49 Wealth Management LLC Grows Position in Alphabet Inc. (NASDAQ:GOOG)

49 Wealth Management LLC boosted its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 3.5% during the first quarter, HoldingsChannel.com reports. The firm owned 6,589 shares of the information services provider’s stock after acquiring an additional 222 shares during the period. 49 Wealth Management LLC’s holdings in Alphabet were worth $1,031,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Capital International Investors grew its holdings in Alphabet by 1.1% during the 4th quarter. Capital International Investors now owns 80,246,520 shares of the information services provider’s stock valued at $11,309,370,000 after purchasing an additional 862,550 shares in the last quarter. Norges Bank acquired a new position in Alphabet in the fourth quarter worth about $4,101,040,000. Charles Schwab Investment Management Inc. increased its holdings in Alphabet by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 28,800,413 shares of the information services provider’s stock valued at $4,058,842,000 after buying an additional 481,376 shares during the last quarter. Sanders Capital LLC raised its stake in Alphabet by 2.9% during the fourth quarter. Sanders Capital LLC now owns 28,558,000 shares of the information services provider’s stock valued at $4,024,679,000 after buying an additional 813,428 shares in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in Alphabet by 0.8% during the 4th quarter. Franklin Resources Inc. now owns 12,638,895 shares of the information services provider’s stock worth $1,781,200,000 after buying an additional 97,603 shares during the last quarter. Institutional investors and hedge funds own 27.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on GOOG. Oppenheimer lifted their price objective on shares of Alphabet from $172.00 to $185.00 and gave the stock an “outperform” rating in a report on Monday, April 8th. Stifel Nicolaus lifted their price target on shares of Alphabet from $154.00 to $174.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. Morgan Stanley reiterated an “overweight” rating and set a $165.00 price objective on shares of Alphabet in a research note on Thursday, April 11th. TD Cowen lifted their target price on Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Rosenblatt Securities cut Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price target on the stock. in a research report on Friday, June 28th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $174.38.

Insider Buying and Selling

In related news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $157.41, for a total transaction of $3,541,725.00. Following the completion of the transaction, the chief executive officer now owns 2,303,011 shares of the company’s stock, valued at $362,516,961.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $166.67, for a total transaction of $113,668.94. Following the completion of the sale, the chief accounting officer now directly owns 29,284 shares of the company’s stock, valued at approximately $4,880,764.28. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $157.41, for a total value of $3,541,725.00. Following the sale, the chief executive officer now directly owns 2,303,011 shares in the company, valued at $362,516,961.51. The disclosure for this sale can be found here. Insiders have sold a total of 145,488 shares of company stock valued at $25,217,405 over the last quarter. Corporate insiders own 12.99% of the company’s stock.

Alphabet Stock Performance

Alphabet stock traded down $0.52 during mid-day trading on Friday, hitting $186.78. 14,449,113 shares of the company’s stock traded hands, compared to its average volume of 15,160,819. Alphabet Inc. has a one year low of $118.68 and a one year high of $193.31. The company has a market cap of $2.31 trillion, a PE ratio of 28.65, a price-to-earnings-growth ratio of 1.40 and a beta of 1.05. The firm has a 50 day moving average price of $179.19 and a 200 day moving average price of $159.18. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.05.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Thursday, April 25th. The information services provider reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.38. The business had revenue of $80.54 billion during the quarter, compared to the consensus estimate of $78.75 billion. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. The company’s quarterly revenue was up 15.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.17 earnings per share. On average, equities analysts forecast that Alphabet Inc. will post 7.61 EPS for the current year.

Alphabet Announces Dividend

The business also recently disclosed a — dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 10th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, June 10th. Alphabet’s dividend payout ratio is presently 12.27%.

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.