Convergence Financial LLC Increases Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Convergence Financial LLC grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 1.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,948 shares of the information services provider’s stock after buying an additional 325 shares during the period. Alphabet accounts for about 0.8% of Convergence Financial LLC’s holdings, making the stock its 26th largest holding. Convergence Financial LLC’s holdings in Alphabet were worth $4,322,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Addison Advisors LLC grew its holdings in shares of Alphabet by 0.7% in the 4th quarter. Addison Advisors LLC now owns 7,527 shares of the information services provider’s stock worth $1,425,000 after acquiring an additional 53 shares during the period. Burt Wealth Advisors grew its holdings in shares of Alphabet by 1.0% in the 4th quarter. Burt Wealth Advisors now owns 5,307 shares of the information services provider’s stock worth $1,005,000 after acquiring an additional 54 shares during the period. Perritt Capital Management Inc grew its holdings in shares of Alphabet by 10.4% in the 4th quarter. Perritt Capital Management Inc now owns 618 shares of the information services provider’s stock worth $117,000 after acquiring an additional 58 shares during the period. Nia Impact Advisors LLC grew its holdings in shares of Alphabet by 0.3% in the 4th quarter. Nia Impact Advisors LLC now owns 17,161 shares of the information services provider’s stock worth $3,249,000 after acquiring an additional 59 shares during the period. Finally, Hanlon Investment Management Inc. grew its holdings in shares of Alphabet by 1.7% in the 4th quarter. Hanlon Investment Management Inc. now owns 3,553 shares of the information services provider’s stock worth $673,000 after acquiring an additional 60 shares during the period. 40.03% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Alphabet

In other news, Director John L. Hennessy sold 600 shares of the company’s stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $105,000.00. Following the completion of the sale, the director directly owned 6,813 shares in the company, valued at $1,192,275. This represents a 8.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Kavitark Ram Shriram sold 9,000 shares of the company’s stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total value of $1,575,000.00. Following the sale, the director owned 255,400 shares of the company’s stock, valued at approximately $44,695,000. The trade was a 3.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 215,643 shares of company stock worth $36,330,928 in the last ninety days. Insiders own 11.64% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on GOOGL shares. Morgan Stanley lowered their price target on Alphabet from $210.00 to $185.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Oppenheimer upped their price target on Alphabet from $185.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, April 25th. JMP Securities upgraded Alphabet from a “market perform” rating to a “market outperform” rating and set a $220.00 price target on the stock in a report on Friday, June 27th. Westpark Capital restated a “buy” rating and issued a $210.00 price target on shares of Alphabet in a report on Thursday, May 8th. Finally, UBS Group set a $195.00 price target on Alphabet in a report on Friday, April 25th. Ten analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, Alphabet presently has a consensus rating of “Moderate Buy” and a consensus price target of $199.95.

Alphabet Trading Up 0.2%

GOOGL stock opened at $179.08 on Friday. The company has a market cap of $2.17 trillion, a price-to-earnings ratio of 19.96, a PEG ratio of 1.26 and a beta of 1.00. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.03. The business has a fifty day simple moving average of $168.36 and a 200-day simple moving average of $174.08. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $207.05.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, topping analysts’ consensus estimates of $2.02 by $0.79. The business had revenue of $76.49 billion during the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. During the same period in the prior year, the firm posted $1.89 EPS. On average, equities research analysts expect that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 9th were issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.47%. This is an increase from Alphabet’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Monday, June 9th. Alphabet’s dividend payout ratio is presently 9.36%.

About Alphabet

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.