Miracle Mile Advisors LLC Acquires 2,744 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Miracle Mile Advisors LLC increased its stake in Alphabet Inc. (NASDAQ:GOOGL) by 2.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 102,061 shares of the information services provider’s stock after acquiring an additional 2,744 shares during the period. Miracle Mile Advisors LLC’s holdings in Alphabet were worth $15,404,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Vermillion & White Wealth Management Group LLC purchased a new position in shares of Alphabet during the 4th quarter worth about $30,000. DiNuzzo Private Wealth Inc. bought a new stake in Alphabet in the fourth quarter worth about $38,000. Richardson Capital Management LLC boosted its position in shares of Alphabet by 87.5% during the first quarter. Richardson Capital Management LLC now owns 300 shares of the information services provider’s stock valued at $45,000 after buying an additional 140 shares during the period. Armor Investment Advisors LLC grew 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 valued at $47,000 after buying an additional 80 shares during the last quarter. Finally, IAG Wealth Partners LLC raised its holdings in shares of Alphabet by 55.9% in the fourth quarter. IAG Wealth Partners LLC now owns 343 shares of the information services provider’s stock worth $48,000 after buying an additional 123 shares during the period. 40.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

GOOGL has been the subject of a number of recent analyst reports. Argus boosted their price objective on Alphabet from $170.00 to $200.00 and gave the company a “buy” rating in a report on Tuesday, April 30th. Royal Bank of Canada boosted their target price on shares of Alphabet from $155.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, April 26th. Raymond James raised their price target on shares of Alphabet from $160.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, April 26th. Wedbush boosted their price objective on shares of Alphabet from $175.00 to $205.00 and gave the company an “outperform” rating in a research report on Friday, April 26th. Finally, UBS Group raised their target price on shares of Alphabet from $150.00 to $166.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Six equities research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $193.66.

Insider Activity

In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $166.67, for a total transaction of $113,668.94. Following the completion of the transaction, the chief accounting officer now directly owns 29,284 shares of the company’s stock, valued at approximately $4,880,764.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $166.67, for a total value of $113,668.94. Following the completion of the transaction, the chief accounting officer now owns 29,284 shares of the company’s stock, valued at $4,880,764.28. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $157.41, for a total transaction of $3,541,725.00. Following the sale, the chief executive officer now owns 2,303,011 shares in the company, valued at $362,516,961.51. The disclosure for this sale can be found here. Over the last three months, insiders have sold 123,788 shares of company stock valued at $21,143,403. Company insiders own 11.55% of the company’s stock.

Alphabet Stock Performance

GOOGL opened at $185.82 on Friday. The firm’s 50-day moving average price is $174.46 and its 200-day moving average price is $155.39. The company has a market cap of $2.30 trillion, a P/E ratio of 28.50, a price-to-earnings-growth ratio of 1.39 and a beta of 1.05. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a 52-week low of $115.35 and a 52-week high of $186.09.

Alphabet (NASDAQ:GOOGL) last issued its quarterly 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 business had revenue of $80.54 billion for the quarter, compared to analyst estimates of $66.04 billion. During the same quarter in the prior year, the business posted $1.17 EPS. As a group, equities analysts anticipate that Alphabet Inc. will post 7.6 EPS for the current fiscal year.

Alphabet Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 10th were paid 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 yield of 0.43%. Alphabet’s payout ratio is presently 12.27%.

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.