Strait & Sound Wealth Management LLC Acquires 1,752 Shares of Alphabet Inc. $GOOGL

Key Points

• Strait & Sound Wealth Management LLC increased its holdings in Alphabet Inc. by 7.3%, owning 25,833 shares valued at approximately $3,995,000.
• Alphabet reported earnings of $2.31 per share in its last quarterly earnings, exceeding analysts' expectations of $2.15, with revenues of $96.43 billion.
• The company is set to distribute a quarterly dividend of $0.21 on September 15th, resulting in a 0.4% dividend yield.

Strait & Sound Wealth Management LLC grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 7.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 25,833 shares of the information services provider's stock after purchasing an additional 1,752 shares during the quarter. Alphabet makes up about 1.9% of Strait & Sound Wealth Management LLC's portfolio, making the stock its 10th biggest holding. Strait & Sound Wealth Management LLC's holdings in Alphabet were worth $3,995,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Guardian Wealth Management Inc. grew its stake in Alphabet by 242.9% during the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock valued at $26,000 after acquiring an additional 119 shares in the last quarter. IMA Advisory Services Inc. acquired a new position in shares of Alphabet during the 1st quarter worth approximately $28,000. von Borstel & Associates Inc. purchased a new stake in shares of Alphabet in the first quarter valued at approximately $28,000. NBZ Investment Advisors LLC increased its holdings in shares of Alphabet by 85.7% in the first quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock valued at $30,000 after purchasing an additional 90 shares during the last quarter. Finally, Financial Gravity Asset Management Inc. acquired a new stake in shares of Alphabet in the first quarter valued at approximately $39,000. Hedge funds and other institutional investors own 40.03% of the company's stock.

Alphabet Stock Performance

NASDAQ:GOOGL traded up $5.59 during midday trading on Tuesday, reaching $239.63. The stock had a trading volume of 37,672,216 shares, compared to its average volume of 34,417,184. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock has a market cap of $2.90 trillion, a P/E ratio of 25.52, a P/E/G ratio of 1.57 and a beta of 1.01. The firm has a fifty day simple moving average of $198.22 and a two-hundred day simple moving average of $176.17. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $240.47.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its earnings results 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 company had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. On average, equities analysts expect that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be given a dividend of $0.21 per share. The ex-dividend date is Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.4%. Alphabet's payout ratio is presently 8.95%.

Analysts Set New Price Targets

A number of research firms have weighed in on GOOGL. Wells Fargo & Company boosted their price objective on Alphabet from $184.00 to $187.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 29th. Bank of America upped their price objective on shares of Alphabet from $210.00 to $217.00 and gave the company a "buy" rating in a report on Thursday, July 24th. JPMorgan Chase & Co. raised their price objective on shares of Alphabet from $200.00 to $232.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Wedbush boosted their target price on shares of Alphabet from $225.00 to $245.00 and gave the company an "outperform" rating in a report on Wednesday, September 3rd. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of Alphabet in a research note on Wednesday, September 3rd. Three research analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $221.44.

Insiders Place Their Bets

In related news, Director Kavitark Ram Shriram sold 18,566 shares of the company's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the transaction, the director owned 243,400 shares of the company's stock, valued at $45,213,984. This represents a 7.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John L. Hennessy sold 1,000 shares of the firm's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $200.00, for a total value of $200,000.00. Following the completion of the sale, the director directly owned 6,916 shares of the company's stock, valued at approximately $1,383,200. This trade represents a 12.63% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 254,710 shares of company stock valued at $49,208,380. Corporate insiders own 11.55% of the company's stock.

About Alphabet

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.