Pines Wealth Management LLC Purchases New Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Pines Wealth Management LLC purchased a new position in shares of Alphabet Inc. (NASDAQ:GOOGL) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 13,551 shares of the information services provider’s stock, valued at approximately $2,602,000. Alphabet comprises 1.1% of Pines Wealth Management LLC’s holdings, making the stock its 20th biggest holding.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. SeaCrest Wealth Management LLC boosted its stake in Alphabet by 1.1% in the fourth quarter. SeaCrest Wealth Management LLC now owns 185,244 shares of the information services provider’s stock valued at $35,067,000 after acquiring an additional 1,953 shares during the last quarter. Accurate Wealth Management LLC raised its holdings in shares of Alphabet by 19.1% in the 4th quarter. Accurate Wealth Management LLC now owns 22,269 shares of the information services provider’s stock worth $4,278,000 after purchasing an additional 3,577 shares during the period. Wynn Capital LLC lifted its stake in Alphabet by 4.5% in the fourth quarter. Wynn Capital LLC now owns 1,862 shares of the information services provider’s stock valued at $352,000 after purchasing an additional 80 shares during the last quarter. Sovereign Financial Group Inc. grew its holdings in Alphabet by 0.3% during the fourth quarter. Sovereign Financial Group Inc. now owns 37,345 shares of the information services provider’s stock valued at $7,069,000 after purchasing an additional 130 shares during the period. Finally, Capstone Wealth Management Group LLC raised its stake in shares of Alphabet by 53.7% in the fourth quarter. Capstone Wealth Management Group LLC now owns 19,693 shares of the information services provider’s stock valued at $3,728,000 after buying an additional 6,882 shares during the period. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on GOOGL shares. Scotiabank upgraded Alphabet to a “strong-buy” rating in a research note on Friday, October 11th. Piper Sandler reiterated an “overweight” rating and issued a $210.00 price objective (up from $200.00) on shares of Alphabet in a research note on Wednesday, October 30th. Roth Mkm increased their target price on Alphabet from $206.00 to $212.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Sanford C. Bernstein lifted their price target on Alphabet from $180.00 to $185.00 and gave the company a “market perform” rating in a research report on Wednesday, October 30th. Finally, KeyCorp increased their price objective on Alphabet from $215.00 to $225.00 and gave the stock an “overweight” rating in a report on Friday, January 10th. Nine analysts have rated the stock with a hold rating, thirty have assigned a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Alphabet currently has an average rating of “Moderate Buy” and an average price target of $208.15.

Alphabet Price Performance

GOOGL opened at $195.55 on Thursday. 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 1 year low of $130.66 and a 1 year high of $201.42. The stock’s 50 day simple moving average is $183.45 and its 200 day simple moving average is $173.04. The firm has a market cap of $2.39 trillion, a price-to-earnings ratio of 25.94, a PEG ratio of 1.35 and a beta of 0.98.

Alphabet (NASDAQ:GOOGL) last issued its earnings results 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 company had revenue of $88.27 billion for the quarter, compared to the consensus estimate of $72.85 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. During the same period in the previous year, the firm earned $1.55 earnings per share. As a group, analysts predict that Alphabet Inc. will post 8.01 earnings per share for the current year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 9th were issued a dividend of $0.20 per share. The ex-dividend date was Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.41%. Alphabet’s dividend payout ratio is currently 10.61%.

Insider Buying and Selling

In related news, Director Frances Arnold sold 441 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $171.06, for a total value of $75,437.46. Following the completion of the sale, the director now owns 16,490 shares of the company’s stock, valued at $2,820,779.40. This trade represents a 2.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Amie Thuener O’toole sold 2,834 shares of Alphabet stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $194.32, for a total transaction of $550,702.88. Following the completion of the sale, the chief accounting officer now owns 17,847 shares in the company, valued at approximately $3,468,029.04. This trade represents a 13.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 133,387 shares of company stock valued at $24,368,654 over the last ninety days. 11.55% of the stock is owned by insiders.

Alphabet Company 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.