Convergence Investment Partners LLC Increases Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Convergence Investment Partners LLC increased its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 3.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 20,356 shares of the information services provider’s stock after purchasing an additional 647 shares during the period. Alphabet accounts for about 1.5% of Convergence Investment Partners LLC’s holdings, making the stock its 13th biggest holding. Convergence Investment Partners LLC’s holdings in Alphabet were worth $2,844,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. RWQ Financial Management Services Inc. boosted its position in Alphabet by 8.2% during the 4th quarter. RWQ Financial Management Services Inc. now owns 61,499 shares of the information services provider’s stock worth $8,591,000 after purchasing an additional 4,664 shares during the period. Robbins Farley boosted its position in Alphabet by 0.8% in the 4th quarter. Robbins Farley now owns 15,006 shares of the information services provider’s stock valued at $2,096,000 after buying an additional 118 shares during the last quarter. Quantum Financial Advisors LLC boosted its position in Alphabet by 8.0% in the 3rd quarter. Quantum Financial Advisors LLC now owns 7,623 shares of the information services provider’s stock valued at $998,000 after buying an additional 564 shares during the last quarter. Colton Groome Financial Advisors LLC boosted its position in Alphabet by 3.8% in the 4th quarter. Colton Groome Financial Advisors LLC now owns 2,700 shares of the information services provider’s stock valued at $377,000 after buying an additional 100 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its position in Alphabet by 2.4% in the 3rd quarter. Acadian Asset Management LLC now owns 4,416,533 shares of the information services provider’s stock valued at $577,908,000 after buying an additional 104,366 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on GOOGL shares. Argus upped their price objective on shares of Alphabet from $170.00 to $200.00 and gave the company a “buy” rating in a research report on Tuesday, April 30th. Barclays upped their price objective on shares of Alphabet from $173.00 to $200.00 and gave the company an “overweight” rating in a research report on Friday, April 26th. Mizuho upped their price objective on shares of Alphabet from $170.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, April 26th. Citigroup upped their price objective on shares of Alphabet from $168.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, April 26th. Finally, Redburn Atlantic upped their price objective on shares of Alphabet from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Wednesday, January 31st. Five research analysts have rated the stock with a hold rating, thirty have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Alphabet currently has a consensus rating of “Moderate Buy” and an average target price of $190.60.

Insider Activity

In other news, SVP Prabhakar Raghavan sold 3,258 shares of the stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 144,685 shares in the company, valued at $22,566,519.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $136.49, for a total transaction of $93,086.18. Following the completion of the sale, the chief accounting officer now directly owns 28,602 shares in the company, valued at $3,903,886.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Prabhakar Raghavan sold 3,258 shares of the firm’s stock in a transaction that occurred 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 sale, the senior vice president now owns 144,685 shares of the company’s stock, valued at $22,566,519.45. The disclosure for this sale can be found here. Insiders sold 275,129 shares of company stock worth $40,382,765 over the last three months. Corporate insiders own 0.88% of the company’s stock.

Alphabet Price Performance

Shares of NASDAQ:GOOGL opened at $167.24 on Monday. The firm’s 50 day moving average is $150.14 and its two-hundred day moving average is $142.36. The company has a current ratio of 2.15, a quick ratio of 2.10 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $2.08 trillion, a P/E ratio of 25.65, a PEG ratio of 1.28 and a beta of 1.02. Alphabet Inc. has a 52 week low of $103.97 and a 52 week high of $174.71.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings data on Thursday, April 25th. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.40. The business had revenue of $80.54 billion during the quarter, compared to analysts’ expectations 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 posted $1.17 earnings per share. Analysts anticipate that Alphabet Inc. will post 7.57 earnings per share for the current year.

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 10th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.48%. The ex-dividend date of this dividend is Monday, June 10th.

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.