Avondale Wealth Management Buys 1,410 Shares of Alphabet Inc. $GOOG

Key Points

• Avondale Wealth Management increased its stake in Alphabet Inc. by 201.4%, acquiring an additional 1,410 shares during the second quarter to total 2,110 shares worth approximately $374,000.
• Alphabet's latest quarterly earnings showed a cash flow surge with a reported $2.31 earnings per share, surpassing estimates by $0.19, and a revenue of $96.43 billion, exceeding expectations of $93.67 billion.
• The company announced a quarterly dividend of $0.21 per share, resulting in an annualized yield of 0.3% and a payout ratio currently at 8.95%.

Avondale Wealth Management lifted its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 201.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,110 shares of the information services provider's stock after buying an additional 1,410 shares during the period. Avondale Wealth Management's holdings in Alphabet were worth $374,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GOOG. Principia Wealth Advisory LLC lifted its stake 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 bought a new stake in Alphabet during the first quarter worth $26,000. Goodman Advisory Group LLC bought a new stake in Alphabet during the first quarter worth $32,000. Greykasell Wealth Strategies Inc. bought a new stake in Alphabet during the first quarter worth $32,000. Finally, Elevate Wealth Advisory Inc. bought a new stake in Alphabet during the first quarter worth $34,000. 27.26% of the stock is currently owned by institutional investors.

Alphabet Stock Down 0.3%

Shares of GOOG opened at $243.55 on Wednesday. The stock has a market capitalization of $2.95 trillion, a price-to-earnings ratio of 25.94, a PEG ratio of 1.65 and a beta of 1.01. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $256.70. The stock has a fifty day moving average of $218.70 and a 200-day moving average of $185.47. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating analysts' consensus estimates 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 return on equity of 34.31% and a net margin of 31.12%.Alphabet's quarterly revenue was up 13.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.89 earnings per share. As a group, sell-side analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Announces Dividend

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

Insiders Place Their Bets

In related news, Director John L. Hennessy sold 600 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $249.44, for a total value of $149,664.00. Following the completion of the sale, the director directly owned 5,716 shares in the company, valued at $1,425,799.04. This represents a 9.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Frances Arnold sold 103 shares of the stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $243.13, for a total value of $25,042.39. Following the completion of the sale, the director owned 17,284 shares of the company's stock, valued at $4,202,258.92. The trade was a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 225,469 shares of company stock valued at $46,586,752 over the last ninety days. 12.99% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Citizens Jmp upgraded Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Thursday, June 26th. Phillip Securities cut Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research note on Monday, September 8th. Scotiabank increased their price target on Alphabet from $200.00 to $240.00 and gave the company a "sector outperform" rating in a research note on Tuesday, July 22nd. Lake Street Capital reiterated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, Barclays reiterated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Four analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $230.35.

Alphabet 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.