Solano Wealth Management Inc. Grows Stake in Alphabet Inc. (NASDAQ:GOOGL)

Solano Wealth Management Inc. lifted its position in Alphabet Inc. (NASDAQ:GOOGL) by 2.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,394 shares of the information services provider’s stock after buying an additional 94 shares during the period. Alphabet makes up about 0.4% of Solano Wealth Management Inc.’s investment portfolio, making the stock its 21st biggest position. Solano Wealth Management Inc.’s holdings in Alphabet were worth $800,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sovereign Financial Group Inc. raised its holdings in Alphabet by 1.1% in the 4th quarter. Sovereign Financial Group Inc. now owns 36,565 shares of the information services provider’s stock worth $5,108,000 after purchasing an additional 399 shares during the period. Patrick M Sweeney & Associates Inc. bought a new position in Alphabet in the 4th quarter worth $512,000. Balanced Wealth Group LLC bought a new position in Alphabet in the 4th quarter worth $517,000. Barlow Wealth Partners Inc. bought a new position in Alphabet in the 4th quarter worth $2,343,000. Finally, Pacific Capital Wealth Advisors Inc. bought a new position in Alphabet in the 4th quarter worth $95,000. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Up 1.7 %

Shares of NASDAQ:GOOGL opened at $151.16 on Thursday. Alphabet Inc. has a 1 year low of $120.21 and a 1 year high of $191.75. The business has a 50 day simple moving average of $168.75 and a two-hundred day simple moving average of $164.42. The firm has a market capitalization of $1.86 trillion, a PE ratio of 23.18, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The business had revenue of $84.74 billion during the quarter, compared to analyst estimates of $70.60 billion. During the same quarter in the previous year, the business earned $1.44 earnings per share. On average, equities analysts predict that Alphabet Inc. will post 7.64 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 9th will be given a dividend of $0.20 per share. The ex-dividend date is Monday, September 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.53%. Alphabet’s dividend payout ratio (DPR) is presently 12.27%.

Insider Buying and Selling at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 2,835 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total transaction of $429,587.55. Following the completion of the transaction, the chief accounting officer now owns 29,182 shares in the company, valued at $4,421,948.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Alphabet news, CAO Amie Thuener O’toole sold 2,835 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total transaction of $429,587.55. Following the completion of the transaction, the chief accounting officer now owns 29,182 shares in the company, valued at $4,421,948.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Kent Walker sold 21,467 shares of Alphabet stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $160.35, for a total transaction of $3,442,233.45. Following the sale, the insider now directly owns 39,334 shares of the company’s stock, valued at approximately $6,307,206.90. The disclosure for this sale can be found here. Insiders sold 179,367 shares of company stock worth $30,016,931 over the last 90 days. Company insiders own 11.55% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on GOOGL. Truist Financial raised their target price on Alphabet from $190.00 to $196.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Mizuho raised their price target on Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Piper Sandler decreased their price target on Alphabet from $206.00 to $200.00 and set an “overweight” rating on the stock in a report on Tuesday. Bank of America raised their price target on Alphabet from $200.00 to $206.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Finally, Argus raised their price target on Alphabet from $200.00 to $215.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. Eight investment analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $201.76.

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.