Wealthspire Advisors LLC Increases Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

Key Points

• Wealthspire Advisors LLC has increased its stake in Alphabet Inc. by 4.8%, holding a total of 184,649 shares valued at approximately $28.85 million as reported in their latest SEC filing.
• Alphabet's stock performance shows a market cap of $2.37 trillion, with a current share price of $195.75, and an earnings report indicating a quarterly EPS of $2.31, surpassing estimates.
• A quarterly dividend of $0.21 per share has been announced, payable on September 15th, with an annualized dividend yield of 0.4%.

Wealthspire Advisors LLC boosted its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 4.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 184,649 shares of the information services provider's stock after buying an additional 8,409 shares during the quarter. Wealthspire Advisors LLC's holdings in Alphabet were worth $28,848,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Brighton Jones LLC raised its holdings in Alphabet by 5.6% during the fourth quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider's stock worth $22,901,000 after purchasing an additional 6,410 shares in the last quarter. Bank Pictet & Cie Europe AG grew its position in shares of Alphabet by 4.3% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 506,535 shares of the information services provider's stock worth $96,465,000 after acquiring an additional 20,855 shares during the last quarter. Wellspring Financial Advisors LLC grew its position in shares of Alphabet by 3.7% during the fourth quarter. Wellspring Financial Advisors LLC now owns 12,188 shares of the information services provider's stock worth $2,322,000 after acquiring an additional 435 shares during the last quarter. Concentrum Wealth Management grew its position in Alphabet by 0.3% in the 4th quarter. Concentrum Wealth Management now owns 17,328 shares of the information services provider's stock valued at $3,300,000 after buying an additional 57 shares during the last quarter. Finally, Invesco Ltd. grew its position in Alphabet by 5.0% in the 4th quarter. Invesco Ltd. now owns 19,939,547 shares of the information services provider's stock valued at $3,797,287,000 after buying an additional 944,858 shares during the last quarter. Hedge funds and other institutional investors own 27.26% of the company's stock.

Alphabet Stock Performance

Alphabet stock opened at $195.75 on Tuesday. The stock has a market cap of $2.37 trillion, a P/E ratio of 20.85, a price-to-earnings-growth ratio of 1.26 and a beta of 1.02. 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 of $179.89 and a 200-day moving average of $174.38. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $208.70.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating the consensus estimate of $2.12 by $0.19. The company had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. The business's revenue was up 13.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.89 EPS. On average, analysts expect that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders 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 dividend yield of 0.4%. The ex-dividend date is Monday, September 8th. Alphabet's dividend payout ratio is 8.95%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. lifted their price target on Alphabet from $200.00 to $232.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Pivotal Research boosted their target price on shares of Alphabet from $225.00 to $245.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Piper Sandler reissued a "neutral" rating on shares of Alphabet in a research note on Wednesday, July 9th. Wells Fargo & Company reissued an "equal weight" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, Rosenblatt Securities raised shares of Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 25th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have given a buy rating and five have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $215.19.

Insider Activity at Alphabet

In related news, Director Kavitark Ram Shriram sold 18,566 shares of the company's stock in a transaction that occurred on 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 sale, the director directly owned 243,400 shares of the company's stock, valued at approximately $45,213,984. This represents a 7.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 sale, 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 quarter, insiders have sold 249,399 shares of company stock valued at $43,525,794. Company insiders own 12.99% 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.

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