Channel Wealth LLC Purchases 2,608 Shares of Alphabet Inc. $GOOG

Key Points

• Channel Wealth LLC increased its stake in Alphabet Inc. by 5.6% during the 2nd quarter, owning a total of 49,230 shares valued at approximately $8.7 million, making Alphabet its 9th largest position.
• Alphabet's CEO Sundar Pichai sold 32,500 shares at an average price of $229.73, reducing his ownership by 1.32%, while total insider sales in the last 90 days reached over $52 million.
• The company reported $2.31 earnings per share for the last quarter, beating estimates, with revenue of $96.43 billion, marking a 13.8% increase compared to the previous year.

Channel Wealth LLC lifted its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 5.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 49,230 shares of the information services provider's stock after buying an additional 2,608 shares during the quarter. Alphabet makes up about 2.5% of Channel Wealth LLC's holdings, making the stock its 9th largest position. Channel Wealth LLC's holdings in Alphabet were worth $8,733,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Principia Wealth Advisory LLC raised its stake in Alphabet by 111.8% in the 1st 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 last quarter. MorganRosel Wealth Management LLC acquired a new position in Alphabet in the 1st quarter valued at about $26,000. Greykasell Wealth Strategies Inc. acquired a new position in Alphabet in the 1st quarter valued at about $32,000. Goodman Advisory Group LLC acquired a new position in Alphabet in the 1st quarter valued at about $32,000. Finally, Elevate Wealth Advisory Inc. acquired a new position in Alphabet in the 1st quarter valued at about $34,000. Institutional investors and hedge funds own 27.26% of the company's stock.

Insider Transactions at Alphabet

In related news, Director John L. Hennessy sold 600 shares of the business's stock in a transaction that occurred 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 approximately $1,425,799.04. The trade was a 9.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kavitark Ram Shriram sold 15,000 shares of Alphabet stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $2,786,400.00. Following the completion of the transaction, the director directly owned 240,400 shares in the company, valued at approximately $44,656,704. This represents a 5.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 258,088 shares of company stock worth $52,405,304. 12.99% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on GOOG shares. KeyCorp set a $265.00 target price on shares of Alphabet in a research note on Wednesday, September 3rd. BNP Paribas downgraded shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 26th. Roth Capital reaffirmed a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Piper Sandler reaffirmed a "neutral" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, Cowen reaffirmed a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Four research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Alphabet presently has an average rating of "Moderate Buy" and an average price target of $227.56.

Alphabet Trading Up 1.2%

GOOG traded up $2.91 during trading on Friday, reaching $255.24. The company had a trading volume of 41,503,403 shares, compared to its average volume of 24,489,492. The firm's 50-day simple moving average is $210.08 and its 200 day simple moving average is $181.65. The company has a market cap of $3.09 trillion, a price-to-earnings ratio of 27.18, a PEG ratio of 1.72 and a beta of 1.01. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $256.70. 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 released its 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 company had revenue of $96.43 billion for the quarter, compared to analysts' expectations of $93.67 billion. During the same quarter in the previous year, the business posted $1.89 EPS. The business's revenue for the quarter was up 13.8% on a year-over-year basis. Equities research analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Dividend Announcement

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

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.