Spirit of America Management Corp NY Increases Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Spirit of America Management Corp NY boosted its stake in Alphabet Inc. (NASDAQ:GOOGL) by 2.1% in the second quarter, Holdings Channel.com reports. The fund owned 44,400 shares of the information services provider’s stock after buying an additional 900 shares during the quarter. Alphabet comprises about 1.6% of Spirit of America Management Corp NY’s portfolio, making the stock its 13th largest holding. Spirit of America Management Corp NY’s holdings in Alphabet were worth $8,087,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in 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 acquiring an additional 4,064,073 shares during the last quarter. Norges Bank purchased a new stake in shares of Alphabet in the fourth quarter valued at about $15,441,917,000. Capital Research Global Investors raised 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 valued at $8,724,251,000 after buying an additional 7,275,757 shares during the last quarter. Fisher Asset Management LLC raised its holdings 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 valued at $6,316,902,000 after buying an additional 1,472,043 shares during the last quarter. Finally, Capital World Investors raised 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 buying an additional 597,756 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Alphabet Stock Up 1.0 %

GOOGL stock opened at $163.38 on Tuesday. The company’s 50 day simple moving average is $173.13 and its 200-day simple moving average is $164.05. The firm has a market capitalization of $2.01 trillion, a PE ratio of 25.06, a P/E/G ratio of 1.22 and a beta of 1.05. Alphabet Inc. has a 12 month low of $120.21 and a 12 month high of $191.75. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, beating the consensus estimate of $1.85 by $0.04. The business had revenue of $84.74 billion for the quarter, compared to analyst estimates of $70.60 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. During the same period in the prior year, the business earned $1.44 earnings per share. Equities analysts expect that Alphabet Inc. will post 7.63 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

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

Analyst Ratings Changes

A number of equities research analysts have recently commented on GOOGL shares. UBS Group upped their target price on shares of Alphabet from $200.00 to $204.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Argus upped their target price on shares of Alphabet from $200.00 to $215.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. Wells Fargo & Company upped their target price on shares of Alphabet from $187.00 to $190.00 and gave the company an “equal weight” rating in a report on Wednesday, July 24th. Truist Financial upped their target price on shares of Alphabet from $190.00 to $196.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $210.00 target price on shares of Alphabet in a report on Friday. Six research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $203.74.

Insider Activity

In related news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $176.58, for a total transaction of $3,973,050.00. Following the transaction, the chief executive officer now owns 2,235,511 shares of the company’s stock, valued at $394,746,532.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director John L. Hennessy sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $177.92, for a total transaction of $266,880.00. Following the transaction, the director now owns 3,727 shares of the company’s stock, valued at $663,107.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $176.58, for a total transaction of $3,973,050.00. Following the transaction, the chief executive officer now directly owns 2,235,511 shares in the company, valued at approximately $394,746,532.38. The disclosure for this sale can be found here. Insiders have sold 155,883 shares of company stock worth $26,705,320 over the last ninety days. 11.55% of the stock is currently owned by insiders.

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.