Tennessee Valley Asset Management Partners Takes Position in Alphabet Inc. (NASDAQ:GOOGL)

Tennessee Valley Asset Management Partners purchased a new stake in Alphabet Inc. (NASDAQ:GOOGL) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,380 shares of the information services provider’s stock, valued at approximately $251,000.

Several other institutional investors and hedge funds also recently made changes to their positions in GOOGL. Vanguard Group Inc. grew its stake 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 period. Capital Research Global Investors grew its stake in 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 acquiring an additional 7,275,757 shares during the period. Bank of New York Mellon Corp grew its stake in Alphabet by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 49,472,478 shares of the information services provider’s stock valued at $9,011,412,000 after acquiring an additional 238,403 shares during the period. Fisher Asset Management LLC grew its stake in Alphabet by 3.3% in the fourth quarter. Fisher Asset Management LLC now owns 45,178,075 shares of the information services provider’s stock valued at $6,310,925,000 after acquiring an additional 1,429,261 shares during the period. Finally, Capital World Investors grew its stake in 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 acquiring an additional 597,756 shares during the period. Institutional investors and hedge funds own 40.03% of the company’s stock.

Insider Buying and Selling

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $182.84, for a total transaction of $4,113,900.00. Following the sale, the chief executive officer now directly owns 2,204,885 shares in the company, valued at approximately $403,141,173.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $182.84, for a total transaction of $4,113,900.00. Following the transaction, the chief executive officer now directly owns 2,204,885 shares of the company’s stock, valued at approximately $403,141,173.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $183.47, for a total value of $125,126.54. Following the transaction, the chief accounting officer now directly owns 30,650 shares in the company, valued at $5,623,355.50. The disclosure for this sale can be found here. Insiders have sold 177,605 shares of company stock worth $29,277,931 in the last 90 days. Insiders own 11.55% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on GOOGL. TD Securities raised their price objective on Alphabet from $200.00 to $220.00 in a research note on Wednesday, July 10th. Piper Sandler dropped their target price on Alphabet from $206.00 to $200.00 and set an “overweight” rating on the stock in a report on Tuesday, September 10th. JPMorgan Chase & Co. raised their target price on Alphabet from $200.00 to $208.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. BMO Capital Markets restated an “outperform” rating and issued a $222.00 target price on shares of Alphabet in a report on Monday, September 16th. Finally, Guggenheim raised their target price on Alphabet from $195.00 to $205.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Eight 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 company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $201.35.

Alphabet Stock Up 0.7 %

GOOGL stock opened at $163.95 on Monday. Alphabet Inc. has a fifty-two week low of $120.21 and a fifty-two week high of $191.75. The business’s 50 day moving average price is $162.83 and its two-hundred day moving average price is $166.68. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. The company has a market capitalization of $2.03 trillion, a price-to-earnings ratio of 25.15, a price-to-earnings-growth ratio of 1.21 and a beta of 1.04.

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

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Monday, September 9th were paid a $0.20 dividend. The ex-dividend date was Monday, September 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.49%. Alphabet’s payout ratio is currently 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.