Alphabet Inc. (NASDAQ:GOOGL) Shares Purchased by Drive Wealth Management LLC

Drive Wealth Management LLC boosted its stake in Alphabet Inc. (NASDAQ:GOOGL) by 8.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 25,803 shares of the information services provider’s stock after acquiring an additional 2,071 shares during the period. Alphabet accounts for about 0.9% of Drive Wealth Management LLC’s holdings, making the stock its 20th biggest position. Drive Wealth Management LLC’s holdings in Alphabet were worth $3,990,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Guardian Wealth Management Inc. grew its stake in shares of Alphabet by 242.9% during the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider’s stock worth $26,000 after purchasing an additional 119 shares during the period. von Borstel & Associates Inc. acquired a new position in shares of Alphabet during the 1st quarter worth $28,000. IMA Advisory Services Inc. acquired a new position in shares of Alphabet during the 1st quarter worth $28,000. Financial Gravity Asset Management Inc. acquired a new position in shares of Alphabet during the 1st quarter worth $39,000. Finally, Elite Financial Inc. acquired a new position in shares of Alphabet during the 1st quarter worth $42,000. Institutional investors and hedge funds own 40.03% of the company’s stock.

Wall Street Analyst Weigh In

GOOGL has been the topic of a number of recent analyst reports. Westpark Capital upped their price target on shares of Alphabet from $210.00 to $220.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. Sanford C. Bernstein raised their price objective on Alphabet from $185.00 to $195.00 and gave the company a “market perform” rating in a research note on Tuesday, July 22nd. Rosenblatt Securities raised their price objective on Alphabet from $189.00 to $191.00 and gave the company a “neutral” rating in a research note on Thursday, July 24th. Wells Fargo & Company raised their price objective on Alphabet from $184.00 to $187.00 and gave the company an “equal weight” rating in a research note on Tuesday. Finally, Roth Capital increased their price objective on shares of Alphabet from $205.00 to $210.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Ten analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $211.39.

Alphabet Stock Down 1.4%

GOOGL stock opened at $189.13 on Friday. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $207.05. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $2.30 trillion, a P/E ratio of 20.14, a PEG ratio of 1.30 and a beta of 1.01. The firm has a 50 day simple moving average of $178.32 and a 200-day simple moving average of $173.12.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.4%. Alphabet’s dividend payout ratio (DPR) is presently 8.95%.

Insider Transactions at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $184.38, for a total value of $5,992,350.00. Following the completion of the transaction, the chief executive officer owned 2,527,392 shares of the company’s stock, valued at $466,000,536.96. The trade was a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction on Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the completion of the transaction, the director directly owned 243,400 shares of the company’s stock, valued at approximately $45,213,984. This represents a 7.09% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 249,399 shares of company stock valued at $43,525,794. 11.64% of the stock is currently owned by corporate insiders.

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.