Axxcess Wealth Management LLC Has $28.13 Million Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Axxcess Wealth Management LLC cut its stake in Alphabet Inc. (NASDAQ:GOOGL) by 1.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 187,669 shares of the information services provider’s stock after selling 2,470 shares during the period. Alphabet comprises approximately 0.7% of Axxcess Wealth Management LLC’s holdings, making the stock its 29th largest holding. Axxcess Wealth Management LLC’s holdings in Alphabet were worth $28,125,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Burt Wealth Advisors grew its holdings in Alphabet by 1.0% during the fourth quarter. Burt Wealth Advisors now owns 5,307 shares of the information services provider’s stock worth $1,005,000 after purchasing an additional 54 shares during the period. Perritt Capital Management Inc boosted its holdings in shares of Alphabet by 10.4% during the fourth quarter. Perritt Capital Management Inc now owns 618 shares of the information services provider’s stock worth $117,000 after acquiring an additional 58 shares during the period. Nia Impact Advisors LLC boosted its holdings in shares of Alphabet by 0.3% during the fourth quarter. Nia Impact Advisors LLC now owns 17,161 shares of the information services provider’s stock worth $3,249,000 after acquiring an additional 59 shares during the period. Hanlon Investment Management Inc. boosted its holdings in shares of Alphabet by 1.7% during the fourth quarter. Hanlon Investment Management Inc. now owns 3,553 shares of the information services provider’s stock worth $673,000 after acquiring an additional 60 shares during the period. Finally, Enzi Wealth boosted its holdings in shares of Alphabet by 2.5% during the first quarter. Enzi Wealth now owns 2,561 shares of the information services provider’s stock worth $408,000 after acquiring an additional 62 shares during the period. 40.03% of the stock is owned by institutional investors and hedge funds.

Alphabet Price Performance

GOOGL stock opened at $182.00 on Wednesday. The stock has a market capitalization of $2.21 trillion, a PE ratio of 20.29, a price-to-earnings-growth ratio of 1.27 and a beta of 1.00. The company’s 50-day moving average is $171.04 and its 200-day moving average is $173.13. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.77 and a quick ratio of 1.77. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $207.05.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.02 by $0.79. The company had revenue of $76.49 billion for the quarter, compared to analysts’ expectations of $89.30 billion. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. During the same quarter in the prior year, the firm earned $1.89 EPS. Equities research analysts expect that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 9th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date of this dividend was Monday, June 9th. This is a positive change from Alphabet’s previous quarterly dividend of $0.20. Alphabet’s dividend payout ratio is currently 9.36%.

Insider Buying and Selling

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total value of $5,801,900.00. Following the completion of the sale, the chief executive officer owned 2,559,892 shares in the company, valued at approximately $456,991,919.84. This trade represents a 1.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John L. Hennessy sold 600 shares of the stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $105,000.00. Following the completion of the sale, the director owned 6,813 shares of the company’s stock, valued at approximately $1,192,275. This trade represents a 8.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 182,943 shares of company stock worth $31,223,348 in the last quarter. Insiders own 11.55% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Needham & Company LLC restated a “buy” rating and set a $178.00 price objective on shares of Alphabet in a report on Friday, April 25th. DA Davidson reduced their price objective on Alphabet from $200.00 to $160.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Wedbush set a $190.00 price target on Alphabet and gave the company an “outperform” rating in a research note on Tuesday, April 15th. Sanford C. Bernstein boosted their price target on Alphabet from $165.00 to $185.00 and gave the company a “market perform” rating in a research note on Friday, April 25th. Finally, Susquehanna cut their price target on Alphabet from $225.00 to $220.00 and set a “positive” rating for the company in a research note on Friday, April 25th. Ten research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, Alphabet currently has a consensus rating of “Moderate Buy” and an average price target of $199.82.

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.