Alphabet Inc. $GOOG Shares Bought by Sagespring Wealth Partners LLC

Key Points

• Sagespring Wealth Partners LLC increased its holdings in Alphabet Inc. ($GOOG) by 20.5% during the 2nd quarter, now owning 47,663 shares valued at approximately $8.45 million.
• Analysts have generally rated Alphabet positively, with an average target price of $244.68 and 6 analysts giving a "Strong Buy" rating.
• Alphabet announced a quarterly dividend of $0.21 per share, translating to an annualized dividend yield of 0.3%.

Sagespring Wealth Partners LLC raised its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 20.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 47,663 shares of the information services provider's stock after purchasing an additional 8,121 shares during the period. Sagespring Wealth Partners LLC's holdings in Alphabet were worth $8,455,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Brighton Jones LLC increased its position in Alphabet by 5.6% during the fourth quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider's stock worth $22,901,000 after buying an additional 6,410 shares in the last quarter. Revisor Wealth Management LLC boosted its stake in shares of Alphabet by 107.9% during the first quarter. Revisor Wealth Management LLC now owns 3,659 shares of the information services provider's stock valued at $572,000 after acquiring an additional 1,899 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Alphabet by 19.5% during the first quarter. GAMMA Investing LLC now owns 91,681 shares of the information services provider's stock valued at $14,323,000 after acquiring an additional 14,931 shares during the last quarter. Sterling Investment Counsel LLC increased its position in Alphabet by 399.9% during the 1st quarter. Sterling Investment Counsel LLC now owns 8,998 shares of the information services provider's stock worth $1,406,000 after purchasing an additional 7,198 shares in the last quarter. Finally, HCR Wealth Advisors raised its stake in Alphabet by 2.0% in the 1st quarter. HCR Wealth Advisors now owns 23,110 shares of the information services provider's stock valued at $3,611,000 after purchasing an additional 446 shares during the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GOOG has been the topic of several analyst reports. Raymond James Financial reaffirmed an "outperform" rating and set a $210.00 price target (up from $185.00) on shares of Alphabet in a research note on Thursday, July 24th. Lake Street Capital restated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. KeyCorp set a $265.00 target price on shares of Alphabet in a research note on Wednesday, September 3rd. Phillip Securities lowered Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research note on Monday, September 8th. Finally, Citizens Jmp upgraded Alphabet from a "hold" rating to a "strong-buy" rating in a report on Thursday, June 26th. Six equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Alphabet presently has an average rating of "Moderate Buy" and an average target price of $244.68.

Alphabet Trading Up 0.8%

Shares of GOOG stock opened at $253.79 on Friday. The firm's 50-day simple moving average is $232.18 and its 200-day simple moving average is $192.73. 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 Inc. has a 1-year low of $142.66 and a 1-year high of $257.58. The firm has a market cap of $3.07 trillion, a P/E ratio of 27.03, a PEG ratio of 1.70 and a beta of 1.00.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.12 by $0.19. The firm 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%. Alphabet's revenue was up 13.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.89 earnings per share. As a group, equities analysts forecast that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, September 8th. Alphabet's dividend payout ratio (DPR) is 8.95%.

Insider Transactions at Alphabet

In other news, Director John L. Hennessy sold 1,000 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $200.00, for a total value of $200,000.00. Following the transaction, the director directly owned 6,916 shares in the company, valued at $1,383,200. This trade represents a 12.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the transaction, the insider directly owned 42,999 shares in the company, valued at $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 243,372 shares of company stock valued at $55,110,740. Corporate insiders own 12.99% 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.

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