Proathlete Wealth Management LLC raised its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 0.7% in the first quarter, Holdings Channel.com reports. The institutional investor owned 13,715 shares of the information services provider’s stock after buying an additional 102 shares during the quarter. Alphabet makes up about 0.8% of Proathlete Wealth Management LLC’s holdings, making the stock its 19th largest holding. Proathlete Wealth Management LLC’s holdings in Alphabet were worth $2,123,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Compass Planning Associates Inc bought a new stake in shares of Alphabet during the 4th quarter valued at $30,000. PayPay Securities Corp grew its position in shares of Alphabet by 36.1% during the 4th quarter. PayPay Securities Corp now owns 245 shares of the information services provider’s stock valued at $46,000 after acquiring an additional 65 shares during the period. Anderson Financial Strategies LLC bought a new stake in shares of Alphabet during the 4th quarter valued at $49,000. Navigoe LLC bought a new stake in shares of Alphabet during the 4th quarter valued at $51,000. Finally, Prudent Man Investment Management Inc. bought a new stake in shares of Alphabet during the 4th quarter valued at $53,000. 40.03% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity
In related news, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $158.56, for a total transaction of $5,153,200.00. Following the completion of the sale, the chief executive officer now directly owns 2,717,696 shares of the company’s stock, valued at approximately $430,917,877.76. This trade represents a 1.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Amie Thuener O’toole sold 673 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $155.33, for a total value of $104,537.09. Following the sale, the chief accounting officer now directly owns 15,303 shares of the company’s stock, valued at $2,377,014.99. This represents a 4.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 228,070 shares of company stock valued at $37,745,632 in the last ninety days. Insiders own 11.55% of the company’s stock.
Alphabet Price Performance
Alphabet (NASDAQ:GOOGL – Get Free Report) last posted its quarterly earnings data 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 business had revenue of $76.49 billion during 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 last year, the company earned $1.89 EPS. Equities analysts forecast that Alphabet Inc. will post 8.9 EPS for the current year.
Alphabet Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 9th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.50%. This is a positive change from Alphabet’s previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 9th. Alphabet’s dividend payout ratio (DPR) is presently 9.36%.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on GOOGL. JPMorgan Chase & Co. cut their price objective on shares of Alphabet from $220.00 to $180.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Citigroup upped their target price on shares of Alphabet from $195.00 to $200.00 and gave the stock a “buy” rating in a report on Friday, April 25th. Piper Sandler upped their target price on shares of Alphabet from $185.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, April 25th. Sanford C. Bernstein upped their target price on shares of Alphabet from $165.00 to $185.00 and gave the stock a “market perform” rating in a report on Friday, April 25th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $178.00 target price on shares of Alphabet in a report on Friday, April 25th. Ten analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have given a strong buy rating to the company. According to MarketBeat, Alphabet currently has a consensus rating of “Moderate Buy” and an average target price of $199.75.
View Our Latest Stock Report on GOOGL
Alphabet Company 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.
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