Grassi Investment Management increases stake in Alphabet Inc. (NASDAQ:GOOGL)

Grassi Investment Management boosted its holdings in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 4.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 53,990 shares of the information services provider’s stock after purchasing an additional 2,275 shares during the quarter. Grassi Investment Management’s holdings in Alphabet were worth $9,834,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Alphabet by 0.8% in the first quarter. Vanguard Group Inc. now owns 497,874,324 shares of the information services provider’s stock valued at $75,144,172,000 after buying an additional 4,064,073 shares during the last quarter. Norges Bank acquired a new position in Alphabet in the fourth quarter valued at $15,441,917,000. Capital Research Global Investors boosted its holdings in shares of Alphabet by 14.4% in the first quarter. Capital Research Global Investors now owns 57,803,291 shares of the information services provider’s stock worth $8,724,251,000 after buying an additional 7,275,757 shares during the last quarter. Fisher Asset Management LLC raised its position in shares of Alphabet by 3.4% in the fourth quarter. Fisher Asset Management LLC now owns 45,220,857 shares of the information services provider’s stock worth $6,316,902,000 after purchasing an additional 1,472,043 shares during the last quarter. Finally, Capital World Investors boosted its holdings in shares of Alphabet by 1.7% in the first quarter. Capital World Investors now owns 35,412,299 shares of the information services provider’s stock valued at $5,344,778,000 after purchasing an additional 597,756 shares during the last quarter. 40.03% of the shares are currently owned by institutional investors and hedge funds.

Analyst upgrades and downgrades

GOOGL has been the subject of a number of research reports. Piper Sandler boosted their price target on Alphabet from $200.00 to $206.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Jefferies Financial Group upped their target price on shares of Alphabet from $215.00 to $220.00 in a research report on Tuesday, July 9th. Robert W. Baird boosted their price objective on shares of Alphabet from $160.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, April 26th. Sanford C. Bernstein upped their target price on shares of Alphabet from $165.00 to $180.00 and gave the company a “market perform” rating in a report on Friday, April 26th. Finally, Argus upped their target price on Alphabet from $200.00 to $215.00 and gave the stock a “buy” rating in a report on Tuesday, July 16th. Six research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $203.74, according to MarketBeat.

Read the latest stock report on GOOGL

Indoor activity

In other news, Director John L. Hennessy sold 1,500 shares of the company’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $185.85, for a total value of $278,775.00. Following the sale, the director now owns 30,824 shares in the company, valued at approximately $5,728,640.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC’s website. In other Alphabet news, Director John L. Hennessy sold 1,500 shares of Alphabet stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $185.85, for a total value of $278,775.00. Following the completion of the transaction, the director now directly owns 30,824 shares in the company, valued at $5,728,640.40. The sale was disclosed in a legal filing with the SEC, which is accessible via this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $173.22, for a total transaction of $3,897,450.00. Following the transaction, the chief executive officer now owns 2,258,011 shares of the company’s stock, valued at approximately $391,132,665.42. The disclosure for this sale can be found here. Over the last three months, insiders have sold 122,308 shares of company stock worth $21,385,000. 11.55% of shares are currently owned by insiders.

Alphabet Stock 1.9%

Shares of NASDAQ GOOGL opened at $162.03 on Friday. The firm has a fifty day moving average of $177.20 and a 200 day moving average of $161.75. The stock has a market cap of $2.00 trillion, a PE ratio of 24.85, a P/E/G ratio of 1.28 and a beta of 1.05. The company has a quick ratio of 2.08, a current ratio of 2.08, and a debt-to-equity ratio of 0.04. Alphabet Inc. it has a 52-week low of $120.21 and a 52-week high of $191.75.

Alphabet (NASDAQ:GOOGL – Get Your Free Report ) last issued its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The company had revenue of $84.74 billion for the quarter, compared to analyst estimates of $70.60 billion. In the same quarter last year, the company posted earnings of $1.44 per share. On average, analysts anticipate that Alphabet Inc. will post 7.62 EPS for the current year.

Alphabet announces dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be given a $0.20 dividend. This represents an annualized dividend of $0.80 and a dividend yield of 0.49%. The ex-dividend date of this dividend is Monday, September 9. Alphabet’s dividend payout ratio (DPR) is 12.27%.

Alphabet Company Profile

(Free Report)

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, Asia-Pacific, Canada and Latin America. It works through Google services, Google Cloud and other betting segments. The Google Services segment offers products and services, including advertising, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search and YouTube.

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