Atlantic Edge Private Wealth Management LLC Invests $2.78 Million in Alphabet Inc. (NASDAQ:GOOGL)

Atlantic Edge Private Wealth Management LLC bought a new position in shares of Alphabet Inc. (NASDAQ:GOOGL) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 19,875 shares of the information services provider’s stock, valued at approximately $2,776,000. Alphabet accounts for 1.1% of Atlantic Edge Private Wealth Management LLC’s investment portfolio, making the stock its 18th biggest position.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. DiNuzzo Private Wealth Inc. acquired a new stake in shares of Alphabet in the fourth quarter valued at about $38,000. Meritage Group LP grew its position in Alphabet by 1,061.5% in the third quarter. Meritage Group LP now owns 302 shares of the information services provider’s stock valued at $40,000 after acquiring an additional 276 shares in the last quarter. Armor Investment Advisors LLC raised its stake in shares of Alphabet by 31.0% during the fourth quarter. Armor Investment Advisors LLC now owns 338 shares of the information services provider’s stock valued at $47,000 after purchasing an additional 80 shares during the period. IAG Wealth Partners LLC lifted its position in shares of Alphabet by 55.9% during the fourth quarter. IAG Wealth Partners LLC now owns 343 shares of the information services provider’s stock worth $48,000 after purchasing an additional 123 shares in the last quarter. Finally, Valued Wealth Advisors LLC purchased a new position in shares of Alphabet in the fourth quarter valued at $55,000. Institutional investors and hedge funds own 40.03% of the company’s stock.

Insider Activity

In related news, SVP Prabhakar Raghavan sold 3,258 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $155.97, for a total value of $508,150.26. Following the sale, the senior vice president now directly owns 144,685 shares in the company, valued at approximately $22,566,519.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Alphabet news, Director John L. Hennessy sold 300 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $139.51, for a total transaction of $41,853.00. Following the sale, the director now owns 9,291 shares in the company, valued at approximately $1,296,187.41. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Prabhakar Raghavan sold 3,258 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $155.97, for a total transaction of $508,150.26. Following the sale, the senior vice president now directly owns 144,685 shares of the company’s stock, valued at $22,566,519.45. The disclosure for this sale can be found here. In the last quarter, insiders sold 205,935 shares of company stock worth $31,178,987. Corporate insiders own 11.55% of the company’s stock.

Alphabet Trading Down 0.8 %

Alphabet stock opened at $176.38 on Thursday. Alphabet Inc. has a 12-month low of $115.35 and a 12-month high of $178.77. The stock has a market capitalization of $2.18 trillion, a PE ratio of 27.05, a price-to-earnings-growth ratio of 1.36 and a beta of 1.02. The firm has a 50 day simple moving average of $159.52 and a 200-day simple moving average of $146.20. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.15 and a quick ratio of 2.15.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Thursday, April 25th. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.40. The firm had revenue of $80.54 billion during the quarter, compared to analyst estimates of $66.04 billion. Alphabet had a return on equity of 29.52% and a net margin of 25.90%. During the same period last year, the company posted $1.17 EPS. As a group, equities research analysts expect that Alphabet Inc. will post 7.61 EPS for the current fiscal year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 10th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date of this dividend is Monday, June 10th.

Wall Street Analysts Forecast Growth

GOOGL has been the topic of a number of recent analyst reports. Truist Financial boosted their price objective on shares of Alphabet from $170.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, April 26th. JMP Securities reissued a “market outperform” rating and issued a $200.00 price target on shares of Alphabet in a report on Wednesday, May 15th. Royal Bank of Canada raised their price objective on Alphabet from $155.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, April 26th. BMO Capital Markets reiterated an “outperform” rating and set a $215.00 target price on shares of Alphabet in a research note on Wednesday, May 15th. Finally, Loop Capital lifted their price target on shares of Alphabet from $155.00 to $170.00 and gave the stock a “hold” rating in a research note on Wednesday, May 1st. Five equities research analysts have rated the stock with a hold rating, thirty have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $190.60.

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.