Alphabet Inc. (NASDAQ:GOOGL) Stock Position Boosted by Chase Investment Counsel Corp

Chase Investment Counsel Corp boosted its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 94.2% during the second quarter, HoldingsChannel reports. The fund owned 54,564 shares of the information services provider’s stock after buying an additional 26,462 shares during the period. Alphabet comprises 3.3% of Chase Investment Counsel Corp’s holdings, making the stock its 3rd biggest position. Chase Investment Counsel Corp’s holdings in Alphabet were worth $9,938,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. New Hampshire Trust lifted its stake in Alphabet by 2.7% during the 2nd quarter. New Hampshire Trust now owns 43,714 shares of the information services provider’s stock worth $7,963,000 after acquiring an additional 1,132 shares in the last quarter. Berkshire Money Management Inc. purchased a new stake in Alphabet during the first quarter worth about $359,000. Schneider Downs Wealth Management Advisors LP lifted its position in shares of Alphabet by 58.4% during the first quarter. Schneider Downs Wealth Management Advisors LP now owns 6,374 shares of the information services provider’s stock worth $962,000 after purchasing an additional 2,351 shares in the last quarter. Sanders Morris Harris LLC purchased a new position in shares of Alphabet in the first quarter valued at approximately $842,000. Finally, SWP Financial LLC purchased a new stake in Alphabet during the 4th quarter worth approximately $200,000. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Alphabet

In other news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction that occurred 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 trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $168.00, for a total value of $114,576.00. Following the sale, the chief accounting officer now owns 31,334 shares of the company’s stock, valued at $5,264,112. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction on 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 completion of the sale, the chief executive officer now owns 2,204,885 shares in the company, valued at $403,141,173.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 216,092 shares of company stock worth $35,644,136 over the last three months. Company insiders own 11.55% of the company’s stock.

Alphabet Price Performance

Shares of Alphabet stock opened at $162.08 on Friday. Alphabet Inc. has a 1-year low of $120.21 and a 1-year high of $191.75. The firm has a fifty day simple moving average of $161.62 and a 200-day simple moving average of $167.57. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $2.00 trillion, a price-to-earnings ratio of 24.86, a PEG ratio of 1.21 and a beta of 1.04.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, topping the consensus estimate of $1.85 by $0.04. The company had revenue of $84.74 billion for the quarter, compared to the consensus estimate of $70.60 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. During the same period in the previous year, the business posted $1.44 EPS. On average, sell-side analysts expect that Alphabet Inc. will post 7.63 earnings per share for the current year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Monday, September 9th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend was Monday, September 9th. Alphabet’s dividend payout ratio (DPR) is presently 12.27%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Citigroup upped their price objective on Alphabet from $190.00 to $212.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Tigress Financial upped their target price on shares of Alphabet from $210.00 to $220.00 and gave the stock a “strong-buy” rating in a research note on Thursday, September 26th. Guggenheim lifted their price target on shares of Alphabet from $195.00 to $205.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Truist Financial reissued a “buy” rating and issued a $196.00 price objective on shares of Alphabet in a research report on Monday, September 16th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $190.00 price objective on shares of Alphabet in a research report on Monday. Eight analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, Alphabet has an average rating of “Moderate Buy” and a consensus target price of $200.95.

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.