Petros Family Wealth LLC Increases Position in Alphabet Inc. $GOOGL

Petros Family Wealth LLC grew its stake in Alphabet Inc. (NASDAQ:GOOGL) by 14.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,450 shares of the information services provider’s stock after acquiring an additional 706 shares during the quarter. Petros Family Wealth LLC’s holdings in Alphabet were worth $960,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in GOOGL. Nuveen LLC purchased a new position in shares of Alphabet in the 1st quarter valued at $4,317,606,000. Vanguard Group Inc. increased its position in Alphabet by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider’s stock valued at $78,839,544,000 after buying an additional 14,307,345 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Alphabet by 11.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider’s stock valued at $6,783,364,000 after buying an additional 4,473,901 shares in the last quarter. Amundi increased its position in Alphabet by 11.8% during the 1st quarter. Amundi now owns 33,403,871 shares of the information services provider’s stock valued at $5,034,992,000 after buying an additional 3,537,173 shares in the last quarter. Finally, Evergreen Quality Fund GP Ltd. increased its position in Alphabet by 178.3% during the 1st quarter. Evergreen Quality Fund GP Ltd. now owns 4,003,900 shares of the information services provider’s stock valued at $619,163,000 after buying an additional 2,565,400 shares in the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Alphabet

In other news, CAO Amie Thuener O’toole sold 953 shares of the company’s stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $241.20, for a total value of $229,863.60. Following the sale, the chief accounting officer owned 17,294 shares in the company, valued at $4,171,312.80. This represents a 5.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $243.41, for a total value of $7,910,825.00. Following the completion of the sale, the chief executive officer owned 2,402,119 shares in the company, valued at $584,699,785.79. The trade was a 1.33% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 276,338 shares of company stock valued at $59,062,683. 11.55% of the stock is owned by insiders.

Alphabet Stock Performance

Shares of GOOGL opened at $244.15 on Tuesday. The stock has a 50-day moving average of $227.30 and a two-hundred day moving average of $189.47. Alphabet Inc. has a one year low of $140.53 and a one year high of $256.00. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The stock 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 (NASDAQ:GOOGL) last issued its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The company had revenue of $96.43 billion during the quarter, compared to analysts’ expectations of $93.60 billion. As a group, research analysts predict that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on GOOGL shares. Canaccord Genuity Group upped their target price on Alphabet from $230.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, September 4th. Tigress Financial upped their target price on Alphabet from $240.00 to $280.00 and gave the company a “strong-buy” rating in a research report on Friday, September 5th. UBS Group upped their target price on Alphabet from $237.00 to $255.00 and gave the company a “neutral” rating in a research report on Thursday, October 9th. Guggenheim upped their target price on Alphabet from $190.00 to $210.00 and gave the company a “buy” rating in a research report on Wednesday, July 23rd. Finally, Morgan Stanley set a $270.00 target price on Alphabet and gave the company an “overweight” rating in a research report on Thursday, October 2nd. Four investment analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $247.40.

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.