Element Capital Management LLC Buys 85,478 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Element Capital Management LLC raised its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 1,389.7% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 91,629 shares of the information services provider's stock after acquiring an additional 85,478 shares during the quarter. Alphabet makes up 1.3% of Element Capital Management LLC's holdings, making the stock its 6th largest holding. Element Capital Management LLC's holdings in Alphabet were worth $16,690,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Christopher J. Hasenberg Inc raised its position in Alphabet by 75.0% during the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider's stock valued at $26,000 after purchasing an additional 60 shares in the last quarter. Vermillion & White Wealth Management Group LLC bought a new stake in shares of Alphabet in the fourth quarter valued at about $30,000. Tributary Capital Management LLC purchased a new stake in Alphabet in the first quarter worth about $30,000. Kings Path Partners LLC bought a new position in Alphabet during the 2nd quarter worth about $36,000. Finally, Denver PWM LLC purchased a new position in Alphabet during the 2nd quarter valued at about $41,000. Hedge funds and other institutional investors own 40.03% of the company's stock.

Alphabet Stock Up 0.7 %

Shares of GOOGL traded up $1.22 during mid-day trading on Friday, reaching $163.95. The company's stock had a trading volume of 21,101,307 shares, compared to its average volume of 27,562,279. The company's 50 day moving average is $162.83 and its 200 day moving average is $166.68. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08. The stock has a market cap of $2.03 trillion, a PE ratio of 25.15, a price-to-earnings-growth ratio of 1.21 and a beta of 1.04. Alphabet Inc. has a 12-month low of $120.21 and a 12-month high of $191.75.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, topping the consensus estimate of $1.85 by $0.04. The company had revenue of $84.74 billion for the quarter, compared to analyst estimates of $70.60 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. During the same quarter in the previous year, the company posted $1.44 earnings per share. Equities analysts anticipate that Alphabet Inc. will post 7.63 EPS for the current fiscal year.

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Monday, September 9th were paid a $0.20 dividend. The ex-dividend date was Monday, September 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.49%. Alphabet's dividend payout ratio (DPR) is currently 12.27%.

Insider Buying and Selling

In other news, Director John L. Hennessy sold 700 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $165.00, for a total value of $115,500.00. Following the sale, the director now directly owns 27,824 shares in the company, valued at $4,590,960. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Alphabet news, SVP Prabhakar Raghavan sold 3,262 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $183.99, for a total transaction of $600,175.38. Following the transaction, the senior vice president now owns 9 shares of the company's stock, valued at approximately $1,655.91. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John L. Hennessy sold 700 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $165.00, for a total value of $115,500.00. Following the transaction, the director now owns 27,824 shares in the company, valued at $4,590,960. The disclosure for this sale can be found here. Insiders sold 180,867 shares of company stock valued at $29,878,106 over the last ninety days. Corporate insiders own 11.55% of the company's stock.

Wall Street Analyst Weigh In

GOOGL has been the subject of several recent research reports. Rosenblatt Securities reissued a "neutral" rating and issued a $181.00 price target on shares of Alphabet in a research report on Wednesday, July 24th. Piper Sandler lowered their target price on shares of Alphabet from $206.00 to $200.00 and set an "overweight" rating for the company in a research note on Tuesday, September 10th. Needham & Company LLC reiterated a "buy" rating and set a $210.00 price objective on shares of Alphabet in a report on Friday, August 30th. Roth Mkm restated a "buy" rating and set a $206.00 price target on shares of Alphabet in a research note on Thursday, August 29th. Finally, Evercore ISI decreased their price target on shares of Alphabet from $225.00 to $200.00 and set an "outperform" rating for the company in a report on Monday, September 16th. Eight analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Alphabet has an average rating of "Moderate Buy" and a consensus price target of $201.35.

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.