Alphabet Inc. $GOOG is Joel Isaacson & Co. LLC's 6th Largest Position

Key Points

• Joel Isaacson & Co. LLC decreased its holdings in Alphabet Inc. by 0.4% in Q2, owning 493,722 shares, which constitutes 3.6% of their portfolio and makes it their 6th largest position.
• Several hedge funds have recently modified their Alphabet positions, including IFS Advisors LLC lifting their holdings by 400%, indicating increasing interest in the stock among institutional investors.
• Wall Street analysts are optimistic about Alphabet's growth, with multiple firms raising their price targets, and the stock currently holds an average rating of "Moderate Buy" with a target price of $241.00.

Joel Isaacson & Co. LLC lowered its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 0.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 493,722 shares of the information services provider's stock after selling 2,229 shares during the period. Alphabet makes up 3.6% of Joel Isaacson & Co. LLC's portfolio, making the stock its 6th biggest position. Joel Isaacson & Co. LLC's holdings in Alphabet were worth $87,581,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. MorganRosel Wealth Management LLC purchased a new stake in shares of Alphabet in the first quarter valued at $26,000. IFS Advisors LLC lifted its holdings in shares of Alphabet by 400.0% in the second quarter. IFS Advisors LLC now owns 150 shares of the information services provider's stock valued at $27,000 after purchasing an additional 120 shares in the last quarter. Robbins Farley lifted its holdings in shares of Alphabet by 60.0% in the second quarter. Robbins Farley now owns 160 shares of the information services provider's stock valued at $28,000 after purchasing an additional 60 shares in the last quarter. Goodman Advisory Group LLC purchased a new stake in shares of Alphabet in the first quarter valued at $32,000. Finally, Greykasell Wealth Strategies Inc. purchased a new stake in shares of Alphabet in the first quarter valued at $32,000. Hedge funds and other institutional investors own 27.26% of the company's stock.

Wall Street Analysts Forecast Growth

GOOG has been the subject of a number of research analyst reports. Lake Street Capital restated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Robert W. Baird increased their price objective on Alphabet from $215.00 to $275.00 and gave the stock an "outperform" rating in a report on Monday, September 22nd. Scotiabank increased their price objective on Alphabet from $200.00 to $240.00 and gave the stock a "sector outperform" rating in a report on Tuesday, July 22nd. Morgan Stanley increased their price objective on Alphabet from $210.00 to $270.00 and gave the stock an "overweight" rating in a report on Thursday, October 2nd. Finally, JPMorgan Chase & Co. increased their price objective on Alphabet from $232.00 to $260.00 and gave the stock an "overweight" rating in a report on Wednesday, September 3rd. Six analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, Alphabet has an average rating of "Moderate Buy" and an average target price of $241.00.

Insider Buying and Selling

In other news, Director Frances Arnold sold 103 shares of the firm's stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $243.13, for a total value of $25,042.39. Following the sale, the director directly owned 17,284 shares of the company's stock, valued at approximately $4,202,258.92. This trade represents a 0.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Amie Thuener O'toole sold 953 shares of the firm's stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $241.20, for a total value of $229,863.60. Following the completion of the sale, the chief accounting officer directly owned 17,294 shares in the company, valued at approximately $4,171,312.80. This represents a 5.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 276,738 shares of company stock valued at $59,135,475. 12.99% of the stock is owned by corporate insiders.

Alphabet Price Performance

Shares of NASDAQ:GOOG opened at $242.21 on Friday. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $256.70. The business has a 50-day moving average of $226.01 and a two-hundred day moving average of $189.21. The stock has a market capitalization of $2.93 trillion, a P/E ratio of 25.79, a P/E/G ratio of 1.66 and a beta of 1.00. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

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

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were given a $0.21 dividend. The ex-dividend date of this dividend was Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. 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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