Somerville Kurt F raised its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 205.3% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 4,417 shares of the information services provider's stock after acquiring an additional 2,970 shares during the period. Somerville Kurt F's holdings in Alphabet were worth $690,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also bought and sold shares of GOOG. Concentrum Wealth Management boosted its stake in Alphabet by 0.3% during the 4th quarter. Concentrum Wealth Management now owns 17,328 shares of the information services provider's stock valued at $3,300,000 after purchasing an additional 57 shares during the period. JDM Financial Group LLC boosted its stake in Alphabet by 10.6% during the 4th quarter. JDM Financial Group LLC now owns 593 shares of the information services provider's stock valued at $113,000 after purchasing an additional 57 shares during the period. Kidder Stephen W boosted its stake in Alphabet by 1.6% during the 4th quarter. Kidder Stephen W now owns 3,608 shares of the information services provider's stock valued at $687,000 after purchasing an additional 58 shares during the period. Providence Wealth Advisors LLC boosted its stake in Alphabet by 0.6% during the 4th quarter. Providence Wealth Advisors LLC now owns 10,102 shares of the information services provider's stock valued at $1,992,000 after purchasing an additional 60 shares during the period. Finally, Objectivity Squared LLC lifted its position in shares of Alphabet by 0.4% in the 1st quarter. Objectivity Squared LLC now owns 16,342 shares of the information services provider's stock worth $2,605,000 after acquiring an additional 62 shares during the period. Institutional investors own 27.26% of the company's stock.
Insider Activity
In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the transaction, the chief executive officer directly owned 2,559,892 shares in the company, valued at approximately $456,991,919.84. The trade was a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kavitark Ram Shriram sold 18,566 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 value of $3,448,820.16. Following the transaction, the director owned 243,400 shares in the company, valued at approximately $45,213,984. This represents a 7.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 249,409 shares of company stock worth $43,523,710. Corporate insiders own 12.99% of the company's stock.
Analysts Set New Price Targets
A number of brokerages have commented on GOOG. Scotiabank raised their price objective on Alphabet from $200.00 to $240.00 and gave the stock a "sector outperform" rating in a research report on Tuesday. Rosenblatt Securities upgraded Alphabet from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 25th. Tigress Financial reiterated a "strong-buy" rating on shares of Alphabet in a research report on Friday, May 2nd. Oppenheimer reiterated an "outperform" rating and issued a $235.00 price objective (up previously from $220.00) on shares of Alphabet in a research report on Thursday. Finally, Barclays reiterated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and five have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Alphabet currently has an average rating of "Moderate Buy" and a consensus price target of $215.19.
Get Our Latest Research Report on GOOG
Alphabet Trading Up 0.5%
Shares of NASDAQ:GOOG traded up $0.88 during midday trading on Friday, hitting $194.08. The company had a trading volume of 31,071,723 shares, compared to its average volume of 24,288,551. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $208.70. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.03. The stock has a market cap of $2.36 trillion, a price-to-earnings ratio of 20.67, a PEG ratio of 1.33 and a beta of 1.01. The firm has a fifty day simple moving average of $176.33 and a 200 day simple moving average of $174.69.
Alphabet (NASDAQ:GOOG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.19. The business had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. Alphabet had a return on equity of 35.22% and a net margin of 31.12%. The firm's revenue was up 13.8% on a year-over-year basis. During the same period last year, the company earned $1.89 EPS. On average, analysts predict that Alphabet Inc. will post 8.89 EPS for the current year.
Alphabet Announces Dividend
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 issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.43%. Alphabet's dividend payout ratio is presently 8.95%.
Alphabet Company Profile
(
Free Report)
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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