Gilliland Jeter Wealth Management LLC Makes New $1.65 Million Investment in Alphabet Inc. (NASDAQ:GOOGL)

Gilliland Jeter Wealth Management LLC bought a new position in shares of Alphabet Inc. (NASDAQ:GOOGL) in the fourth quarter, Holdings Channel.com reports. The fund bought 11,832 shares of the information services provider’s stock, valued at approximately $1,653,000.

A number of other hedge funds have also modified their holdings of GOOGL. Roof Eidam Maycock Peralta LLC purchased a new stake in Alphabet in the 3rd quarter valued at $215,000. Riversedge Advisors LLC grew its holdings in shares of Alphabet by 37.9% in the third quarter. Riversedge Advisors LLC now owns 8,608 shares of the information services provider’s stock valued at $1,126,000 after purchasing an additional 2,368 shares during the period. Marshall Financial Group LLC increased its position in Alphabet by 8.3% during the third quarter. Marshall Financial Group LLC now owns 3,285 shares of the information services provider’s stock worth $430,000 after purchasing an additional 251 shares during the last quarter. Patriot Financial Group Insurance Agency LLC raised its stake in Alphabet by 5.0% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 22,308 shares of the information services provider’s stock worth $2,919,000 after purchasing an additional 1,070 shares during the period. Finally, Asset Planning Services Inc. LA ADV boosted its holdings in Alphabet by 1.9% in the 3rd quarter. Asset Planning Services Inc. LA ADV now owns 41,230 shares of the information services provider’s stock valued at $5,395,000 after purchasing an additional 765 shares during the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Stock Up 0.4 %

Shares of NASDAQ GOOGL opened at $167.24 on Friday. The stock has a market cap of $2.08 trillion, a PE ratio of 25.65, a price-to-earnings-growth ratio of 1.28 and a beta of 1.02. The company has a quick ratio of 2.10, a current ratio of 2.15 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a 52-week low of $103.97 and a 52-week high of $174.71. The business has a 50-day moving average price of $150.14 and a 200 day moving average price of $142.32.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Thursday, April 25th. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.40. The firm had revenue of $80.54 billion during the quarter, compared to analysts’ expectations of $66.04 billion. Alphabet had a return on equity of 29.52% and a net margin of 25.90%. During the same period in the prior year, the firm earned $1.17 EPS. Equities research analysts forecast that Alphabet Inc. will post 7.57 earnings per share for the current year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 10th will be given a $0.20 dividend. The ex-dividend date of this dividend is Monday, June 10th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.48%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on GOOGL. Roth Mkm lifted their price target on shares of Alphabet from $164.00 to $202.00 and gave the company a “buy” rating in a research report on Friday, April 26th. Loop Capital upped their price target on Alphabet from $155.00 to $170.00 and gave the company a “hold” rating in a research note on Wednesday. Royal Bank of Canada raised their price objective on Alphabet from $155.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, April 26th. Redburn Atlantic upped their target price on shares of Alphabet from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Wednesday, January 31st. Finally, JMP Securities lifted their price target on shares of Alphabet from $160.00 to $200.00 and gave the company a “market outperform” rating in a research report on Friday, April 26th. Five research analysts have rated the stock with a hold rating, thirty have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $190.60.

Insider Buying and Selling at Alphabet

In other Alphabet news, CFO Ruth Porat sold 48,077 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $137.22, for a total transaction of $6,597,125.94. Following the completion of the sale, the chief financial officer now directly owns 1,777,106 shares of the company’s stock, valued at approximately $243,854,485.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $132.70, for a total transaction of $2,985,750.00. Following the completion of the sale, the chief executive officer now directly owns 2,332,691 shares of the company’s stock, valued at approximately $309,548,095.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Ruth Porat sold 48,077 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $137.22, for a total value of $6,597,125.94. Following the sale, the chief financial officer now directly owns 1,777,106 shares of the company’s stock, valued at $243,854,485.32. The disclosure for this sale can be found here. Insiders sold a total of 275,129 shares of company stock valued at $40,382,765 in the last ninety days. Insiders own 0.88% 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.