Ellis Investment Partners LLC Acquires 656 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Ellis Investment Partners LLC grew its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 2.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,204 shares of the information services provider’s stock after purchasing an additional 656 shares during the period. Alphabet makes up about 1.1% of Ellis Investment Partners LLC’s holdings, making the stock its 20th biggest position. Ellis Investment Partners LLC’s holdings in Alphabet were worth $5,319,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Christopher J. Hasenberg Inc increased its holdings in Alphabet by 75.0% during the 2nd 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 during the period. Kings Path Partners LLC bought a new stake in Alphabet during the 2nd quarter worth approximately $36,000. Tributary Capital Management LLC bought a new stake in Alphabet during the 1st quarter worth approximately $30,000. Vermillion & White Wealth Management Group LLC bought a new stake in Alphabet during the 4th quarter worth approximately $30,000. Finally, Denver PWM LLC bought a new stake in Alphabet during the 2nd quarter worth approximately $41,000. Institutional investors own 40.03% of the company’s stock.

Alphabet Trading Up 0.9 %

Shares of GOOGL opened at $163.59 on Friday. The stock has a market capitalization of $2.02 trillion, a P/E ratio of 25.09, a PEG ratio of 1.13 and a beta of 1.04. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04. The firm has a fifty day simple moving average of $164.72 and a two-hundred day simple moving average of $165.55. Alphabet Inc. has a twelve month low of $120.21 and a twelve month high of $191.75.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings data 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. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The business had revenue of $84.74 billion during the quarter, compared to analyst estimates of $70.60 billion. During the same period in the prior year, the business earned $1.44 EPS. On average, research analysts anticipate that Alphabet Inc. will post 7.64 EPS for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders 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 0.49%. Alphabet’s dividend payout ratio (DPR) is presently 12.27%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Loop Capital reaffirmed a “hold” rating and set a $170.00 target price on shares of Alphabet in a report on Wednesday, July 3rd. Royal Bank of Canada increased their price target on shares of Alphabet from $200.00 to $204.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. BMO Capital Markets reissued an “outperform” rating and issued a $222.00 price target on shares of Alphabet in a report on Monday, September 16th. UBS Group increased their price target on shares of Alphabet from $200.00 to $204.00 and gave the stock a “neutral” rating in a report on Wednesday, July 24th. Finally, Piper Sandler decreased their price target on shares of Alphabet from $206.00 to $200.00 and set an “overweight” rating on the stock in a report on Tuesday, September 10th. Eight analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $201.08.

Insiders Place Their Bets

In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the company’s 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 completion of the transaction, the chief accounting officer now directly owns 30,650 shares in the company, valued at approximately $5,623,355.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the company’s 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 completion of the transaction, the chief accounting officer now directly owns 30,650 shares in the company, valued at approximately $5,623,355.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John L. Hennessy sold 800 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $153.75, for a total transaction of $123,000.00. Following the completion of the transaction, the director now owns 28,524 shares of the company’s stock, valued at $4,385,565. The disclosure for this sale can be found here. In the last ninety days, insiders sold 180,167 shares of company stock worth $29,762,606. 11.55% of the stock is currently owned by corporate insiders.

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.