Assetmark Inc. Has $424.56 Million Stake in Alphabet Inc. $GOOGL

Assetmark Inc. boosted its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 3.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,409,099 shares of the information services provider’s stock after purchasing an additional 75,665 shares during the period. Alphabet accounts for 1.0% of Assetmark Inc.’s investment portfolio, making the stock its 23rd biggest holding. Assetmark Inc.’s holdings in Alphabet were worth $424,556,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of GOOGL. Nuveen LLC purchased a new stake in Alphabet in the 1st quarter worth about $4,317,606,000. Vanguard Group Inc. lifted its position in shares of Alphabet by 2.9% in the first quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider’s stock worth $78,839,544,000 after purchasing an additional 14,307,345 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Alphabet by 11.4% in the first 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 worth $6,783,364,000 after purchasing an additional 4,473,901 shares in the last quarter. Amundi boosted its holdings in shares of Alphabet by 11.8% during the first quarter. Amundi now owns 33,403,871 shares of the information services provider’s stock worth $5,034,992,000 after purchasing an additional 3,537,173 shares during the period. Finally, Evergreen Quality Fund GP Ltd. grew its position in Alphabet by 178.3% during the first 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 purchasing an additional 2,565,400 shares in the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Insider Buying and Selling

In other news, CAO Amie Thuener O’toole sold 954 shares of the business’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $282.33, for a total transaction of $269,342.82. Following the transaction, the chief accounting officer owned 14,517 shares in the company, valued at approximately $4,098,584.61. The trade was a 6.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider John Kent Walker sold 17,816 shares of the company’s stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the transaction, the insider directly owned 42,985 shares of the company’s stock, valued at $10,635,348.70. This represents a 29.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 222,396 shares of company stock worth $54,105,275. 11.64% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. HSBC lifted their target price on shares of Alphabet from $295.00 to $335.00 and gave the company a “buy” rating in a research note on Thursday, October 30th. Oppenheimer lifted their price objective on Alphabet from $270.00 to $300.00 and gave the company an “outperform” rating in a research report on Monday, October 20th. Guggenheim boosted their target price on Alphabet from $280.00 to $330.00 and gave the company a “buy” rating in a research note on Thursday, October 30th. Sanford C. Bernstein raised their price target on Alphabet from $260.00 to $305.00 and gave the stock a “market perform” rating in a research note on Thursday, October 30th. Finally, Hsbc Global Res upgraded Alphabet to a “strong-buy” rating in a report on Tuesday, October 7th. Three analysts have rated the stock with a Strong Buy rating, thirty-eight have issued a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $304.10.

Alphabet Price Performance

Shares of NASDAQ:GOOGL opened at $290.10 on Tuesday. The company has a market cap of $3.51 trillion, a price-to-earnings ratio of 28.61, a PEG ratio of 1.86 and a beta of 1.05. The business has a 50 day moving average price of $252.77 and a 200 day moving average price of $205.82. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $291.59.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Wednesday, October 29th. The information services provider reported $2.87 EPS for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. Alphabet had a return on equity of 36.08% and a net margin of 32.23%.The company had revenue of $102.35 billion during the quarter, compared to analyst estimates of $99.90 billion. Research analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 8th will be issued a $0.21 dividend. The ex-dividend date of this dividend is Monday, December 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. Alphabet’s dividend payout ratio is 8.28%.

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.