DAVENPORT & Co LLC Purchases 332 Shares of Alphabet Inc. $GOOGL

DAVENPORT & Co LLC boosted its position in Alphabet Inc. (NASDAQ:GOOGL) by 0.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 959,792 shares of the information services provider’s stock after purchasing an additional 332 shares during the quarter. Alphabet makes up 0.9% of DAVENPORT & Co LLC’s portfolio, making the stock its 22nd biggest position. DAVENPORT & Co LLC’s holdings in Alphabet were worth $169,520,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Guardian Wealth Management Inc. increased its position in Alphabet by 242.9% during the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider’s stock valued at $26,000 after buying an additional 119 shares in the last quarter. von Borstel & Associates Inc. bought a new position in shares of Alphabet during the first quarter valued at $28,000. IMA Advisory Services Inc. bought a new position in shares of Alphabet during the first quarter valued at $28,000. NBZ Investment Advisors LLC increased its holdings in shares of Alphabet by 85.7% during the first quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock valued at $30,000 after acquiring an additional 90 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. bought a new stake in Alphabet during the 1st quarter valued at about $39,000. 40.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on GOOGL. Truist Financial raised their price objective on shares of Alphabet from $225.00 to $285.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Tigress Financial raised their price target on shares of Alphabet from $240.00 to $280.00 and gave the company a “strong-buy” rating in a research report on Friday, September 5th. Citizens Jmp raised their price target on shares of Alphabet from $250.00 to $290.00 and gave the company an “outperform” rating in a research report on Friday, September 19th. BNP Paribas Exane reissued a “neutral” rating and issued a $172.00 target price on shares of Alphabet in a report on Friday, June 27th. Finally, UBS Group lifted their target price on Alphabet from $237.00 to $255.00 and gave the stock a “neutral” rating in a report on Thursday, October 9th. Four research analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and a consensus price target of $247.40.

Alphabet Trading Up 3.2%

Alphabet stock opened at $244.15 on Tuesday. The business has a 50-day simple moving average of $227.30 and a two-hundred day simple moving average of $189.47. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a market cap of $2.95 trillion, a P/E ratio of 26.00, a P/E/G ratio of 1.60 and a beta of 1.00. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $256.00.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.16. The company had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Analysts predict that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Announces Dividend

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

Insider Buying and Selling at Alphabet

In related news, CAO Amie Thuener O’toole sold 953 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $241.20, for a total transaction of $229,863.60. Following the completion of the transaction, the chief accounting officer directly owned 17,294 shares in the company, valued at approximately $4,171,312.80. The trade was a 5.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Frances Arnold sold 103 shares of the company’s stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $243.13, for a total transaction of $25,042.39. Following the completion of the transaction, the director owned 17,284 shares of the company’s stock, valued at approximately $4,202,258.92. The trade was a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 276,338 shares of company stock valued at $59,062,683 in the last ninety days. 11.55% of the stock is currently owned by company insiders.

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.