Tcfg Wealth Management LLC Raises Position in Alphabet Inc. $GOOGL

Tcfg Wealth Management LLC lifted its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 620.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,596 shares of the information services provider’s stock after purchasing an additional 63,387 shares during the quarter. Alphabet comprises about 1.5% of Tcfg Wealth Management LLC’s portfolio, making the stock its 14th biggest position. Tcfg Wealth Management LLC’s holdings in Alphabet were worth $17,891,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GOOGL. Financial Gravity Companies Inc. acquired a new stake in Alphabet in the 2nd quarter worth approximately $31,000. iSAM Funds UK Ltd acquired a new position in Alphabet during the 3rd quarter valued at approximately $53,000. Pilgrim Partners Asia Pte Ltd acquired a new position in Alphabet during the 3rd quarter valued at approximately $53,000. Corsicana & Co. purchased a new position in shares of Alphabet in the third quarter worth $54,000. Finally, Sellwood Investment Partners LLC purchased a new position in shares of Alphabet in the third quarter worth $63,000. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $321.21, for a total value of $10,439,325.00. Following the completion of the transaction, the chief executive officer directly owned 2,244,372 shares of the company’s stock, valued at approximately $720,914,730.12. The trade was a 1.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John Kent Walker sold 47,574 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $301.45, for a total value of $14,341,182.30. Following the completion of the sale, the insider owned 13,227 shares in the company, valued at approximately $3,987,279.15. This represents a 78.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 2,076,615 shares of company stock valued at $107,809,111 in the last ninety days. Insiders own 11.55% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Piper Sandler reissued an “overweight” rating and set a $395.00 price objective (up from $365.00) on shares of Alphabet in a report on Thursday, February 5th. President Capital raised their target price on Alphabet from $323.00 to $375.00 and gave the stock a “buy” rating in a research note on Tuesday, February 10th. DA Davidson lifted their price target on Alphabet from $300.00 to $310.00 and gave the stock a “neutral” rating in a research report on Thursday, February 5th. Wolfe Research boosted their price target on Alphabet from $380.00 to $390.00 and gave the company an “outperform” rating in a research note on Friday, January 23rd. Finally, Raymond James Financial raised Alphabet from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, January 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, forty-three have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and a consensus price target of $367.18.

Alphabet Trading Up 1.8%

NASDAQ GOOGL opened at $310.92 on Wednesday. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $349.00. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.01 and a quick ratio of 2.01. The company has a market capitalization of $3.76 trillion, a PE ratio of 28.76, a P/E/G ratio of 1.79 and a beta of 1.10. The company has a fifty day moving average of $318.83 and a 200 day moving average of $291.74.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings results on Wednesday, February 4th. The information services provider reported $2.82 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.25. The company had revenue of $113.83 billion for the quarter, compared to the consensus estimate of $111.24 billion. Alphabet had a return on equity of 35.01% and a net margin of 32.81%. Research analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 9th were issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Monday, March 9th. Alphabet’s dividend payout ratio (DPR) is 7.77%.

Alphabet Profile

Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google’s core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.

Beyond Google’s consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.