Alphabet Inc. (NASDAQ:GOOGL) is Solidarity Wealth LLC’s 7th Largest Position

Solidarity Wealth LLC lifted its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 2.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 106,837 shares of the information services provider’s stock after purchasing an additional 2,824 shares during the period. Alphabet comprises approximately 4.1% of Solidarity Wealth LLC’s portfolio, making the stock its 7th largest position. Solidarity Wealth LLC’s holdings in Alphabet were worth $16,521,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of GOOGL. Perritt Capital Management Inc lifted its position in Alphabet by 10.4% in the fourth quarter. Perritt Capital Management Inc now owns 618 shares of the information services provider’s stock valued at $117,000 after acquiring an additional 58 shares during the last quarter. Nia Impact Advisors LLC lifted its position in Alphabet by 0.3% in the fourth quarter. Nia Impact Advisors LLC now owns 17,161 shares of the information services provider’s stock valued at $3,249,000 after acquiring an additional 59 shares during the last quarter. Hanlon Investment Management Inc. lifted its position in Alphabet by 1.7% in the fourth quarter. Hanlon Investment Management Inc. now owns 3,553 shares of the information services provider’s stock valued at $673,000 after acquiring an additional 60 shares during the last quarter. Enzi Wealth lifted its position in Alphabet by 2.5% in the first quarter. Enzi Wealth now owns 2,561 shares of the information services provider’s stock valued at $408,000 after acquiring an additional 62 shares during the last quarter. Finally, Whipplewood Advisors LLC lifted its position in Alphabet by 1.2% in the first quarter. Whipplewood Advisors LLC now owns 5,438 shares of the information services provider’s stock valued at $817,000 after acquiring an additional 67 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director John L. Hennessy sold 400 shares of the stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $181.98, for a total value of $72,792.00. Following the sale, the director directly owned 6,013 shares in the company, valued at $1,094,245.74. This represents a 6.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kavitark Ram Shriram sold 18,566 shares of the firm’s stock in a transaction that occurred 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 sale, the director owned 243,400 shares in the company, valued at approximately $45,213,984. This trade represents a 7.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 249,399 shares of company stock worth $43,525,794 over the last ninety days. 11.55% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Bank of America boosted their price target on shares of Alphabet from $210.00 to $217.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. Cantor Fitzgerald boosted their price target on shares of Alphabet from $196.00 to $201.00 and gave the company a “neutral” rating in a research report on Thursday, July 24th. KeyCorp lifted their price objective on shares of Alphabet from $215.00 to $230.00 and gave the company an “overweight” rating in a research note on Thursday, July 24th. Citizens Jmp raised shares of Alphabet from a “market perform” rating to an “outperform” rating and set a $220.00 target price for the company in a report on Friday, June 27th. Finally, BMO Capital Markets upped their target price on shares of Alphabet from $208.00 to $225.00 and gave the company an “outperform” rating in a report on Thursday, July 24th. Ten analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, Alphabet currently has a consensus rating of “Moderate Buy” and a consensus price target of $211.39.

Alphabet Stock Up 3.1%

GOOGL stock opened at $195.04 on Tuesday. The company’s 50 day simple moving average is $178.85 and its 200-day simple moving average is $172.81. The firm has a market capitalization of $2.36 trillion, a PE ratio of 20.77, a P/E/G ratio of 1.28 and a beta of 1.01. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $207.05. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating the consensus estimate of $2.15 by $0.16. The business had revenue of $96,428,000 billion for the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Equities analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The firm 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 $0.21 dividend. The ex-dividend date is Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.4%. Alphabet’s dividend payout ratio is currently 8.95%.

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.