Accent Capital Management LLC Buys New Stake in Alphabet Inc. (NASDAQ:GOOGL)

Accent Capital Management LLC purchased a new position in shares of Alphabet Inc. (NASDAQ:GOOGL) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 49,760 shares of the information services provider’s stock, valued at approximately $6,951,000. Alphabet makes up about 5.5% of Accent Capital Management LLC’s investment portfolio, making the stock its 4th largest holding.

Several other hedge funds and other institutional investors have also modified their holdings of GOOGL. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of Alphabet during the 4th quarter worth $30,000. DiNuzzo Private Wealth Inc. purchased a new position in Alphabet during the 4th quarter worth approximately $38,000. Meritage Group LP increased its stake in Alphabet by 1,061.5% in the third quarter. Meritage Group LP now owns 302 shares of the information services provider’s stock valued at $40,000 after purchasing an additional 276 shares during the period. Armor Investment Advisors LLC raised its stake in shares of Alphabet by 31.0% during the fourth quarter. Armor Investment Advisors LLC now owns 338 shares of the information services provider’s stock worth $47,000 after purchasing an additional 80 shares during the last quarter. Finally, IAG Wealth Partners LLC lifted its position in Alphabet by 55.9% in the fourth quarter. IAG Wealth Partners LLC now owns 343 shares of the information services provider’s stock valued at $48,000 after purchasing an additional 123 shares during the period. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GOOGL has been the subject of a number of research analyst reports. Truist Financial increased their price target on shares of Alphabet from $170.00 to $190.00 and gave the company a “buy” rating in a report on Friday, April 26th. Wells Fargo & Company lifted their price target on shares of Alphabet from $141.00 to $168.00 and gave the company an “equal weight” rating in a research report on Friday, April 26th. Wolfe Research upped their price target on Alphabet from $180.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, April 26th. Loop Capital lifted their price objective on Alphabet from $155.00 to $170.00 and gave the stock a “hold” rating in a report on Wednesday, May 1st. Finally, Oppenheimer boosted their target price on Alphabet from $185.00 to $205.00 and gave the stock an “outperform” rating in a research report on Friday, April 26th. Five analysts have rated the stock with a hold rating, thirty have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $193.26.

Alphabet Price Performance

Shares of GOOGL opened at $177.24 on Tuesday. Alphabet Inc. has a 12 month low of $115.35 and a 12 month high of $180.41. The company has a market cap of $2.19 trillion, a P/E ratio of 27.18, a PEG ratio of 1.33 and a beta of 1.01. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.15 and a quick ratio of 2.15. The stock has a fifty day moving average price of $168.53 and a 200 day moving average price of $151.42.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Thursday, April 25th. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.40. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. The firm had revenue of $80.54 billion during the quarter, compared to analyst estimates of $66.04 billion. During the same period in the previous year, the business posted $1.17 EPS. On average, research analysts forecast that Alphabet Inc. will post 7.6 earnings per share for the current year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 10th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date of this dividend was Monday, June 10th. Alphabet’s payout ratio is 12.27%.

Insider Buying and Selling at Alphabet

In other news, Director John L. Hennessy sold 1,500 shares of the company’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $177.92, for a total transaction of $266,880.00. Following the completion of the sale, the director now directly owns 3,727 shares of the company’s stock, valued at $663,107.84. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $154.79, for a total transaction of $105,566.78. Following the sale, the chief accounting officer now directly owns 29,284 shares of the company’s stock, valued at approximately $4,532,870.36. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John L. Hennessy sold 1,500 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $177.92, for a total value of $266,880.00. Following the completion of the sale, the director now directly owns 3,727 shares of the company’s stock, valued at approximately $663,107.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 158,458 shares of company stock valued at $25,731,103. Corporate insiders own 11.55% of the company’s stock.

About Alphabet

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.