Procyon Advisors LLC Increases Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Procyon Advisors LLC grew its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 5.0% in the first quarter, according to its most recent filing with the SEC. The fund owned 120,165 shares of the information services provider’s stock after acquiring an additional 5,748 shares during the quarter. Alphabet comprises approximately 1.4% of Procyon Advisors LLC’s holdings, making the stock its 16th largest holding. Procyon Advisors LLC’s holdings in Alphabet were worth $18,136,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. RWQ Financial Management Services Inc. boosted its position in shares of Alphabet by 8.2% in the 4th quarter. RWQ Financial Management Services Inc. now owns 61,499 shares of the information services provider’s stock worth $8,591,000 after purchasing an additional 4,664 shares in the last quarter. Picton Mahoney Asset Management boosted its holdings in Alphabet by 55.4% in the fourth quarter. Picton Mahoney Asset Management now owns 214,443 shares of the information services provider’s stock worth $29,956,000 after acquiring an additional 76,410 shares in the last quarter. Robbins Farley grew its stake in shares of Alphabet by 0.8% during the fourth quarter. Robbins Farley now owns 15,006 shares of the information services provider’s stock worth $2,096,000 after acquiring an additional 118 shares during the last quarter. Nebula Research & Development LLC acquired a new position in shares of Alphabet during the fourth quarter valued at about $787,000. Finally, Quantum Financial Advisors LLC raised its position in shares of Alphabet by 8.0% in the 3rd quarter. Quantum Financial Advisors LLC now owns 7,623 shares of the information services provider’s stock valued at $998,000 after purchasing an additional 564 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction that occurred 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 transaction, the chief accounting officer now owns 29,284 shares of the company’s stock, valued at $4,532,870.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $154.79, for a total value of $105,566.78. Following the completion of the sale, the chief accounting officer now owns 29,284 shares of the company’s stock, valued at $4,532,870.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John L. Hennessy sold 800 shares of the firm’s stock in a transaction on Friday, April 12th. The shares were sold at an average price of $159.56, for a total transaction of $127,648.00. Following the sale, the director now directly owns 7,991 shares of the company’s stock, valued at $1,275,043.96. The disclosure for this sale can be found here. Insiders have sold 146,284 shares of company stock worth $24,534,393 over the last three months. 11.55% of the stock is currently owned by corporate insiders.

Alphabet Stock Performance

Shares of GOOGL stock opened at $182.15 on Friday. The stock has a market capitalization of $2.25 trillion, a PE ratio of 27.94, a price-to-earnings-growth ratio of 1.39 and a beta of 1.01. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.05. The stock’s 50-day moving average price is $172.85 and its 200 day moving average price is $154.29. Alphabet Inc. has a 52-week low of $115.35 and a 52-week high of $186.05.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Thursday, April 25th. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.49 by $0.40. Alphabet had a return on equity of 29.52% and a net margin of 25.90%. The firm had revenue of $80.54 billion during the quarter, compared to analysts’ expectations of $66.04 billion. During the same quarter in the prior year, the business posted $1.17 earnings per share. As a group, equities research analysts forecast that Alphabet Inc. will post 7.6 EPS for the current year.

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 10th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, June 10th. This represents a $0.80 annualized dividend and a dividend yield of 0.44%. Alphabet’s dividend payout ratio is currently 12.27%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. KeyCorp lifted their price objective on shares of Alphabet from $165.00 to $175.00 and gave the stock an “overweight” rating in a research note on Monday, April 22nd. Argus boosted their price target on Alphabet from $170.00 to $200.00 and gave the company a “buy” rating in a research note on Tuesday, April 30th. UBS Group raised their price objective on Alphabet from $150.00 to $166.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Wells Fargo & Company lifted their target price on Alphabet from $141.00 to $168.00 and gave the stock an “equal weight” rating in a report on Friday, April 26th. Finally, Wolfe Research increased their price target on shares of Alphabet from $180.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, April 26th. Six research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Alphabet has a consensus rating of “Moderate Buy” and a consensus price target of $193.66.

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.