Everest Management Corp. Acquires 198 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Everest Management Corp. lifted its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 0.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,600 shares of the information services provider’s stock after acquiring an additional 198 shares during the quarter. Alphabet makes up approximately 6.9% of Everest Management Corp.’s holdings, making the stock its 2nd largest holding. Everest Management Corp.’s holdings in Alphabet were worth $7,516,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Rockbridge Capital Management LLC acquired a new position in Alphabet during the 4th quarter worth $3,119,000. Optivise Advisory Services LLC lifted its holdings in Alphabet by 8.0% during the 4th quarter. Optivise Advisory Services LLC now owns 5,464 shares of the information services provider’s stock worth $1,035,000 after buying an additional 403 shares in the last quarter. Community Bank N.A. lifted its holdings in Alphabet by 6.4% during the 4th quarter. Community Bank N.A. now owns 46,173 shares of the information services provider’s stock worth $8,741,000 after buying an additional 2,790 shares in the last quarter. Premier Fund Managers Ltd lifted its holdings in Alphabet by 30.0% during the 4th quarter. Premier Fund Managers Ltd now owns 61,792 shares of the information services provider’s stock worth $11,816,000 after buying an additional 14,262 shares in the last quarter. Finally, Absolute Capital Management LLC lifted its holdings in Alphabet by 14.0% during the 4th quarter. Absolute Capital Management LLC now owns 2,096 shares of the information services provider’s stock worth $401,000 after buying an additional 258 shares in the last quarter. 40.03% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Kavitark Ram Shriram sold 10,500 shares of the stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $1,837,500.00. Following the completion of the transaction, the director now directly owns 261,966 shares in the company, valued at $45,844,050. This represents a 3.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $168.71, for a total transaction of $5,483,075.00. Following the transaction, the chief executive officer now owns 2,587,696 shares of the company’s stock, valued at approximately $436,570,192.16. This represents a 1.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 195,770 shares of company stock worth $32,036,638. Corporate insiders own 11.64% of the company’s stock.

Alphabet Price Performance

GOOGL stock opened at $176.09 on Tuesday. The stock has a 50-day moving average price of $160.52 and a two-hundred day moving average price of $174.46. The stock has a market cap of $2.14 trillion, a PE ratio of 21.87, a price-to-earnings-growth ratio of 1.34 and a beta of 1.01. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.03. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $207.05.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.02 by $0.79. The firm had revenue of $76.49 billion during the quarter, compared to analysts’ expectations of $89.30 billion. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. During the same quarter in the prior year, the company earned $1.89 EPS. Equities analysts forecast that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 9th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date of this dividend is Monday, June 9th. This is a boost from Alphabet’s previous quarterly dividend of $0.20. Alphabet’s dividend payout ratio is 9.36%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on GOOGL shares. Roth Mkm reaffirmed a “buy” rating and set a $220.00 price objective on shares of Alphabet in a report on Wednesday, March 19th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $200.00 price objective on shares of Alphabet in a report on Wednesday, April 23rd. Rosenblatt Securities reaffirmed a “neutral” rating and set a $189.00 price objective on shares of Alphabet in a report on Wednesday, May 21st. Stifel Nicolaus dropped their target price on shares of Alphabet from $225.00 to $192.00 and set a “buy” rating for the company in a research report on Wednesday, April 23rd. Finally, Mizuho dropped their target price on shares of Alphabet from $230.00 to $205.00 and set an “outperform” rating for the company in a research report on Wednesday, April 9th. Ten research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and an average price target of $199.75.

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.