Provident Wealth Management LLC Makes New $137,000 Investment in Alphabet Inc. (NASDAQ:GOOGL)

Provident Wealth Management LLC purchased a new position in shares of Alphabet Inc. (NASDAQ:GOOGL) during the second quarter, HoldingsChannel reports. The institutional investor purchased 751 shares of the information services provider’s stock, valued at approximately $137,000.

Several other hedge funds have also made changes to their positions in GOOGL. Tennessee Valley Asset Management Partners acquired a new position in Alphabet during the fourth quarter worth approximately $100,000. Brooklyn FI LLC acquired a new stake in shares of Alphabet during the 4th quarter worth $241,000. Capital Advisors Inc. OK raised its position in shares of Alphabet by 3.9% in the 4th quarter. Capital Advisors Inc. OK now owns 27,615 shares of the information services provider’s stock worth $3,858,000 after buying an additional 1,034 shares during the period. Aire Advisors LLC increased its stake in Alphabet by 0.6% during the fourth quarter. Aire Advisors LLC now owns 11,772 shares of the information services provider’s stock worth $1,645,000 after acquiring an additional 68 shares during the last quarter. Finally, Root Financial Partners LLC purchased a new position in shares of Alphabet in the 4th quarter worth about $210,000. Institutional investors and hedge funds own 40.03% of the company’s stock.

Insider Buying and Selling at Alphabet

In other Alphabet news, Director John L. Hennessy sold 1,500 shares of the company’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $185.85, for a total value of $278,775.00. Following the completion of the transaction, the director now owns 30,824 shares in the company, valued at approximately $5,728,640.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Alphabet news, Director John L. Hennessy sold 1,500 shares of the business’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $185.85, for a total transaction of $278,775.00. Following the completion of the transaction, the director now owns 30,824 shares in the company, valued at approximately $5,728,640.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John L. Hennessy sold 700 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $165.00, for a total value of $115,500.00. Following the completion of the transaction, the director now directly owns 29,324 shares of the company’s stock, valued at approximately $4,838,460. The disclosure for this sale can be found here. Insiders sold 134,065 shares of company stock valued at $23,051,543 in the last ninety days. Company insiders own 11.55% of the company’s stock.

Alphabet Stock Performance

Shares of GOOGL stock opened at $166.67 on Tuesday. The company has a market cap of $2.06 trillion, a P/E ratio of 25.56, a PEG ratio of 1.28 and a beta of 1.05. The business has a 50 day moving average of $175.61 and a two-hundred day moving average of $162.69. Alphabet Inc. has a 52 week low of $120.21 and a 52 week high of $191.75. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04.

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 analysts’ consensus estimates of $1.85 by $0.04. The firm had revenue of $84.74 billion during 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 prior year, the business earned $1.44 EPS. As a group, analysts anticipate that Alphabet Inc. will post 7.62 EPS for the current year.

Alphabet Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be given a $0.20 dividend. The ex-dividend date is Monday, September 9th. This represents a $0.80 annualized dividend and a yield of 0.48%. Alphabet’s dividend payout ratio is presently 12.27%.

Analyst Upgrades and Downgrades

GOOGL has been the subject of a number of research reports. Needham & Company LLC reiterated a “buy” rating and set a $210.00 target price on shares of Alphabet in a report on Wednesday, August 14th. Morgan Stanley raised their target price on shares of Alphabet from $195.00 to $210.00 and gave the company an “overweight” rating in a research note on Tuesday, July 23rd. TD Cowen upped their price target on shares of Alphabet from $170.00 to $200.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. Rosenblatt Securities reissued a “neutral” rating and issued a $181.00 price objective on shares of Alphabet in a research report on Wednesday, July 24th. Finally, Argus upped their target price on Alphabet from $200.00 to $215.00 and gave the stock a “buy” rating in a research report on Tuesday, July 16th. Six 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 data from MarketBeat.com, Alphabet currently has a consensus rating of “Moderate Buy” and an average price target of $203.74.

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.