47,480 Shares in Alphabet Inc. $GOOG Purchased by Pinnacle Investment Management Ltd

Key Points

• Pinnacle Investment Management Ltd acquired 47,480 shares of Alphabet Inc. (NASDAQ:GOOG) valued at approximately $8.4 million, making it the largest holding in their investment portfolio at 48.7%.
• Insider John Kent Walker sold 17,816 shares of Alphabet stock, reducing his holdings by 29.3%, while insiders collectively sold 276,738 shares worth $59.1 million over the past ninety days.
• Alphabet recently reported earnings per share of $2.31 for the last quarter, exceeding estimates, and announced a quarterly dividend of $0.21 per share with a yield of 0.3%.

Pinnacle Investment Management Ltd acquired a new position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 47,480 shares of the information services provider's stock, valued at approximately $8,422,000. Alphabet comprises 48.7% of Pinnacle Investment Management Ltd's investment portfolio, making the stock its largest holding.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Robbins Farley increased its position in Alphabet by 60.0% during the second quarter. Robbins Farley now owns 160 shares of the information services provider's stock worth $28,000 after purchasing an additional 60 shares during the last quarter. Principia Wealth Advisory LLC increased its position in Alphabet by 111.8% during the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after purchasing an additional 85 shares during the last quarter. MorganRosel Wealth Management LLC acquired a new stake in Alphabet during the first quarter worth about $26,000. Greykasell Wealth Strategies Inc. acquired a new stake in Alphabet during the first quarter worth about $32,000. Finally, Goodman Advisory Group LLC acquired a new stake in shares of Alphabet during the first quarter valued at about $32,000. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Alphabet

In related news, insider John Kent Walker sold 17,816 shares of the company's stock in a transaction on Monday, September 29th. The shares were sold at an average price of $247.42, for a total value of $4,408,034.72. Following the completion of the sale, the insider owned 42,985 shares in the company, valued at $10,635,348.70. This represents a 29.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John L. Hennessy sold 600 shares of the company's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $249.44, for a total transaction of $149,664.00. Following the completion of the sale, the director owned 5,716 shares of the company's stock, valued at approximately $1,425,799.04. This trade represents a 9.50% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 276,738 shares of company stock worth $59,135,475. 12.99% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

GOOG has been the subject of a number of recent analyst reports. Citizens Jmp upgraded shares of Alphabet from a "hold" rating to a "strong-buy" rating in a research report on Thursday, June 26th. Scotiabank lifted their price target on shares of Alphabet from $200.00 to $240.00 and gave the company a "sector outperform" rating in a research report on Tuesday, July 22nd. Oppenheimer reiterated an "outperform" rating and set a $270.00 price target (up from $235.00) on shares of Alphabet in a research report on Wednesday, September 3rd. KeyCorp set a $265.00 price target on shares of Alphabet in a research report on Wednesday, September 3rd. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Alphabet in a research report on Saturday, September 27th. Five investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $235.33.

Alphabet Stock Up 0.0%

Shares of NASDAQ:GOOG opened at $246.45 on Friday. The company has a market capitalization of $2.98 trillion, a PE ratio of 26.25, a P/E/G ratio of 1.66 and a beta of 1.00. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $256.70. The firm has a 50 day simple moving average of $221.89 and a 200-day simple moving average of $187.15.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.19. The business had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company's revenue was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.89 EPS. On average, equities analysts predict that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Monday, September 8th. Alphabet's payout ratio is currently 8.95%.

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.

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