Lifeworks Advisors LLC Buys 3,444 Shares of Alphabet Inc. $GOOGL

Lifeworks Advisors LLC grew its stake in Alphabet Inc. (NASDAQ:GOOGL) by 62.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,950 shares of the information services provider’s stock after buying an additional 3,444 shares during the period. Lifeworks Advisors LLC’s holdings in Alphabet were worth $2,574,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Brighton Jones LLC raised its holdings in Alphabet by 3.9% during the 4th quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider’s stock worth $20,886,000 after purchasing an additional 4,110 shares during the last quarter. Revolve Wealth Partners LLC boosted its stake in shares of Alphabet by 3.5% in the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider’s stock valued at $2,826,000 after purchasing an additional 506 shares during the last quarter. Matrix Asset Advisors Inc. NY boosted its stake in shares of Alphabet by 17.6% in the 2nd quarter. Matrix Asset Advisors Inc. NY now owns 3,888 shares of the information services provider’s stock valued at $685,000 after purchasing an additional 581 shares during the last quarter. Sequoia Financial Advisors LLC increased its position in shares of Alphabet by 11.2% during the second quarter. Sequoia Financial Advisors LLC now owns 485,486 shares of the information services provider’s stock worth $85,557,000 after buying an additional 48,805 shares during the period. Finally, United Bank increased its position in shares of Alphabet by 6.9% during the second quarter. United Bank now owns 48,204 shares of the information services provider’s stock worth $8,495,000 after buying an additional 3,120 shares during the period. 40.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on GOOGL shares. BMO Capital Markets restated an “outperform” rating and issued a $455.00 target price (up from $435.00) on shares of Alphabet in a report on Friday, July 17th. Loop Capital increased their price target on Alphabet from $355.00 to $490.00 and gave the stock a “buy” rating in a report on Friday, May 15th. Wolfe Research lowered their price objective on Alphabet from $390.00 to $360.00 and set an “outperform” rating for the company in a research report on Friday, April 10th. Citigroup reissued an “outperform” rating on shares of Alphabet in a research note on Monday, May 4th. Finally, Cantor Fitzgerald upped their target price on Alphabet from $395.00 to $465.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Three investment analysts have rated the stock with a Strong Buy rating, forty-seven have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $414.54.

More Alphabet News

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet beat Q2 earnings and revenue estimates by a wide margin, signaling strong underlying business momentum. Alphabet (GOOGL) Beats Q2 Earnings and Revenue Estimates
• Positive Sentiment: Google Cloud’s 82% growth suggests Alphabet’s AI spending is translating into faster cloud demand and improving monetization. Google quarterly cloud revenue growth beats expectations
• Positive Sentiment: YouTube ad revenue growth and strength across search and advertising add evidence that core businesses are still healthy. YouTube Ad Revenue Rises 13% In Q2 To Surpass $11 Billion, Helping To Drive Strong Report By Parent Alphabet

Alphabet Trading Down 1.5%

NASDAQ:GOOGL opened at $342.09 on Thursday. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $4.14 trillion, a price-to-earnings ratio of 26.09, a PEG ratio of 1.44 and a beta of 1.24. The firm has a fifty day simple moving average of $366.14 and a two-hundred day simple moving average of $338.86. Alphabet Inc. has a 12 month low of $187.82 and a 12 month high of $408.61.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Wednesday, July 22nd. The information services provider reported $9.11 earnings per share for the quarter, beating the consensus estimate of $2.64 by $6.47. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. The firm had revenue of $119.80 billion during the quarter, compared to the consensus estimate of $117.07 billion. Analysts expect that Alphabet Inc. will post 14.34 EPS for the current fiscal year.

Alphabet Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 8th were paid a $0.22 dividend. The ex-dividend date was Monday, June 8th. This represents a $0.88 annualized dividend and a dividend yield of 0.3%. This is a boost from Alphabet’s previous quarterly dividend of $0.21. Alphabet’s dividend payout ratio (DPR) is 6.71%.

Insiders Place Their Bets

In related news, Director Frances Arnold sold 112 shares of the company’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $351.28, for a total transaction of $39,343.36. Following the transaction, the director directly owned 18,833 shares of the company’s stock, valued at approximately $6,615,656.24. This represents a 0.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John L. Hennessy sold 1,050 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $368.63, for a total value of $387,061.50. Following the transaction, the director directly owned 1,481 shares in the company, valued at approximately $545,941.03. This trade represents a 41.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 159,415 shares of company stock worth $7,672,279 over the last three months. Insiders own 11.61% of the company’s stock.

Alphabet Company Profile

Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google’s core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.

Beyond Google’s consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.