Nova Wealth Management Inc. Has $876,000 Stock Holdings in Alphabet Inc. $GOOGL

Nova Wealth Management Inc. trimmed its stake in Alphabet Inc. (NASDAQ:GOOGL) by 2.5% in the first quarter, HoldingsChannel reports. The firm owned 5,666 shares of the information services provider’s stock after selling 143 shares during the period. Nova Wealth Management Inc.’s holdings in Alphabet were worth $876,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. Jones Financial Companies Lllp grew its holdings in shares of Alphabet by 36.8% during the first quarter. Jones Financial Companies Lllp now owns 1,814,959 shares of the information services provider’s stock valued at $280,190,000 after buying an additional 488,549 shares during the last quarter. Silicon Valley Capital Partners grew its holdings in shares of Alphabet by 10.6% during the first quarter. Silicon Valley Capital Partners now owns 276,145 shares of the information services provider’s stock valued at $42,617,000 after buying an additional 26,456 shares during the last quarter. Strs Ohio acquired a new position in shares of Alphabet during the first quarter valued at about $317,357,000. GK Wealth Management LLC grew its holdings in shares of Alphabet by 5.6% during the first quarter. GK Wealth Management LLC now owns 12,629 shares of the information services provider’s stock valued at $1,953,000 after buying an additional 668 shares during the last quarter. Finally, Intrua Financial LLC grew its holdings in shares of Alphabet by 5.4% during the first quarter. Intrua Financial LLC now owns 8,844 shares of the information services provider’s stock valued at $1,368,000 after buying an additional 456 shares during the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GOOGL. Sanford C. Bernstein lifted their price objective on shares of Alphabet from $185.00 to $195.00 and gave the company a “market perform” rating in a report on Tuesday, July 22nd. Piper Sandler lifted their price objective on shares of Alphabet from $195.00 to $220.00 and gave the company an “overweight” rating in a report on Thursday, July 24th. Wall Street Zen lowered shares of Alphabet from a “buy” rating to a “hold” rating in a research report on Friday, September 5th. Susquehanna raised their price target on shares of Alphabet from $220.00 to $225.00 and gave the company a “positive” rating in a research report on Thursday, July 24th. Finally, BNP Paribas Exane reissued a “neutral” rating and set a $172.00 price target on shares of Alphabet in a research report on Friday, June 27th. Three analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $221.44.

Alphabet Stock Performance

Shares of GOOGL stock opened at $240.37 on Friday. The firm has a market cap of $2.91 trillion, a price-to-earnings ratio of 25.60, a P/E/G ratio of 1.61 and a beta of 1.01. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $242.25. The firm’s 50-day simple moving average is $200.66 and its two-hundred day simple moving average is $177.03.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping the consensus estimate of $2.15 by $0.16. The business had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. As a group, equities analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be given a $0.21 dividend. The ex-dividend date of this dividend is Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.3%. Alphabet’s payout ratio is currently 8.95%.

Insider Activity at Alphabet

In other Alphabet news, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $203.79, for a total value of $122,274.00. Following the sale, the director owned 6,316 shares of the company’s stock, valued at approximately $1,287,137.64. The trade was a 8.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kavitark Ram Shriram sold 15,000 shares of Alphabet stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the completion of the sale, the director directly owned 240,400 shares in the company, valued at approximately $44,656,704. This represents a 5.87% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 254,710 shares of company stock worth $49,208,380. Insiders own 11.64% of the company’s stock.

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.