving average is $360.45 and its 200 day moving average is $330.26.
Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The information services provider reported $5.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.64 by $2.47. Alphabet had a return on equity of 38.99% and a net margin of 37.92%.The company had revenue of $109.90 billion for the quarter, compared to analysts' expectations of $106.98 billion. On average, sell-side analysts anticipate that Alphabet Inc. will post 14.3 EPS for the current fiscal year.
Alphabet Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 8th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 0.2%. The ex-dividend date is Monday, June 8th. This is a positive change from Alphabet's previous quarterly dividend of $0.21. Alphabet's payout ratio is presently 6.71%.
Insider Buying and Selling
In related news, Director Frances Arnold sold 102 shares of Alphabet stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $381.00, for a total value of $38,862.00. Following the sale, the director directly owned 18,721 shares in the company, valued at approximately $7,132,701. The trade was a 0.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 1,050 shares of Alphabet stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $393.26, for a total value of $412,923.00. Following the completion of the sale, the director owned 2,531 shares in the company, valued at approximately $995,341.06. The trade was a 29.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 193,016 shares of company stock worth $17,282,549 in the last quarter. 11.61% of the stock is owned by insiders.
Analyst Ratings Changes
A number of equities analysts have weighed in on GOOGL shares. Morgan Stanley lifted their price objective on Alphabet from $330.00 to $375.00 and gave the company an "overweight" rating in a research note on Thursday, April 30th. Evercore lifted their price objective on Alphabet from $400.00 to $420.00 and gave the company an "outperform" rating in a research note on Thursday, April 30th. Oppenheimer lifted their price objective on Alphabet from $425.00 to $445.00 and gave the company an "outperform" rating in a research note on Friday, May 15th. The Goldman Sachs Group lifted their price target on Alphabet from $400.00 to $450.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. Finally, New Street Research lifted their price target on Alphabet from $450.00 to $455.00 and gave the company a "buy" rating in a research note on Friday, June 5th. Two investment analysts have rated the stock with a Strong Buy rating, forty-seven have assigned a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $413.13.
View Our Latest Stock Report on Alphabet
Key Alphabet News
Here are the key news stories impacting Alphabet this week:
Alphabet Profile
(
Free Report)
Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google's core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.
Beyond Google's consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.
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