Drive Wealth Management LLC Acquires 1,118 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Drive Wealth Management LLC grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 4.9% during the third quarter, Holdings Channel.com reports. The institutional investor owned 23,968 shares of the information services provider’s stock after purchasing an additional 1,118 shares during the quarter. Alphabet accounts for approximately 1.0% of Drive Wealth Management LLC’s investment portfolio, making the stock its 16th biggest holding. Drive Wealth Management LLC’s holdings in Alphabet were worth $3,975,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of GOOGL. Christopher J. Hasenberg Inc boosted its holdings in Alphabet by 75.0% in the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after acquiring an additional 60 shares in the last quarter. LMR Partners LLP acquired a new position in shares of Alphabet during the third quarter worth approximately $32,000. Kings Path Partners LLC acquired a new stake in Alphabet in the 2nd quarter valued at $36,000. Denver PWM LLC bought a new stake in Alphabet during the 2nd quarter valued at $41,000. Finally, Quarry LP acquired a new position in Alphabet during the second quarter worth $53,000. Institutional investors and hedge funds own 40.03% of the company’s stock.

Insider Activity

In other Alphabet news, CAO Amie Thuener O’toole sold 1,367 shares of Alphabet stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $170.41, for a total transaction of $232,950.47. Following the completion of the sale, the chief accounting officer now directly owns 23,515 shares in the company, valued at $4,007,191.15. The trade was a 5.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John Kent Walker sold 16,802 shares of the stock in a transaction on Friday, September 27th. The stock was sold at an average price of $165.47, for a total transaction of $2,780,226.94. Following the completion of the transaction, the insider now directly owns 43,999 shares in the company, valued at $7,280,514.53. The trade was a 27.63 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 186,124 shares of company stock worth $31,374,030. 11.55% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on GOOGL. DA Davidson initiated coverage on shares of Alphabet in a research report on Tuesday, September 10th. They set a “neutral” rating and a $170.00 target price for the company. Scotiabank raised Alphabet to a “strong-buy” rating in a report on Friday, October 11th. Roth Mkm raised their target price on Alphabet from $206.00 to $212.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Piper Sandler reissued an “overweight” rating and issued a $210.00 price target (up from $200.00) on shares of Alphabet in a research report on Wednesday, October 30th. Finally, JMP Securities lifted their price objective on shares of Alphabet from $200.00 to $220.00 and gave the stock a “market outperform” rating in a report on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $205.90.

Alphabet Trading Up 1.5 %

Shares of GOOGL stock opened at $171.49 on Tuesday. The stock has a market capitalization of $2.10 trillion, a price-to-earnings ratio of 22.74, a PEG ratio of 1.20 and a beta of 1.03. The company’s fifty day simple moving average is $168.47 and its two-hundred day simple moving average is $170.31. Alphabet Inc. has a 1 year low of $127.90 and a 1 year high of $191.75. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The company had revenue of $88.27 billion for the quarter, compared to analyst estimates of $72.85 billion. During the same period in the previous year, the company posted $1.55 EPS. As a group, analysts anticipate that Alphabet Inc. will post 8.01 earnings per share for the current year.

Alphabet Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s payout ratio is 10.61%.

Alphabet 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.