Soltis Investment Advisors LLC Boosts Stake in Alphabet Inc. (NASDAQ:GOOG)

Soltis Investment Advisors LLC grew its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 22.3% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 20,720 shares of the information services provider’s stock after acquiring an additional 3,772 shares during the period. Soltis Investment Advisors LLC’s holdings in Alphabet were worth $3,464,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Key Client Fiduciary Advisors LLC grew its stake in Alphabet by 16.3% during the second quarter. Key Client Fiduciary Advisors LLC now owns 3,795 shares of the information services provider’s stock worth $696,000 after buying an additional 531 shares during the period. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Alphabet by 4.8% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 262,152 shares of the information services provider’s stock valued at $48,084,000 after acquiring an additional 11,958 shares in the last quarter. Cottonwood Capital Advisors LLC boosted its position in Alphabet by 10.4% during the 2nd quarter. Cottonwood Capital Advisors LLC now owns 2,593 shares of the information services provider’s stock worth $494,000 after purchasing an additional 245 shares during the period. Capital Advisors Wealth Management LLC increased its holdings in Alphabet by 1.9% in the 2nd quarter. Capital Advisors Wealth Management LLC now owns 5,940 shares of the information services provider’s stock valued at $1,089,000 after purchasing an additional 109 shares in the last quarter. Finally, Oak Ridge Investments LLC raised its position in Alphabet by 4.9% in the second quarter. Oak Ridge Investments LLC now owns 196,365 shares of the information services provider’s stock valued at $36,017,000 after purchasing an additional 9,136 shares during the period. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Canaccord Genuity Group upped their target price on Alphabet from $220.00 to $225.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Scotiabank began coverage on shares of Alphabet in a research report on Friday, October 11th. They issued a “sector outperform” rating and a $212.00 price objective for the company. DA Davidson raised shares of Alphabet to a “hold” rating in a research report on Tuesday, September 10th. Wells Fargo & Company raised their price target on shares of Alphabet from $182.00 to $187.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Finally, Oppenheimer boosted their price objective on shares of Alphabet from $185.00 to $215.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $200.56.

Alphabet Stock Performance

Alphabet stock opened at $186.53 on Wednesday. The company has a fifty day moving average price of $171.26 and a two-hundred day moving average price of $171.73. 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 Inc. has a 12 month low of $131.06 and a 12 month high of $193.31. The company has a market cap of $2.28 trillion, a PE ratio of 24.74, a P/E/G ratio of 1.23 and a beta of 1.02.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The firm had revenue of $88.27 billion for the quarter, compared to analyst estimates of $86.39 billion. During the same quarter in the prior year, the business earned $1.55 earnings per share. Alphabet’s quarterly revenue was up 15.1% on a year-over-year basis. Research analysts expect that Alphabet Inc. will post 8.02 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a yield of 0.43%. Alphabet’s dividend payout ratio is currently 10.61%.

Insider Buying and Selling

In other Alphabet news, CAO Amie Thuener O’toole sold 1,367 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $168.84, for a total value of $230,804.28. Following the sale, the chief accounting officer now owns 29,183 shares in the company, valued at approximately $4,927,257.72. This trade represents a 4.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kavitark Ram Shriram sold 37,134 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $185.02, for a total value of $6,870,532.68. Following the transaction, the director now owns 282,832 shares of the company’s stock, valued at approximately $52,329,576.64. This represents a 11.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 197,923 shares of company stock worth $34,244,676 in the last three months. 12.99% of the stock is owned by insiders.

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.