Tower Wealth Partners Inc. Buys New Position in Alphabet Inc. (NASDAQ:GOOGL)

Tower Wealth Partners Inc. acquired a new stake in shares of Alphabet Inc. (NASDAQ:GOOGL) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 1,484 shares of the information services provider’s stock, valued at approximately $270,000.

A number of other institutional investors and hedge funds also recently modified their holdings of GOOGL. 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 purchasing an additional 7,275,757 shares in the last quarter. Vanguard Group Inc. raised its holdings in Alphabet by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 493,810,251 shares of the information services provider’s stock valued at $68,980,354,000 after acquiring an additional 6,374,756 shares in the last quarter. Public Employees Retirement Association of Colorado lifted its position in Alphabet by 39,754.9% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 6,025,667 shares of the information services provider’s stock worth $841,725,000 after purchasing an additional 6,010,548 shares during the period. Wulff Hansen & CO. increased its stake in Alphabet by 18,810.2% in the second quarter. Wulff Hansen & CO. now owns 4,434,260 shares of the information services provider’s stock valued at $807,700,000 after acquiring an additional 4,410,811 shares during the period. Finally, PineStone Asset Management Inc. grew its stake in shares of Alphabet by 143.7% in the 2nd quarter. PineStone Asset Management Inc. now owns 7,072,197 shares of the information services provider’s stock valued at $1,288,201,000 after purchasing an additional 4,170,229 shares during the period. 40.03% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction dated Wednesday, July 17th. The shares were 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 owns 2,204,885 shares of the company’s stock, valued at $403,141,173.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director John L. Hennessy sold 1,500 shares of the business’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $185.85, for a total transaction of $278,775.00. Following the transaction, the director now directly owns 30,824 shares in the company, valued at approximately $5,728,640.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 owns 2,204,885 shares in the company, valued at approximately $403,141,173.40. The disclosure for this sale can be found here. Insiders have sold 193,725 shares of company stock valued at $31,933,031 in the last quarter. Company insiders own 11.55% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on GOOGL. Cantor Fitzgerald reissued a “neutral” rating and set a $190.00 price target on shares of Alphabet in a research note on Monday. Wells Fargo & Company raised their price target on Alphabet from $187.00 to $190.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 24th. Jefferies Financial Group raised their price target on shares of Alphabet from $215.00 to $220.00 in a research report on Tuesday, July 9th. JMP Securities reiterated a “market outperform” rating and issued a $200.00 target price on shares of Alphabet in a research report on Wednesday, September 25th. Finally, Bank of America upped their target price on Alphabet from $200.00 to $206.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Eight research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $201.35.

Alphabet Stock Performance

NASDAQ GOOGL opened at $165.85 on Tuesday. The business has a 50 day moving average price of $162.52 and a 200 day moving average price of $166.84. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08. The company has a market capitalization of $2.05 trillion, a P/E ratio of 25.44, a PEG ratio of 1.21 and a beta of 1.04. Alphabet Inc. has a 1-year low of $120.21 and a 1-year high of $191.75.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The company had revenue of $84.74 billion for the quarter, compared to analyst estimates of $70.60 billion. During the same period in the prior year, the firm earned $1.44 EPS. Sell-side analysts expect that Alphabet Inc. will post 7.63 EPS 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 issued a $0.20 dividend. The ex-dividend date was Monday, September 9th. This represents a $0.80 annualized dividend and a yield of 0.48%. Alphabet’s dividend payout ratio is currently 12.27%.

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.