CX Institutional Raises Stake in Alphabet Inc. $GOOGL

Key Points

• CX Institutional increased its stake in Alphabet Inc. by 17.5% during the 2nd quarter, now owning 155,367 shares valued at approximately $27.38 million.
• Alphabet recently reported quarterly earnings of $2.31 per share, exceeding estimates, with revenues of $96.43 billion for the quarter.
• The company declared a quarterly dividend of $0.21 per share, representing an annualized yield of 0.3%.

CX Institutional increased its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 17.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 155,367 shares of the information services provider's stock after buying an additional 23,096 shares during the period. Alphabet accounts for about 1.0% of CX Institutional's portfolio, making the stock its 27th largest position. CX Institutional's holdings in Alphabet were worth $27,380,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the stock. Mystic Asset Management Inc. raised its position in Alphabet by 6.7% during the 1st quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider's stock valued at $4,400,000 after purchasing an additional 1,791 shares in the last quarter. Harbour Trust & Investment Management Co raised its holdings in shares of Alphabet by 0.3% in the first quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider's stock valued at $4,187,000 after acquiring an additional 80 shares in the last quarter. Cypress Capital LLC raised its holdings in shares of Alphabet by 4.1% in the first quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock valued at $2,213,000 after acquiring an additional 563 shares in the last quarter. Bridgeway Capital Management LLC lifted its stake in Alphabet by 17.9% in the first quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider's stock worth $13,637,000 after acquiring an additional 13,371 shares during the period. Finally, Alaethes Wealth LLC grew its holdings in Alphabet by 1.1% during the 1st quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider's stock worth $1,182,000 after acquiring an additional 84 shares in the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Alphabet Trading Down 0.9%

Shares of Alphabet stock opened at $252.53 on Tuesday. The stock has a market cap of $3.05 trillion, a PE ratio of 26.89, a price-to-earnings-growth ratio of 1.72 and a beta of 1.01. The firm has a fifty day moving average price of $210.78 and a 200 day moving average price of $180.96. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $256.00. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.16. The company had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. Equities research analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Announces Dividend

The business also recently declared 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. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date was Monday, September 8th. Alphabet's dividend payout ratio (DPR) is currently 8.95%.

Insider Buying and Selling

In related news, CAO Amie Thuener O'toole sold 2,778 shares of the 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 of the company's stock, valued at approximately $4,236,785. This represents a 13.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $229.73, for a total transaction of $7,466,225.00. Following the sale, the chief executive officer owned 2,429,892 shares in the company, valued at approximately $558,219,089.16. This represents a 1.32% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 258,088 shares of company stock valued at $52,405,304. Insiders own 11.55% of the company's stock.

Analyst Ratings Changes

GOOGL has been the subject of several research reports. Oppenheimer reaffirmed an "outperform" rating and issued a $270.00 price target (up previously from $235.00) on shares of Alphabet in a research report on Tuesday, September 2nd. Robert W. Baird boosted their price objective on shares of Alphabet from $215.00 to $275.00 and gave the stock an "outperform" rating in a research note on Monday. Cantor Fitzgerald increased their target price on Alphabet from $196.00 to $201.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. BNP Paribas Exane reissued a "neutral" rating and issued a $172.00 price target on shares of Alphabet in a research report on Friday, June 27th. Finally, Needham & Company LLC upped their price objective on Alphabet from $220.00 to $260.00 and gave the stock a "buy" rating in a research note on Wednesday, September 3rd. Three analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $231.31.

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.