Brooklyn FI LLC Increases Stock Position in Alphabet Inc. $GOOG

Key Points

• Brooklyn FI LLC increased its stake in Alphabet Inc. by 158.9% in Q2, now holding shares valued at $2.68 million.
• Analysts have raised their price targets for Alphabet, with JPMorgan increasing it from $232 to $260, indicating a positive outlook for the company's stock.
• Insider sales were notable, with a CAO selling shares valued at over $680,000, suggesting some institutional movement within the company.

Brooklyn FI LLC grew its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 158.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 15,121 shares of the information services provider's stock after acquiring an additional 9,280 shares during the quarter. Brooklyn FI LLC's holdings in Alphabet were worth $2,682,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of GOOG. Principia Wealth Advisory LLC lifted its position in Alphabet by 111.8% during the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock valued at $26,000 after purchasing an additional 85 shares during the period. MorganRosel Wealth Management LLC acquired a new stake in Alphabet in the 1st quarter valued at about $26,000. Greykasell Wealth Strategies Inc. acquired a new stake in shares of Alphabet in the first quarter valued at approximately $32,000. Goodman Advisory Group LLC acquired a new stake in shares of Alphabet during the 1st quarter worth approximately $32,000. Finally, Elevate Wealth Advisory Inc. acquired a new stake in Alphabet during the first quarter worth $34,000. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Stock Up 1.2%

Shares of GOOG traded up $2.91 during midday trading on Friday, reaching $255.24. 41,503,403 shares of the stock were exchanged, compared to its average volume of 24,489,492. The company has a market cap of $3.09 trillion, a price-to-earnings ratio of 27.18, a P/E/G ratio of 1.70 and a beta of 1.01. The firm has a 50 day simple moving average of $210.08 and a 200-day simple moving average of $181.61. 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 12-month low of $142.66 and a 12-month high of $256.70.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping analysts' consensus estimates of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The business had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. During the same period in the previous year, the company posted $1.89 earnings per share. The firm's revenue for the quarter was up 13.8% on a year-over-year basis. Research analysts forecast that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Dividend Announcement

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

Analyst Ratings Changes

GOOG has been the subject of several recent research reports. Raymond James Financial reissued an "outperform" rating and issued a $210.00 price target (up previously from $185.00) on shares of Alphabet in a research report on Thursday, July 24th. Cowen reaffirmed a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. UBS Group raised their price target on shares of Alphabet from $186.00 to $192.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Scotiabank raised their price target on Alphabet from $200.00 to $240.00 and gave the stock a "sector outperform" rating in a research note on Tuesday, July 22nd. Finally, Roth Capital reaffirmed a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Four analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, Alphabet presently has an average rating of "Moderate Buy" and an average target price of $227.56.

Insiders Place Their Bets

In other news, insider John Kent Walker sold 23,820 shares of the 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 owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $229.73, for a total value of $7,466,225.00. Following the sale, the chief executive officer directly owned 2,429,892 shares of the company's stock, valued at $558,219,089.16. This represents a 1.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 258,088 shares of company stock worth $52,405,304 in the last ninety days. 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.