Rainey & Randall Investment Management Inc. Buys 353 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Rainey & Randall Investment Management Inc. increased its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 16.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,513 shares of the information services provider’s stock after purchasing an additional 353 shares during the quarter. Rainey & Randall Investment Management Inc.’s holdings in Alphabet were worth $351,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. FMR LLC lifted its stake in shares of Alphabet by 5.6% in the 3rd quarter. FMR LLC now owns 227,317,469 shares of the information services provider’s stock valued at $29,746,764,000 after purchasing an additional 12,070,681 shares during the period. Northern Trust Corp increased its holdings in Alphabet by 3.7% in the third quarter. Northern Trust Corp now owns 67,684,197 shares of the information services provider’s stock valued at $8,857,154,000 after purchasing an additional 2,416,328 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Alphabet by 1.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 34,035,275 shares of the information services provider’s stock valued at $4,453,856,000 after buying an additional 335,219 shares during the period. American Century Companies Inc. boosted its holdings in Alphabet by 7.8% during the third quarter. American Century Companies Inc. now owns 25,064,614 shares of the information services provider’s stock worth $3,279,955,000 after buying an additional 1,809,910 shares during the last quarter. Finally, Jennison Associates LLC grew its position in shares of Alphabet by 9.3% during the 3rd quarter. Jennison Associates LLC now owns 24,145,417 shares of the information services provider’s stock worth $3,159,669,000 after buying an additional 2,058,221 shares during the period. Institutional investors and hedge funds own 40.03% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on GOOGL. Needham & Company LLC lifted their price objective on shares of Alphabet from $160.00 to $210.00 and gave the stock a “buy” rating in a research note on Friday. Mizuho boosted their price target on shares of Alphabet from $170.00 to $190.00 and gave the company a “buy” rating in a report on Friday. Piper Sandler reaffirmed an “overweight” rating and set a $200.00 price objective (up previously from $160.00) on shares of Alphabet in a research note on Friday. Wedbush boosted their target price on Alphabet from $175.00 to $205.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Royal Bank of Canada lifted their price objective on Alphabet from $155.00 to $200.00 and gave the company an “outperform” rating in a report on Friday. Five research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $189.44.

Alphabet Stock Performance

Shares of NASDAQ GOOGL opened at $166.15 on Tuesday. Alphabet Inc. has a one year low of $103.71 and a one year high of $174.71. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.15 and a quick ratio of 2.10. The firm has a market cap of $2.07 trillion, a price-to-earnings ratio of 25.48, a P/E/G ratio of 1.57 and a beta of 1.05. The stock’s fifty day moving average price is $148.36 and its two-hundred day moving average price is $141.62.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Thursday, April 25th. The information services provider reported $1.89 EPS for the quarter, topping analysts’ consensus estimates of $1.49 by $0.40. The business had revenue of $80.54 billion for the quarter, compared to analyst estimates of $66.04 billion. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. During the same period last year, the firm earned $1.17 earnings per share. On average, equities analysts forecast that Alphabet Inc. will post 6.82 EPS for the current year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 10th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date of this dividend is Monday, June 10th.

Insiders Place Their Bets

In other news, SVP Prabhakar Raghavan sold 3,258 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $155.97, for a total transaction of $508,150.26. Following the completion of the sale, the senior vice president now directly owns 144,685 shares in the company, valued at approximately $22,566,519.45. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Alphabet news, Director John L. Hennessy sold 2,100 shares of the business’s stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $175.76, for a total transaction of $369,096.00. Following the completion of the transaction, the director now directly owns 5,891 shares in the company, valued at $1,035,402.16. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Prabhakar Raghavan sold 3,258 shares of the firm’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $155.97, for a total value of $508,150.26. Following the completion of the sale, the senior vice president now directly owns 144,685 shares in the company, valued at approximately $22,566,519.45. The disclosure for this sale can be found here. Insiders have sold a total of 253,209 shares of company stock worth $36,711,144 in the last 90 days. Company insiders own 0.88% 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.