Envestnet Portfolio Solutions Inc. Has $32.76 Million Holdings in Alphabet Inc. (NASDAQ:GOOG)

Envestnet Portfolio Solutions Inc. lessened its stake in Alphabet Inc. (NASDAQ:GOOG) by 17.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 209,677 shares of the information services provider’s stock after selling 45,410 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Alphabet were worth $32,758,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of GOOG. Cassaday & Co Wealth Management LLC raised its stake in Alphabet by 9.3% in the fourth quarter. Cassaday & Co Wealth Management LLC now owns 28,044 shares of the information services provider’s stock valued at $5,341,000 after purchasing an additional 2,390 shares in the last quarter. LaFleur & Godfrey LLC raised its stake in Alphabet by 1.2% during the fourth quarter. LaFleur & Godfrey LLC now owns 31,967 shares of the information services provider’s stock worth $6,088,000 after acquiring an additional 380 shares in the last quarter. Brighton Jones LLC raised its stake in Alphabet by 5.6% during the fourth quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider’s stock worth $22,901,000 after acquiring an additional 6,410 shares in the last quarter. Union Bancaire Privee UBP SA acquired a new position in Alphabet during the fourth quarter worth about $204,262,000. Finally, Ascent Wealth Partners LLC raised its stake in Alphabet by 246.2% during the fourth quarter. Ascent Wealth Partners LLC now owns 5,698 shares of the information services provider’s stock worth $1,085,000 after acquiring an additional 4,052 shares in the last quarter. Institutional investors and hedge funds own 27.26% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on GOOG shares. UBS Group lowered their target price on Alphabet from $209.00 to $173.00 and set a “neutral” rating for the company in a research note on Friday, April 11th. Westpark Capital reissued a “buy” rating and set a $210.00 target price on shares of Alphabet in a research note on Friday, April 25th. Susquehanna reissued a “positive” rating on shares of Alphabet in a research note on Friday, May 2nd. JPMorgan Chase & Co. boosted their target price on Alphabet from $180.00 to $195.00 and gave the stock an “overweight” rating in a research note on Friday, April 25th. Finally, KeyCorp lowered their target price on Alphabet from $202.00 to $185.00 and set an “overweight” rating for the company in a research note on Wednesday, April 9th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, fourteen have issued a buy rating and five have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $204.88.

Insider Activity at Alphabet

In related news, insider John Kent Walker sold 11,764 shares of the company’s stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $166.84, for a total value of $1,962,705.76. Following the sale, the insider now directly owns 49,037 shares in the company, valued at $8,181,333.08. This represents a 19.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Amie Thuener O’toole sold 673 shares of the company’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $155.33, for a total value of $104,537.09. Following the completion of the sale, the chief accounting officer now owns 15,303 shares in the company, valued at $2,377,014.99. The trade was a 4.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 195,570 shares of company stock worth $32,003,532 over the last ninety days. Insiders own 12.99% of the company’s stock.

Alphabet Stock Performance

Shares of GOOG stock opened at $173.98 on Friday. The business’s 50 day simple moving average is $166.15 and its 200 day simple moving average is $176.43. Alphabet Inc. has a one year low of $142.66 and a one year high of $208.70. The stock has a market capitalization of $2.11 trillion, a PE ratio of 19.40, a PEG ratio of 1.23 and a beta of 1.01. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.77 and a quick ratio of 1.77.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, beating the consensus estimate of $2.02 by $0.79. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. The business had revenue of $90.23 billion for the quarter, compared to analysts’ expectations of $89.30 billion. During the same period in the prior year, the business posted $1.89 earnings per share. The firm’s revenue was up 12.0% on a year-over-year basis. As a group, research analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 9th were issued a $0.21 dividend. The ex-dividend date of this dividend was Monday, June 9th. This is a boost from Alphabet’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a yield of 0.48%. Alphabet’s dividend payout ratio is presently 9.36%.

Alphabet 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.