Pettinga Financial Advisors LLC Grows Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Pettinga Financial Advisors LLC raised its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 20.7% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 1,985 shares of the information services provider’s stock after buying an additional 340 shares during the period. Pettinga Financial Advisors LLC’s holdings in Alphabet were worth $362,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vermillion & White Wealth Management Group LLC purchased a new position in shares of Alphabet in the 4th quarter valued at about $30,000. Tributary Capital Management LLC acquired a new stake in Alphabet in the 1st quarter worth about $30,000. DiNuzzo Private Wealth Inc. acquired a new stake in Alphabet in the 4th quarter worth about $38,000. CarsonAllaria Wealth Management Ltd. boosted its holdings in Alphabet by 59.2% in the 1st quarter. CarsonAllaria Wealth Management Ltd. now owns 293 shares of the information services provider’s stock worth $44,000 after buying an additional 109 shares during the last quarter. Finally, Richardson Capital Management LLC boosted its holdings in Alphabet by 87.5% in the 1st quarter. Richardson Capital Management LLC now owns 300 shares of the information services provider’s stock worth $45,000 after buying an additional 140 shares during the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Wolfe Research assumed coverage on Alphabet in a report on Tuesday, July 16th. They issued an “outperform” rating and a $240.00 price objective on the stock. TD Securities boosted their target price on Alphabet from $200.00 to $220.00 in a report on Wednesday, July 10th. Loop Capital restated a “hold” rating and set a $170.00 target price on shares of Alphabet in a report on Wednesday, July 3rd. Wells Fargo & Company boosted their target price on Alphabet from $187.00 to $190.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 24th. Finally, Truist Financial boosted their target price on Alphabet from $190.00 to $196.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Six equities research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $203.74.

Insider Buying and Selling at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $176.58, for a total value of $3,973,050.00. Following the sale, the chief executive officer now directly owns 2,235,511 shares in the company, valued at $394,746,532.38. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Alphabet news, SVP Prabhakar Raghavan sold 3,262 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $183.99, for a total value of $600,175.38. Following the sale, the senior vice president now directly owns 9 shares in the company, valued at $1,655.91. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $176.58, for a total value of $3,973,050.00. Following the completion of the sale, the chief executive officer now owns 2,235,511 shares in the company, valued at $394,746,532.38. The disclosure for this sale can be found here. Insiders have sold a total of 155,883 shares of company stock worth $26,705,320 over the last ninety days. Corporate insiders own 11.55% of the company’s stock.

Alphabet Stock Up 1.0 %

Alphabet stock opened at $163.38 on Tuesday. Alphabet Inc. has a twelve month low of $120.21 and a twelve month high of $191.75. The stock’s fifty day simple moving average is $173.13 and its 200-day simple moving average is $164.05. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $2.01 trillion, a P/E ratio of 25.06, a P/E/G ratio of 1.22 and a beta of 1.05.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, beating the consensus estimate of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The firm had revenue of $84.74 billion for the quarter, compared to analyst estimates of $70.60 billion. During the same quarter in the prior year, the company posted $1.44 earnings per share. As a group, equities analysts expect that Alphabet Inc. will post 7.63 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 9th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date is Monday, September 9th. 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.