Gateway Wealth Partners LLC increased its position in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 12.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,249 shares of the information services provider’s stock after acquiring an additional 1,377 shares during the period. Gateway Wealth Partners LLC’s holdings in Alphabet were worth $1,894,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the company. von Borstel & Associates Inc. purchased a new stake in Alphabet in the first quarter worth about $28,000. Financial Gravity Asset Management Inc. bought a new stake in shares of Alphabet during the first quarter valued at approximately $39,000. Elite Financial Inc. purchased a new stake in shares of Alphabet in the first quarter valued at $42,000. Anderson Financial Strategies LLC acquired a new position in shares of Alphabet during the fourth quarter valued at about $49,000. Finally, EQ Wealth Advisors LLC acquired a new position in Alphabet in the 1st quarter valued at about $49,000. Hedge funds and other institutional investors own 40.03% of the company’s stock.
Insider Transactions at Alphabet
In related news, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $184.38, for a total transaction of $5,992,350.00. Following the transaction, the chief executive officer directly owned 2,527,392 shares of the company’s stock, valued at approximately $466,000,536.96. This represents a 1.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John L. Hennessy sold 600 shares of the business’s stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $105,000.00. Following the completion of the transaction, the director directly owned 6,813 shares in the company, valued at $1,192,275. This trade represents a 8.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 215,843 shares of company stock worth $37,288,490 in the last ninety days. Insiders own 11.64% of the company’s stock.
Analyst Ratings Changes
Several research firms recently commented on GOOGL. Sanford C. Bernstein boosted their target price on Alphabet from $165.00 to $185.00 and gave the stock a “market perform” rating in a research note on Friday, April 25th. Tigress Financial boosted their price target on shares of Alphabet from $220.00 to $240.00 and gave the stock a “strong-buy” rating in a report on Wednesday, April 30th. Piper Sandler lifted their price objective on shares of Alphabet from $185.00 to $195.00 and gave the stock an “overweight” rating in a research report on Friday, April 25th. Needham & Company LLC increased their target price on Alphabet from $178.00 to $210.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Mizuho dropped their price objective on Alphabet from $230.00 to $205.00 and set an “outperform” rating on the stock in a report on Wednesday, April 9th. Ten analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $201.41.
Check Out Our Latest Stock Analysis on GOOGL
Alphabet Stock Performance
Shares of GOOGL opened at $183.58 on Friday. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $207.05. The firm’s 50 day moving average is $172.26 and its 200-day moving average is $173.15. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.77 and a quick ratio of 1.77. The stock has a market capitalization of $2.23 trillion, a P/E ratio of 20.47, a P/E/G ratio of 1.28 and a beta of 1.00.
Alphabet (NASDAQ:GOOGL – Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.02 by $0.79. The firm had revenue of $76.49 billion for the quarter, compared to analyst estimates of $89.30 billion. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. During the same period in the previous year, the company posted $1.89 earnings per share. Equities research analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current fiscal year.
Alphabet Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 9th were issued a dividend of $0.21 per share. This is a boost from Alphabet’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Monday, June 9th. This represents a $0.84 annualized dividend and a yield of 0.46%. Alphabet’s dividend payout ratio is presently 9.36%.
Alphabet Profile
(Free Report)
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.
See Also
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