Grant Street Asset Management Inc. Raises Stock Holdings in Alphabet Inc. $GOOGL

Grant Street Asset Management Inc. lifted its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 73.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,227 shares of the information services provider’s stock after acquiring an additional 1,793 shares during the period. Grant Street Asset Management Inc.’s holdings in Alphabet were worth $745,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of GOOGL. Assetmark Inc. raised its holdings in shares of Alphabet by 3.2% in the second quarter. Assetmark Inc. now owns 2,409,099 shares of the information services provider’s stock valued at $424,556,000 after buying an additional 75,665 shares during the last quarter. HBK Sorce Advisory LLC grew its holdings in shares of Alphabet by 5.5% during the second quarter. HBK Sorce Advisory LLC now owns 66,149 shares of the information services provider’s stock worth $11,657,000 after buying an additional 3,476 shares during the last quarter. Hantz Financial Services Inc. increased its position in Alphabet by 10.9% in the 2nd quarter. Hantz Financial Services Inc. now owns 211,369 shares of the information services provider’s stock valued at $37,250,000 after acquiring an additional 20,776 shares during the period. Buck Wealth Strategies LLC increased its position in Alphabet by 13.5% in the 2nd quarter. Buck Wealth Strategies LLC now owns 77,711 shares of the information services provider’s stock valued at $13,695,000 after acquiring an additional 9,225 shares during the period. Finally, Barnes Dennig Private Wealth Management LLC raised its stake in Alphabet by 92.8% during the 2nd quarter. Barnes Dennig Private Wealth Management LLC now owns 17,110 shares of the information services provider’s stock valued at $3,015,000 after acquiring an additional 8,236 shares during the last quarter. 40.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Susquehanna lifted their target price on Alphabet from $225.00 to $350.00 and gave the company a “positive” rating in a research note on Thursday, October 30th. Citizens Jmp increased their price target on Alphabet from $250.00 to $290.00 and gave the stock an “outperform” rating in a report on Friday, September 19th. Piper Sandler reissued an “overweight” rating and issued a $330.00 price objective (up from $285.00) on shares of Alphabet in a research note on Thursday, October 30th. Citic Securities upped their price objective on shares of Alphabet from $230.00 to $310.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd. Finally, Jefferies Financial Group raised their target price on shares of Alphabet from $285.00 to $320.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Three analysts have rated the stock with a Strong Buy rating, thirty-eight have given a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $304.10.

Alphabet Price Performance

Shares of NASDAQ GOOGL opened at $290.10 on Tuesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a one year low of $140.53 and a one year high of $291.59. The firm has a market capitalization of $3.51 trillion, a P/E ratio of 28.61, a PEG ratio of 1.86 and a beta of 1.05. The company’s fifty day moving average is $252.77 and its two-hundred day moving average is $205.82.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Wednesday, October 29th. The information services provider reported $2.87 EPS for the quarter, beating the consensus estimate of $2.29 by $0.58. The firm had revenue of $102.35 billion during the quarter, compared to analysts’ expectations of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. Analysts forecast that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 8th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Monday, December 8th. Alphabet’s dividend payout ratio (DPR) is presently 8.28%.

Insider Buying and Selling at Alphabet

In related news, CAO Amie Thuener O’toole sold 954 shares of Alphabet stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $282.33, for a total transaction of $269,342.82. Following the completion of the transaction, the chief accounting officer directly owned 14,517 shares of the company’s stock, valued at approximately $4,098,584.61. The trade was a 6.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Frances Arnold sold 112 shares of the business’s stock in a transaction on Thursday, October 30th. The stock was sold at an average price of $291.80, for a total value of $32,681.60. Following the sale, the director owned 18,004 shares in the company, valued at approximately $5,253,567.20. The trade was a 0.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 222,396 shares of company stock worth $54,105,275. Corporate insiders own 11.64% of the company’s stock.

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.