Ariose Capital Management Ltd Purchases 63,600 Shares of Alphabet Inc. $GOOGL

Ariose Capital Management Ltd grew its position in Alphabet Inc. (NASDAQ:GOOGL) by 89.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 135,000 shares of the information services provider’s stock after purchasing an additional 63,600 shares during the quarter. Alphabet makes up 15.2% of Ariose Capital Management Ltd’s investment portfolio, making the stock its 2nd largest position. Ariose Capital Management Ltd’s holdings in Alphabet were worth $23,948,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of GOOGL. Brighton Jones LLC raised its holdings in shares of Alphabet by 3.9% in the 4th quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider’s stock valued at $20,886,000 after purchasing an additional 4,110 shares in the last quarter. Revolve Wealth Partners LLC raised its holdings in shares of Alphabet by 3.5% in the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider’s stock valued at $2,826,000 after purchasing an additional 506 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Alphabet by 0.8% in the 1st quarter. Rhumbline Advisers now owns 11,267,743 shares of the information services provider’s stock valued at $1,742,444,000 after purchasing an additional 86,670 shares in the last quarter. Apella Capital LLC raised its holdings in shares of Alphabet by 50.6% in the 1st quarter. Apella Capital LLC now owns 12,820 shares of the information services provider’s stock valued at $2,035,000 after purchasing an additional 4,305 shares in the last quarter. Finally, Contravisory Investment Management Inc. raised its stake in Alphabet by 1,567.1% during the 1st quarter. Contravisory Investment Management Inc. now owns 1,417 shares of the information services provider’s stock worth $219,000 after acquiring an additional 1,332 shares in the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Truist Financial lifted their price target on shares of Alphabet from $225.00 to $285.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Alphabet in a research note on Wednesday, September 3rd. BNP Paribas Exane reiterated a “neutral” rating and set a $172.00 price target on shares of Alphabet in a research note on Friday, June 27th. Stifel Nicolaus lifted their price target on shares of Alphabet from $200.00 to $218.00 and gave the stock a “buy” rating in a research note on Tuesday, July 22nd. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $201.00 price target on shares of Alphabet in a research note on Wednesday, September 24th. Four investment analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, Alphabet currently has a consensus rating of “Moderate Buy” and a consensus target price of $240.76.

Alphabet Price Performance

Shares of GOOGL opened at $245.69 on Friday. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $256.00. The company has a market capitalization of $2.97 trillion, a price-to-earnings ratio of 26.17, a price-to-earnings-growth ratio of 1.65 and a beta of 1.00. The firm has a 50-day simple moving average of $220.21 and a 200-day simple moving average of $185.22. 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 (NASDAQ:GOOGL) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.16. The business had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. On average, equities research analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were issued a $0.21 dividend. The ex-dividend date of this dividend was Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Alphabet’s payout ratio is presently 8.95%.

Insiders Place Their Bets

In other news, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $249.44, for a total value of $149,664.00. Following the sale, the director owned 5,716 shares of the company’s stock, valued at $1,425,799.04. The trade was a 9.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frances Arnold sold 103 shares of Alphabet stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $243.13, for a total transaction of $25,042.39. Following the completion of the sale, the director directly owned 17,284 shares in the company, valued at approximately $4,202,258.92. The trade was a 0.59% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 276,738 shares of company stock valued at $59,135,475. Corporate insiders own 11.64% of the company’s stock.

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.