Procyon Advisors LLC Purchases 5,748 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Procyon Advisors LLC raised its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 5.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 120,165 shares of the information services provider’s stock after buying an additional 5,748 shares during the quarter. Alphabet accounts for approximately 1.4% of Procyon Advisors LLC’s holdings, making the stock its 16th biggest holding. Procyon Advisors LLC’s holdings in Alphabet were worth $18,136,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Vermillion & White Wealth Management Group LLC bought a new stake in shares of Alphabet in the 4th quarter worth about $30,000. DiNuzzo Private Wealth Inc. bought a new stake in Alphabet during the fourth quarter worth about $38,000. Meritage Group LP increased its holdings in shares of Alphabet by 1,061.5% during the third quarter. Meritage Group LP now owns 302 shares of the information services provider’s stock worth $40,000 after buying an additional 276 shares in the last quarter. Armor Investment Advisors LLC raised its stake in shares of Alphabet by 31.0% in the fourth quarter. Armor Investment Advisors LLC now owns 338 shares of the information services provider’s stock valued at $47,000 after acquiring an additional 80 shares during the last quarter. Finally, IAG Wealth Partners LLC boosted its holdings in shares of Alphabet by 55.9% in the 4th quarter. IAG Wealth Partners LLC now owns 343 shares of the information services provider’s stock worth $48,000 after acquiring an additional 123 shares in the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.

Alphabet Price Performance

GOOGL opened at $182.15 on Friday. The firm has a 50-day moving average price of $172.85 and a 200-day moving average price of $154.29. Alphabet Inc. has a twelve month low of $115.35 and a twelve month high of $186.05. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $2.25 trillion, a price-to-earnings ratio of 27.94, a PEG ratio of 1.39 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Thursday, April 25th. The information services provider reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.40. The business had revenue of $80.54 billion during the quarter, compared to analyst estimates of $66.04 billion. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. During the same period in the previous year, the business earned $1.17 EPS. Equities analysts expect that Alphabet Inc. will post 7.6 EPS for the current year.

Alphabet Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 10th were paid a $0.20 dividend. The ex-dividend date was Monday, June 10th. This represents a $0.80 annualized dividend and a yield of 0.44%. Alphabet’s dividend payout ratio is currently 12.27%.

Insider Buying and Selling at Alphabet

In related news, Director John L. Hennessy sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $177.92, for a total transaction of $266,880.00. Following the sale, the director now owns 3,727 shares of the company’s stock, valued at approximately $663,107.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director John L. Hennessy sold 1,500 shares of the business’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $177.92, for a total transaction of $266,880.00. Following the completion of the transaction, the director now directly owns 3,727 shares in the company, valued at $663,107.84. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Prabhakar Raghavan sold 3,258 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $155.97, for a total value of $508,150.26. Following the completion of the sale, the senior vice president now directly owns 144,685 shares in the company, valued at approximately $22,566,519.45. The disclosure for this sale can be found here. Insiders sold 146,284 shares of company stock valued at $24,534,393 in the last quarter. 11.55% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on GOOGL. Barclays raised their price objective on shares of Alphabet from $173.00 to $200.00 and gave the company an “overweight” rating in a research report on Friday, April 26th. Roth Mkm increased their price objective on Alphabet from $164.00 to $202.00 and gave the company a “buy” rating in a research report on Friday, April 26th. Wolfe Research boosted their target price on Alphabet from $180.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, April 26th. Evercore ISI raised their price target on Alphabet from $220.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday, June 11th. Finally, Truist Financial boosted their price target on shares of Alphabet from $170.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, April 26th. Six investment analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $193.66.

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.