Magnolia Private Wealth LLC Invests $639,000 in Alphabet Inc. (NASDAQ:GOOGL)

Magnolia Private Wealth LLC acquired a new stake in shares of Alphabet Inc. (NASDAQ:GOOGL) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 3,374 shares of the information services provider’s stock, valued at approximately $639,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GOOGL. Compass Planning Associates Inc bought a new position in shares of Alphabet in the fourth quarter worth about $30,000. LMR Partners LLP purchased a new position in Alphabet in the 3rd quarter worth approximately $32,000. E Fund Management Hong Kong Co. Ltd. boosted its stake in Alphabet by 518.8% in the 4th quarter. E Fund Management Hong Kong Co. Ltd. now owns 198 shares of the information services provider’s stock worth $37,000 after purchasing an additional 166 shares during the period. Fiduciary Advisors Inc. purchased a new stake in Alphabet during the 4th quarter valued at approximately $39,000. Finally, PayPay Securities Corp raised its position in shares of Alphabet by 36.1% during the fourth quarter. PayPay Securities Corp now owns 245 shares of the information services provider’s stock valued at $46,000 after buying an additional 65 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Alphabet Price Performance

NASDAQ GOOGL opened at $164.04 on Wednesday. The company has a market cap of $2.00 trillion, a PE ratio of 20.38, a P/E/G ratio of 1.34 and a beta of 1.02. Alphabet Inc. has a 52-week low of $137.03 and a 52-week high of $207.05. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.84 and a current ratio of 1.84. The firm’s 50 day moving average price is $187.20 and its 200-day moving average price is $176.55.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Tuesday, February 4th. The information services provider reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.12 by $0.03. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. Sell-side analysts forecast that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 10th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.49%. The ex-dividend date is Monday, March 10th. Alphabet’s dividend payout ratio is currently 9.94%.

Insider Transactions at Alphabet

In other news, insider Ruth Porat sold 17,690 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $183.48, for a total value of $3,245,761.20. Following the transaction, the insider now directly owns 1,449,286 shares of the company’s stock, valued at approximately $265,914,995.28. This represents a 1.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John L. Hennessy sold 1,500 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $194.22, for a total transaction of $291,330.00. Following the completion of the transaction, the director now owns 23,324 shares in the company, valued at approximately $4,529,987.28. This trade represents a 6.04 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 97,182 shares of company stock valued at $18,192,354. Corporate insiders own 11.55% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on GOOGL shares. Cantor Fitzgerald dropped their target price on shares of Alphabet from $215.00 to $210.00 and set a “neutral” rating for the company in a research report on Wednesday, January 22nd. Bank of America reissued a “buy” rating and set a $210.00 price objective on shares of Alphabet in a report on Monday, December 23rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $225.00 target price on shares of Alphabet in a report on Wednesday, February 5th. Citigroup reduced their price objective on Alphabet from $232.00 to $229.00 and set a “buy” rating on the stock in a research note on Wednesday, February 5th. Finally, Wolfe Research increased their target price on Alphabet from $220.00 to $230.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Ten investment analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $210.62.

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.