Drive Wealth Management LLC buys 694 shares of Alphabet Inc. (NASDAQ:GOOG)

VaselineSeptember 4, 2024

0 4 minutes read

Drive Wealth Management LLC grew its position in shares of Alphabet Inc. (NASDAQ:GOOG – Free Report) by 3.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,305 shares of the information services provider’s stock after purchasing an additional 694 shares during the period. Alphabet accounts for 0.9% of Drive Wealth Management LLC’s holdings, making the stock its 23rd biggest holding. Drive Wealth Management LLC’s holdings in Alphabet were worth $3,357,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of GOOG. JPL Wealth Management LLC boosted its stake in shares of Alphabet by 29.2% in the second quarter. JPL Wealth Management LLC now owns 2,769 shares of the information services provider’s stock worth $508,000 after buying an additional 626 shares during the period. Capital Management Associates Inc boosted its holdings in shares of Alphabet by 29.5% in the second quarter. Capital Management Associates Inc now owns 5,015 shares of the information services provider’s stock worth $920,000 after purchasing an additional 1,141 shares in the last quarter. Bellwether Advisors LLC purchased a new stake in shares of Alphabet during the second quarter valued at about $217,000. Valmark Advisers Inc. boosted its stake in Alphabet by 12.8% in the second quarter. Valmark Advisers Inc. now owns 30,842 shares of the information services provider’s stock valued at $5,657,000 after purchasing an additional 3,505 shares in the last quarter. Finally, Ritholtz Wealth Management boosted its stake in shares of Alphabet by 5.2% in the second quarter. Ritholtz Wealth Management now owns 106,777 shares of the information services provider’s stock valued at $19,585,000 after purchasing an additional 5,264 shares in the last quarter. Institutional investors and hedge funds own 27.26% of the company’s shares.

Analyst upgrades and downgrades

A number of equities research analysts have commented on GOOG shares. Rosenblatt Securities cut shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 target price for the company. in a report on Friday, June 28. TD Cowen boosted their price objective on shares of Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Oppenheimer boosted their price target on Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Finally, Wolfe Research raised Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $182.86.

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Alphabet stock down 3.9%

Shares of NASDAQ GOOG opened at $158.61 on Wednesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08, and a quick ratio of 2.08. The company has a 50-day moving average price of $174.24 and a 200-day moving average price of $165.65. The stock has a market cap of $1.96 trillion, a P/E ratio of 24.33, a P/E/G ratio of 1.22 and a beta of 1.05. Alphabet Inc. has a one year low of $121.46 and a one year high of $193.31.

Alphabet (NASDAQ:GOOG – Get Free Report ) last released its quarterly earnings results 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. The business had revenue of $84.74 billion during the quarter, compared to the consensus estimate of $84.22 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The company’s quarterly revenue was up 13.6% year over year. In the same quarter in the previous year, the business earned $1.44 EPS. On average, equities research analysts forecast that Alphabet Inc. will post 7.63 EPS for the current fiscal year.

Alphabet announces dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be issued a dividend of $0.20 per share. The ex-dividend date is Monday, September 9. This represents an annualized dividend of $0.80 and a yield of 0.50%. Alphabet’s dividend payout ratio (DPR) is currently 12.27%.

Insider activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $177.40, for a total transaction of $3,991,500.00. Following the transaction, the chief executive officer now directly owns 2,213,011 shares of the company’s stock, valued at approximately $392,588,151.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available via this hyperlink. In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $177.40, for a total value of $3,991,500.00. Following the completion of the sale, the chief executive officer now owns 2,213,011 shares in the company, valued at approximately $392,588,151.40. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director John L. Hennessy sold 1,500 shares of Alphabet stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $185.85, for a total transaction of $278,775.00. Following the transaction, the director now directly owns 30,824 shares in the company, valued at approximately $5,728,640.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 156,565 shares of company stock worth $27,043,340. 12.99% of shares are owned by insiders.

Profile of the alphabet

(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.