MidAtlantic Capital Management Inc. Acquires Shares of 465 Alphabet Inc. (NASDAQ:GOOGL)

MidAtlantic Capital Management Inc. bought a new stake in Alphabet Inc. (NASDAQ:GOOGL) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 465 shares of the information services provider’s stock, valued at approximately $72,000.

A number of other institutional investors and hedge funds have also made changes to their positions in GOOGL. Christopher J. Hasenberg Inc boosted its holdings in Alphabet by 75.0% during the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after buying an additional 60 shares in the last quarter. LMR Partners LLP acquired a new stake in shares of Alphabet during the 3rd quarter valued at approximately $32,000. Kings Path Partners LLC purchased a new stake in shares of Alphabet during the 2nd quarter worth approximately $36,000. Denver PWM LLC acquired a new stake in shares of Alphabet in the 2nd quarter worth approximately $41,000. Finally, Quarry LP purchased a new position in Alphabet in the 2nd quarter valued at approximately $53,000. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have commented on GOOGL shares. Wedbush reiterated an “outperform” rating and set a $205.00 target price on shares of Alphabet in a research report on Thursday, October 24th. Morgan Stanley boosted their price objective on shares of Alphabet from $190.00 to $205.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Piper Sandler restated an “overweight” rating and set a $210.00 target price (up from $200.00) on shares of Alphabet in a report on Wednesday, October 30th. DA Davidson started coverage on shares of Alphabet in a report on Tuesday, September 10th. They issued a “neutral” rating and a $170.00 price target on the stock. Finally, Scotiabank upgraded shares of Alphabet to a “strong-buy” rating in a research report on Friday, October 11th. Seven research analysts have rated the stock with a hold rating, thirty-one have given a buy rating and five have issued a strong buy rating to the stock. According to data from MarketBeat, Alphabet currently has a consensus rating of “Moderate Buy” and a consensus target price of $205.90.

Insiders Place Their Bets

In related news, CAO Amie Thuener O’toole sold 2,835 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total transaction of $429,587.55. Following the sale, the chief accounting officer now directly owns 29,182 shares in the company, valued at approximately $4,421,948.46. This trade represents a 8.85 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $176.67, for a total value of $3,975,075.00. Following the transaction, the chief executive officer now directly owns 2,061,806 shares in the company, valued at $364,259,266.02. This trade represents a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 186,124 shares of company stock worth $31,374,030 over the last quarter. 11.55% of the stock is owned by corporate insiders.

Alphabet Stock Up 1.5 %

GOOGL opened at $171.49 on Tuesday. Alphabet Inc. has a 1 year low of $127.90 and a 1 year high of $191.75. The firm has a 50 day moving average price of $168.47 and a 200 day moving average price of $170.31. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.95 and a current ratio of 1.95. The company has a market cap of $2.10 trillion, a PE ratio of 22.74, a price-to-earnings-growth ratio of 1.20 and a beta of 1.03.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The company had revenue of $88.27 billion during the quarter, compared to analyst estimates of $72.85 billion. During the same quarter in the prior year, the business earned $1.55 earnings per share. Sell-side analysts expect that Alphabet Inc. will post 8.01 earnings per share for the current year.

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s dividend payout ratio is presently 10.61%.

Alphabet Company 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.