Harrell Investment Partners LLC Has $6.61 Million Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Harrell Investment Partners LLC decreased its stake in Alphabet Inc. (NASDAQ:GOOGL) by 5.4% during the 1st quarter, HoldingsChannel reports. The fund owned 42,730 shares of the information services provider’s stock after selling 2,432 shares during the period. Alphabet comprises approximately 2.0% of Harrell Investment Partners LLC’s portfolio, making the stock its 14th biggest holding. Harrell Investment Partners LLC’s holdings in Alphabet were worth $6,608,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Institute for Wealth Management LLC. grew its holdings in shares of Alphabet by 0.6% in the 1st quarter. Institute for Wealth Management LLC. now owns 58,248 shares of the information services provider’s stock worth $9,008,000 after purchasing an additional 322 shares during the last quarter. Centennial Wealth Advisory LLC raised its position in Alphabet by 12.1% in the 1st quarter. Centennial Wealth Advisory LLC now owns 4,394 shares of the information services provider’s stock valued at $680,000 after purchasing an additional 475 shares during the last quarter. Bigelow Investment Advisors LLC raised its position in Alphabet by 2.8% in the 1st quarter. Bigelow Investment Advisors LLC now owns 14,970 shares of the information services provider’s stock valued at $2,315,000 after purchasing an additional 413 shares during the last quarter. Luken Investment Analytics LLC raised its position in Alphabet by 22.9% in the 1st quarter. Luken Investment Analytics LLC now owns 922 shares of the information services provider’s stock valued at $143,000 after purchasing an additional 172 shares during the last quarter. Finally, HFG Advisors Inc. raised its position in Alphabet by 16.8% in the 1st quarter. HFG Advisors Inc. now owns 2,094 shares of the information services provider’s stock valued at $324,000 after purchasing an additional 301 shares during the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on GOOGL. Rosenblatt Securities reissued a “neutral” rating and set a $189.00 price objective on shares of Alphabet in a report on Wednesday, May 21st. Roth Mkm reissued a “buy” rating and set a $220.00 price objective on shares of Alphabet in a report on Wednesday, March 19th. Westpark Capital reissued a “buy” rating and set a $210.00 price objective on shares of Alphabet in a report on Thursday, May 8th. Royal Bank Of Canada reissued an “outperform” rating and set a $200.00 price objective on shares of Alphabet in a report on Wednesday, April 23rd. Finally, Wells Fargo & Company increased their price objective on shares of Alphabet from $167.00 to $175.00 and gave the stock an “equal weight” rating in a report on Friday, April 25th. Ten equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, Alphabet has a consensus rating of “Moderate Buy” and an average price target of $199.75.

Insiders Place Their Bets

In other news, CAO Amie Thuener O’toole sold 673 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $155.33, for a total transaction of $104,537.09. Following the completion of the transaction, the chief accounting officer now directly owns 15,303 shares of the company’s stock, valued at $2,377,014.99. This trade represents a 4.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Kent Walker sold 11,764 shares of the firm’s stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $166.84, for a total transaction of $1,962,705.76. Following the transaction, the insider now directly owns 49,037 shares of the company’s stock, valued at $8,181,333.08. This represents a 19.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 228,070 shares of company stock worth $37,745,632. Company insiders own 11.64% of the company’s stock.

Alphabet Stock Performance

Shares of GOOGL stock opened at $166.64 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.77 and a current ratio of 1.77. The company has a market capitalization of $2.02 trillion, a P/E ratio of 18.58, a price-to-earnings-growth ratio of 1.06 and a beta of 1.01. The company’s 50 day moving average price is $164.77 and its two-hundred day moving average price is $174.72. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $207.05.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, topping the consensus estimate of $2.02 by $0.79. The firm had revenue of $76.49 billion for the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. During the same period last year, the company posted $1.89 EPS. On average, analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 9th were issued a dividend of $0.21 per share. This is an increase from Alphabet’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a yield of 0.50%. The ex-dividend date of this dividend was Monday, June 9th. Alphabet’s dividend payout ratio (DPR) is 9.36%.

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.