Convergence Financial LLC Increases Stake in Alphabet Inc. (NASDAQ:GOOGL)

Convergence Financial LLC grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 3.9% during the 3rd quarter, HoldingsChannel reports. The firm owned 26,664 shares of the information services provider’s stock after buying an additional 1,000 shares during the period. Alphabet comprises approximately 0.9% of Convergence Financial LLC’s holdings, making the stock its 24th biggest position. Convergence Financial LLC’s holdings in Alphabet were worth $4,422,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Christopher J. Hasenberg Inc grew its position in Alphabet by 75.0% in the second 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 acquired a new position in shares of Alphabet in the 2nd quarter valued at $36,000. Denver PWM LLC purchased a new position in shares of Alphabet during the 2nd quarter worth $41,000. Quarry LP purchased a new position in shares of Alphabet during the 2nd quarter worth $53,000. Finally, CarsonAllaria Wealth Management Ltd. increased its position in shares of Alphabet by 59.2% during the 1st quarter. CarsonAllaria Wealth Management Ltd. now owns 293 shares of the information services provider’s stock worth $44,000 after purchasing an additional 109 shares during the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Stock Up 4.0 %

GOOGL opened at $176.51 on Thursday. Alphabet Inc. has a fifty-two week low of $127.90 and a fifty-two week high of $191.75. The firm has a market capitalization of $2.17 trillion, a P/E ratio of 23.41, a PEG ratio of 1.20 and a beta of 1.03. The company’s 50-day moving average is $162.86 and its 200 day moving average is $169.36. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, topping the consensus estimate of $1.83 by $0.29. The business had revenue of $88.27 billion for the quarter, compared to analyst estimates of $72.85 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. During the same quarter in the previous year, the firm posted $1.55 earnings per share. Research analysts expect that Alphabet Inc. will post 7.99 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be paid a dividend of $0.20 per share. The ex-dividend date is Monday, December 9th. This represents a $0.80 annualized dividend and a yield of 0.45%. Alphabet’s dividend payout ratio is currently 10.61%.

Insider Buying and Selling

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $177.36, for a total value of $3,990,600.00. Following the completion of the transaction, the chief executive officer now directly owns 2,084,306 shares of the company’s stock, valued at $369,672,512.16. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $177.36, for a total transaction of $3,990,600.00. Following the sale, the chief executive officer now owns 2,084,306 shares in the company, valued at approximately $369,672,512.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Prabhakar Raghavan sold 34,257 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $162.60, for a total value of $5,570,188.20. Following the transaction, the senior vice president now owns 312,210 shares in the company, valued at $50,765,346. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 232,052 shares of company stock valued at $38,424,448. Company insiders own 11.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on GOOGL shares. Piper Sandler reissued an “overweight” rating and issued a $210.00 price target (up from $200.00) on shares of Alphabet in a research note on Wednesday, October 30th. Argus lifted their target price on shares of Alphabet from $200.00 to $215.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. Rosenblatt Securities restated a “neutral” rating and set a $181.00 price target on shares of Alphabet in a research note on Wednesday, July 24th. KeyCorp raised their price target on Alphabet from $200.00 to $215.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Finally, Loop Capital boosted their price objective on Alphabet from $170.00 to $185.00 and gave the company a “hold” rating in a report on Wednesday. Seven investment analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and five have issued a strong buy rating to the stock. Based on data from MarketBeat, Alphabet has an average rating of “Moderate Buy” and an average price target of $205.90.

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.