Alphabet Inc. (NASDAQ:GOOGL) Shares Acquired by Concurrent Investment Advisors LLC

Concurrent Investment Advisors LLC increased its position in Alphabet Inc. (NASDAQ:GOOGL) by 22.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 209,611 shares of the information services provider’s stock after buying an additional 38,641 shares during the period. Alphabet comprises 0.8% of Concurrent Investment Advisors LLC’s portfolio, making the stock its 17th largest holding. Concurrent Investment Advisors LLC’s holdings in Alphabet were worth $32,414,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Harbour Trust & Investment Management Co boosted its stake in shares of Alphabet by 0.3% in the first quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider’s stock valued at $4,187,000 after purchasing an additional 80 shares during the period. Rockbridge Capital Management LLC acquired a new stake in shares of Alphabet in the 4th quarter worth about $3,119,000. Cypress Capital LLC increased its holdings in shares of Alphabet by 4.1% in the 1st quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider’s stock worth $2,213,000 after acquiring an additional 563 shares during the period. Optivise Advisory Services LLC increased its holdings in shares of Alphabet by 8.0% in the 4th quarter. Optivise Advisory Services LLC now owns 5,464 shares of the information services provider’s stock worth $1,035,000 after acquiring an additional 403 shares during the period. Finally, Community Bank N.A. increased its holdings in shares of Alphabet by 6.4% in the 4th quarter. Community Bank N.A. now owns 46,173 shares of the information services provider’s stock worth $8,741,000 after acquiring an additional 2,790 shares during the period. Institutional investors and hedge funds own 40.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Truist Financial reaffirmed a “buy” rating and issued a $200.00 price objective on shares of Alphabet in a report on Wednesday, July 2nd. Tigress Financial increased their price objective on shares of Alphabet from $220.00 to $240.00 and gave the stock a “strong-buy” rating in a report on Wednesday, April 30th. Needham & Company LLC reaffirmed a “buy” rating and issued a $178.00 price objective on shares of Alphabet in a report on Friday, April 25th. Morgan Stanley dropped their price objective on shares of Alphabet from $210.00 to $185.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Finally, Piper Sandler increased their price objective on shares of Alphabet from $185.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, April 25th. Ten equities research 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 company’s stock. According to MarketBeat.com, Alphabet has an average rating of “Moderate Buy” and an average price target of $199.61.

Alphabet Stock Up 1.4%

GOOGL stock opened at $180.19 on Friday. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $207.05. The company’s 50 day simple moving average is $170.32 and its 200-day simple moving average is $173.46. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.77 and a quick ratio of 1.77. The firm has a market capitalization of $2.19 trillion, a P/E ratio of 20.09, a P/E/G ratio of 1.25 and a beta of 1.00.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.02 by $0.79. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. The business had revenue of $76.49 billion for the quarter, compared to analyst estimates of $89.30 billion. During the same quarter in the previous year, the business earned $1.89 earnings per share. As a group, equities research analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Increases Dividend

The company also recently declared 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. The ex-dividend date of this dividend was Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.47%. This is a positive change from Alphabet’s previous quarterly dividend of $0.20. Alphabet’s payout ratio is currently 9.36%.

Insider Activity

In other news, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the sale, the chief executive officer owned 2,559,892 shares in the company, valued at $456,991,919.84. The trade was a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kavitark Ram Shriram sold 9,000 shares of the company’s stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $1,575,000.00. Following the completion of the transaction, the director owned 255,400 shares in the company, valued at approximately $44,695,000. This represents a 3.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 215,643 shares of company stock worth $36,330,928 over the last 90 days. 11.64% of the stock is owned by company insiders.

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.