Elevated Capital Advisors LLC Acquires 1,039 Shares of Alphabet Inc. (NASDAQ:GOOG)

Elevated Capital Advisors LLC grew its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 6.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,509 shares of the information services provider’s stock after buying an additional 1,039 shares during the period. Alphabet accounts for about 0.9% of Elevated Capital Advisors LLC’s investment portfolio, making the stock its 28th largest position. Elevated Capital Advisors LLC’s holdings in Alphabet were worth $3,028,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Alphabet during the 4th quarter worth approximately $4,101,040,000. JPMorgan Chase & Co. lifted its position in Alphabet by 19.7% during the first quarter. JPMorgan Chase & Co. now owns 84,171,721 shares of the information services provider’s stock valued at $12,815,986,000 after purchasing an additional 13,876,534 shares during the last quarter. Swedbank AB purchased a new position in shares of Alphabet in the 1st quarter worth $1,378,708,000. Capital International Investors increased its holdings in shares of Alphabet by 9.3% in the 1st quarter. Capital International Investors now owns 87,716,562 shares of the information services provider’s stock worth $13,355,724,000 after buying an additional 7,470,042 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Alphabet by 51.8% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,416,150 shares of the information services provider’s stock valued at $976,923,000 after buying an additional 2,190,795 shares in the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Alphabet Stock Down 0.5 %

Shares of Alphabet stock opened at $157.81 on Thursday. Alphabet Inc. has a 52-week low of $121.46 and a 52-week high of $193.31. The firm’s 50 day moving average price is $173.69 and its 200-day moving average price is $165.59. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04. The company has a market cap of $1.95 trillion, a P/E ratio of 24.20, a PEG ratio of 1.22 and a beta of 1.05.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. The business had revenue of $84.74 billion for the quarter, compared to the consensus estimate of $84.22 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The business’s quarterly revenue was up 13.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.44 earnings per share. On average, sell-side analysts predict that Alphabet Inc. will post 7.63 EPS for the current fiscal year.

Alphabet Announces Dividend

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 issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.51%. The ex-dividend date of this dividend is Monday, September 9th. Alphabet’s dividend payout ratio is presently 12.27%.

Insiders Place Their Bets

In related news, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $183.47, for a total value of $125,126.54. Following the completion of the transaction, the chief accounting officer now directly owns 30,650 shares of the company’s stock, valued at approximately $5,623,355.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $177.40, for a total transaction of $3,991,500.00. Following the sale, the chief executive officer now owns 2,213,011 shares in the company, valued at $392,588,151.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $183.47, for a total transaction of $125,126.54. Following the completion of the transaction, the chief accounting officer now owns 30,650 shares of the company’s stock, valued at approximately $5,623,355.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 156,565 shares of company stock valued at $27,043,340. 12.99% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

GOOG has been the topic of several analyst reports. Wolfe Research raised Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. Oppenheimer increased their price target on Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. TD Cowen lifted their price objective on shares of Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Finally, Rosenblatt Securities downgraded shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 target price on the stock. in a research note on Friday, June 28th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $182.86.

Alphabet 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.