Arrowroot Family Office LLC Invests $689,000 in Alphabet Inc. $GOOGL

Arrowroot Family Office LLC purchased a new stake in shares of Alphabet Inc. (NASDAQ:GOOGL) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 3,908 shares of the information services provider’s stock, valued at approximately $689,000.

Several other institutional investors also recently modified their holdings of GOOGL. Mystic Asset Management Inc. boosted its stake in Alphabet by 6.7% during the first quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider’s stock worth $4,400,000 after buying an additional 1,791 shares during the period. Bridgeway Capital Management LLC boosted its position in shares of Alphabet by 17.9% during the 1st quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider’s stock worth $13,637,000 after acquiring an additional 13,371 shares in the last quarter. Alaethes Wealth LLC boosted its holdings in shares of Alphabet by 1.1% in the 1st quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider’s stock valued at $1,182,000 after buying an additional 84 shares in the last quarter. Moment Partners LLC lifted its stake in Alphabet by 9.3% in the second quarter. Moment Partners LLC now owns 5,896 shares of the information services provider’s stock valued at $1,039,000 after buying an additional 504 shares during the last quarter. Finally, Welch Group LLC boosted its stake in shares of Alphabet by 4.0% during the second quarter. Welch Group LLC now owns 64,262 shares of the information services provider’s stock worth $11,325,000 after buying an additional 2,467 shares during the period. 40.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on GOOGL shares. The Goldman Sachs Group boosted their target price on Alphabet from $288.00 to $330.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Piper Sandler reaffirmed an “overweight” rating and set a $330.00 price objective (up previously from $285.00) on shares of Alphabet in a research note on Thursday, October 30th. Weiss Ratings reissued a “buy (b)” rating on shares of Alphabet in a research note on Wednesday, October 8th. Royal Bank Of Canada restated a “buy” rating on shares of Alphabet in a report on Thursday, October 30th. Finally, Barclays restated an “overweight” rating and issued a $315.00 price objective (up from $250.00) on shares of Alphabet in a report on Thursday, October 30th. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-seven have issued a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $304.10.

Alphabet Stock Down 0.8%

Shares of GOOGL stock opened at $276.41 on Monday. 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 Inc. has a 52-week low of $140.53 and a 52-week high of $292.01. The firm’s 50-day moving average is $257.24 and its 200-day moving average is $209.28. The stock has a market cap of $3.34 trillion, a price-to-earnings ratio of 27.26, a PEG ratio of 1.86 and a beta of 1.05.

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

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 8th will be given a $0.21 dividend. The ex-dividend date of this dividend is Monday, December 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Alphabet’s dividend payout ratio is presently 8.28%.

Insiders Place Their Bets

In other news, insider John Kent Walker sold 17,816 shares of Alphabet stock in a transaction on Monday, September 29th. The stock was sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the completion of the sale, the insider owned 42,985 shares of the company’s stock, valued at approximately $10,635,348.70. This trade represents a 29.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Amie Thuener O’toole sold 2,778 shares of Alphabet stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $245.00, for a total transaction of $680,610.00. Following the completion of the sale, the chief accounting officer owned 17,293 shares of the company’s stock, valued at $4,236,785. This trade represents a 13.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 221,796 shares of company stock worth $53,983,001 in the last 90 days. Company insiders own 11.64% of the company’s stock.

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.