Alphabet Inc. $GOOGL is GK Wealth Management LLC’s 9th Largest Position

GK Wealth Management LLC boosted its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 5.6% in the first quarter, HoldingsChannel reports. The institutional investor owned 12,629 shares of the information services provider’s stock after purchasing an additional 668 shares during the quarter. Alphabet makes up 2.3% of GK Wealth Management LLC’s portfolio, making the stock its 9th largest position. GK Wealth Management LLC’s holdings in Alphabet were worth $1,953,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. raised its stake in Alphabet by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider’s stock valued at $78,839,544,000 after purchasing an additional 14,307,345 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Alphabet by 11.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider’s stock valued at $6,783,364,000 after purchasing an additional 4,473,901 shares during the period. Invesco Ltd. raised its stake in Alphabet by 1.4% during the 1st quarter. Invesco Ltd. now owns 43,648,514 shares of the information services provider’s stock valued at $6,749,806,000 after purchasing an additional 593,345 shares during the period. Deutsche Bank AG raised its stake in Alphabet by 1.9% during the 1st quarter. Deutsche Bank AG now owns 39,792,300 shares of the information services provider’s stock valued at $6,153,481,000 after purchasing an additional 727,335 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Alphabet by 0.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 38,556,577 shares of the information services provider’s stock valued at $5,962,389,000 after purchasing an additional 104,859 shares during the period. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Alphabet Trading Down 0.2%

GOOGL opened at $239.17 on Thursday. The firm has a market cap of $2.89 trillion, a P/E ratio of 25.47, a P/E/G ratio of 1.61 and a beta of 1.01. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $241.66. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock has a 50-day moving average of $199.43 and a 200 day moving average of $176.61.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping the consensus estimate of $2.15 by $0.16. The company had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. As a group, research analysts forecast that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be given a $0.21 dividend. The ex-dividend date is Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.4%. Alphabet’s dividend payout ratio (DPR) is currently 8.95%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on GOOGL shares. Truist Financial reissued a “buy” rating and set a $200.00 target price on shares of Alphabet in a research note on Wednesday, July 2nd. JMP Securities raised their price objective on Alphabet from $225.00 to $250.00 and gave the company a “market outperform” rating in a research report on Wednesday, September 3rd. Susquehanna raised their price objective on Alphabet from $220.00 to $225.00 and gave the company a “positive” rating in a research report on Thursday, July 24th. Needham & Company LLC raised their price objective on Alphabet from $220.00 to $260.00 and gave the company a “buy” rating in a research report on Wednesday, September 3rd. Finally, KeyCorp raised their price objective on Alphabet from $230.00 to $265.00 and gave the company an “overweight” rating in a research report on Wednesday, September 3rd. Three research analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, Alphabet has an average rating of “Moderate Buy” and an average target price of $221.44.

Insider Buying and Selling

In related news, Director John L. Hennessy sold 1,000 shares of Alphabet stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $200.00, for a total value of $200,000.00. Following the completion of the transaction, the director owned 6,916 shares in the company, valued at approximately $1,383,200. This trade represents a 12.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $199.92, for a total transaction of $6,497,400.00. Following the completion of the sale, the chief executive officer directly owned 2,462,392 shares of the company’s stock, valued at approximately $492,281,408.64. The trade was a 1.30% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 254,710 shares of company stock worth $49,208,380. Insiders own 11.64% of the company’s stock.

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.