Axxcess Wealth Management LLC lifted its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 3.0% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 118,661 shares of the information services provider's stock after purchasing an additional 3,421 shares during the quarter. Axxcess Wealth Management LLC's holdings in Alphabet were worth $19,873,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. Acorn Financial Advisory Services Inc. ADV bought a new stake in shares of Alphabet during the 2nd quarter valued at $319,000. Cornerstone Wealth Group LLC boosted its stake in Alphabet by 8.7% during the second quarter. Cornerstone Wealth Group LLC now owns 19,147 shares of the information services provider's stock worth $3,396,000 after acquiring an additional 1,528 shares in the last quarter. Kellett Wealth Advisors LLC boosted its stake in Alphabet by 11.7% during the second quarter. Kellett Wealth Advisors LLC now owns 2,928 shares of the information services provider's stock worth $519,000 after acquiring an additional 307 shares in the last quarter. NorthRock Partners LLC boosted its stake in Alphabet by 4.1% during the second quarter. NorthRock Partners LLC now owns 67,031 shares of the information services provider's stock worth $11,891,000 after acquiring an additional 2,654 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its position in shares of Alphabet by 12.6% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 236,111 shares of the information services provider's stock worth $41,884,000 after purchasing an additional 26,434 shares in the last quarter. 27.26% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of brokerages have recently commented on GOOG. Phillip Securities cut Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday, September 8th. Citizens Jmp upgraded shares of Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Thursday, June 26th. Lake Street Capital reiterated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Piper Sandler reiterated a "neutral" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, Scotiabank reaffirmed an "outperform" rating and issued a $310.00 price objective on shares of Alphabet in a research report on Thursday. Six research analysts have rated the stock with a Strong Buy rating, twenty-one 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, the company currently has an average rating of "Moderate Buy" and a consensus price target of $244.68.
Get Our Latest Research Report on Alphabet
Alphabet Stock Up 0.8%
Shares of Alphabet stock opened at $253.79 on Friday. The company's 50 day moving average is $232.18 and its 200 day moving average is $192.73. The company has a market cap of $3.07 trillion, a price-to-earnings ratio of 27.03, a price-to-earnings-growth ratio of 1.70 and a beta of 1.00. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $257.58.
Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The firm had revenue of $96.43 billion for the quarter, compared to analysts' expectations of $93.67 billion. During the same period in the prior year, the firm earned $1.89 EPS. The company's revenue was up 13.8% compared to the same quarter last year. Research analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current year.
Alphabet Announces Dividend
The business also recently announced 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 of this dividend was Monday, September 8th. Alphabet's dividend payout ratio (DPR) is currently 8.95%.
Insider Buying and Selling
In other news, CAO Amie Thuener O'toole sold 2,778 shares of the firm's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $245.00, for a total transaction of $680,610.00. Following the sale, the chief accounting officer directly owned 17,293 shares in the company, valued at $4,236,785. This trade represents a 13.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John L. Hennessy sold 1,000 shares of the firm's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $200.00, for a total value of $200,000.00. Following the sale, the director directly owned 6,916 shares in the company, valued at approximately $1,383,200. This represents a 12.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 243,372 shares of company stock worth $55,110,740 over the last ninety days. 12.99% of the stock is owned by corporate insiders.
Alphabet Profile
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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.
Further Reading
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